LOVE LOVE LOVE this ! The spreadsheet is a total game changer for a Furniture Flipping Business. You are awesome and I cannot tell you how much I have struggled with finding a simple method to consolidate the information and simplify the cost of goods sold. No messing with SKU's and wasting time trying to figure out what item sold to remove it from the inventory count. Just log the items purchased and the cost and count the number of items sold per month. Its incredibly brilliant and you sir are a genius ! This was a point of anxiety in the business that you just relieved. THANK YOU
If using the Cash Method for Inventory, how do you expense out inventory purchases throughout the year on your schedule C? Would you just put in the number on line 38 (materials and supplies) and just $0 for beginning and ending inventory, or would you expense it out somewhere else on the tax form?
@@satrenagayle He gave an answer in the comments section on another video regarding the Cash Method and said to put $0 on beginning inventory, then purchases on the purchases line, and $0 at year end inventory
Couldn't you do both? Accrual for inventory and cash for non inventory inventory. At least that was my interpretation when they state that it must be treated in the same manner it is treated in your records in the tax language. So, if you don't keep inventory of it, shouldn't it be allowable?
Hello Sir, Always a fan of your videos. You have answered some questions for me in the past which I Thank You So Much. I was able to deduct storage bins for shipping boxes during taxes this year. Can I do the same with like Rubbermaid tubs, or Plastic shelves with drawers and the like for my merchandise? Would greatly appreciate any help. Thanks! No Hurry!
Hey Mark, great information as usual. Really appreciate all the information that you freely share with us fellow resellers. I was wondering if you could give me some insight on something I was recently told about? I recently had someone tell me that if I recycle my profits back into my buisness to continue to scale that I don't have to pay taxes on that money. For example spending $50,000 to scale my buisness by moving into a bigger space and buying supplies to fill that space. That sounds like a basic buisness expense deduction. Where I get confused is if I have $50,000 sitting in my buisness account come tax season but I only use it for buisness expenses, do I still need to pay taxes on it even if I haven't paid myself anything? Thank you, or any other viewer or may have some knowledge regarding my questions.
Totally off-topic here, but I gotta ask because it's driving me crazy...... Is that you in the Capital One commercial for making easy decisions with the Slash guitar audition? If it's not then I'm gonna need to freeze it next time I see it & compare bc he sure looks like you. LOL
