Income forms for small biz
My company rents vintage place settings for dinner parties, showers and weddings. It has been a very hard for us because there will very few events. However, we worked hard to sell some of our inventory that we didn’t use so much. I am working on our taxes and when I do the cost of goods I get a negative number. I am not sure that is right. Is it? If it is not right what should I do. I try to listen your answers on the radio. I have learned so much! Thank you very much.
Terry Says
Wow, that is way too complex a tax question for me. I definitely suggest you ask a CPA how to handle that. Probably you need your original cost of those items. You might even be able to take a loss! But it alldepends on how well documented your original purchases are.
By the way, I think that is a FABULOUS idea for a business. Hope you can retain some of your inventory, because I’m sure business will pick up again after everyone get a Covid vaccine. In fact, I’m sure people reading this post are wondering how to contact you, or will be saving your info. So please send me an email (Terry@TerrySavage.com) and I will update this post with your contact info. At lest something good might come out of this!!
