How To Report Your Inventory To The IRS At Tax Time When Your Are Self-Employed
If you work for yourself and make or buy items for resale, according to current IRS rules you have inventory expenses to report. Every business owner is required to report those expenses on the back of their Schedule C tax form because inventory costs are not deducted in the same manner as other normal business expenses. For IRS inventory records that will survive a tax audit I have devised a formula called LATER - List, Account, Total, Evaluate and Report. Here's how it works:Filed Under Earned Income Tax Credit | Comments Off
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