January 2013
Beginner
280 pages
6h 41m
English
book
Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits
by Russell Fox
Content preview from Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits
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Cost of Goods Sold
Whatever you tax, you get less of.
—Alan Greenspan
If you look at any business tax form, the first section after gross receipts is for cost of goods sold. Can all businesses use cost of goods sold? What part does inventory play within cost of goods sold? What other expenses, if any, are taken within this category?
As will be seen in the first section of this chapter, cost of goods sold applies when there are tangible goods being handled by the business—something that can be touched, held, or moved. Many business owners never deal with this category of expenditures.
Can All Businesses Use Cost of Goods Sold?
“If it’s on a ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.