I've seen a little bit of debate on the dicussion board regarding how to
fill out the Cost of Goods Sold portion of the Schedule C. Some people
have said that they simply enter 0 every year for both their starting
and ending inventory. I'm looking in...
@luckythewinner wrote:@the*dog*ate*my*tablecloth wrote:I do believe that
small businesses are eligible to use the cash method of accounting even
if they carry an inventory. The problem is you carry over future
revenues without the costs to balance th...
Perhaps I should give some more context on my unique situation to futher
this conversation. Years ago, I invested money into a large amount of
collectables. These collectables are a personal collection and amount to
many thousands of items. I have re...
@the*dog*ate*my*tablecloth wrote:You are looking at the form when you
should be considering the type of accounting. There is cash accounting
and accrual accounting. You choose one or the other and go with it. I
use accrual since I carry an inventory ...
@partial*eclipse wrote:I have filed Schedule C almost every year since
1976. I have been audited by the IRS 4 times, and by my state 4 times
within the past 7 years. I always enter zeroes for inventory, and nobody
has ever objected to that. (The only...
Ultimately, I'm looking for some info, perhaps just a search term or
two, which will help me shed more light on the subject, particularly as
it pertains to ebay sales.
