A small business has several options when looking for deductions based on inventory. These deductions can range from inventory storage at a business owner's home to the cost to purchase building ...

Inventory isn’t a tax deduction. Most people mistakenly believe that inventory is a line-item that they can deduct on their taxes. Unfortunately, this is not true. Inventory is a reduction of ...

A profitable going out of business sale means hefty taxes. Fortunately, you can deduct your remaining inventory in order to lessen your tax burden and make your final check a bit heftier.

Both online retailers and stores now have the opportunity for a new inventory deduction when buying goods, according to Tom Wheelwright, a CPA and CEO of WealthAbility. Under the previous rules, ...

You lose gross receipts when you have inventory. The effect of inventory is that it lowers your “income before calculating income taxes” or your “taxable income”. A tax deduction can result in ...

Learn which of your home expenses may be tax-deductible, how to claim those deductions, and what you can do year-round to ...

The deduction for food inventory is 15% for those business owners who donate from their trade to help those in need, and the food supports the receiving organization’s mission. The donation must ...

You will debit a cost of goods sold account and credit either inventory directly or your inventory reserve account, assuming no payment for the inventory has been received. Can you deduct inventory ...

How S corporations get treated differentlyThe primary consideration in businesses donating inventory is how much they get to deduct as a charitable contribution.In order to claim a charitable ...

the taxpayer will capitalize the costs to acquire or produce its inventory and eventually deduct these amounts when units of merchandise are sold as COGS. COGS is determined by the following ...