Inventory/ Cost of Goods Sold

Inventory/ Cost of Goods Sold

Inventory An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. If a taxpayer must account for an inventory, the accrual method of accounting must be used for purchases and sales, unless...
Take Advantage of the 199A Deduction for 2019

Take Advantage of the 199A Deduction for 2019

Take Advantage of the 199A Deduction for 2019 If you operate your business as a pass-through entity, such as a proprietorship, partnership, or S corporation, the profits of that business can generate the Section 199A tax deduction. No-Problem Businesses You qualify...
Capital Gains and Losses

Capital Gains and Losses

Capital Gains and Losses Capital Assets Most property you own and use for personal or investment purposes is a capital asset. For example, a house,furniture, car, stocks, and bonds are capital assets. Non-capital Assets A capital asset is any property held by you...