so i would have a loss on the product? Would my cogs be correct at the end of the year? then i would claim a deduction on our taxes. we are a retail store.
2007-04-05 02:45:05 · 2 answers · asked by Sarah B 1 in Business & Finance ➔ Other - Business & Finance
i would record my cost on the invoice as my actual cost and a selling price as 0. would my cogs be right at the end of the year. then claim a tax deduction. we are a retail store.
2007-04-05 02:53:31 · update #1
OK, you can claim a tax deduction on it as long as its moved by the 15th, secondly, yes, zero it out. and things will balance at the end. Just take a standard deduction instead of itemizing.... you'll thank me later.
2007-04-05 02:48:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Legal procedures must be followed as per applicability & requirement, in an absolutely foolproof manner.
2007-04-05 02:49:27 · answer #2 · answered by Sam 7 · 0⤊ 0⤋