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Just what I needed for tax prep - Thanks!
Oh NO! I have to do algebra? HAHA
How to calculate ending inventory if cogs is not given?
You would probably have to physically count your ending inventory if you didn’t know the beginning value, purchase, and cost of goods sold values.
Love you
What is beginning inventory if I say contribute $4000 of my personal items to the business?
If you contributed personal items to sell with a cost value of $4k, then your beginning value would equal that amount.
Hello, I would like to start a business in 2020 I have already purchased beginning inventory with my personal money, for tax purposes how can I deduct that amount from my business or show it as purchases? Thank you.
You would need to wait until you actually sold the inventory in 2020. Unfortunately you wouldn’t be allowed to deduct it in 2019.
Just what I needed for tax prep - Thanks!
Oh NO! I have to do algebra? HAHA
How to calculate ending inventory if cogs is not given?
You would probably have to physically count your ending inventory if you didn’t know the beginning value, purchase, and cost of goods sold values.
Love you
What is beginning inventory if I say contribute $4000 of my personal items to the business?
If you contributed personal items to sell with a cost value of $4k, then your beginning value would equal that amount.
Hello, I would like to start a business in 2020 I have already purchased beginning inventory with my personal money, for tax purposes how can I deduct that amount from my business or show it as purchases? Thank you.
You would need to wait until you actually sold the inventory in 2020. Unfortunately you wouldn’t be allowed to deduct it in 2019.