If you are a Small Business Owner or Self-Employed Person, there’s one especially lucrative tax break that not only puts money in your pocket, it also makes the filing of your business tax return much simpler.
Unraveling Tax Laws: Inventory And Depreciation
Hi Wayne: I own a Video Store which I bought last year. I used “taxcut” to do my taxes but realized too late that I was over my head. Someone is probably going to have to look at them. I completed and paid my taxes on time even though there may be errors.
I’m confused about my inventory. Do I show it on the balance sheet and taxes as inventory or just depreciate it as a depreciation expense?