Tag: inventory

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?

Taking Inventory of Your Business

Bar codes and scanner technology were first seen commercially in large retail chains, but have become so commonplace that large stores now offer checkout lines where you scan your own products for purchase. Almost all large businesses keep track of inventory using some sort of bar code tagging, and this technology has trickled down into the small business and customer sector. Can you use this technology, however? While pricing and actual store purchasing requires a sophisticated link between scanner, cash drawer, and database, using bar codes to keep up with equipment, or keep an eye on inventory levels is relatively simple.

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