Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
turbo tax filing - inventory with cash method accounting small business?
I am filing my small sole proprietor business taxes with turbo tax. I use the cash method of accounting. I am so confused about inventory. I cannot understand if it is required. According to turbo tax I do not have to take inventory. So can I skip the cost of goods sold section? Thanks.
2 Answers
- troLv 71 decade agoFavorite Answer
if you have a business that pretty much uses up any inventory you purchase you can probably not indicate any inventory, only report what you purchase
however, in many businesses, it is needed to declare the inventory on hand to more closely arrive at a net profit, it is a hybrid cash/accrual method
personally I have a little beer bar(or a small fast food) and essentially they really pretty much use up what they buy each month, we don't show inventory, but I also have a wholesaler, on the cash basis and we do show inventory because if we reported just his purchases, he would never have any profit
- Anonymous5 years ago
Try to check the Idea that some offices of refund solutions could provide you with a refund stored in credit cards. This will help those who do not have bank account.
