There are more changes in tax credits and deductions for 2019. How will you be affected? Are you prepared? Check out this video to learn more and to avoid taking a big tax hit.
If you have questions on estimating where you stand, please schedule a complimentary consultation to review your tax status and planning needs.
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.
When you sell an inventory item, the asset is reduced and the Cost of Goods Sold account is increased, moving the item from an asset to an expense. It’s no longer an asset once it’s sold, and the cost of the item sold reduces your profit and is expensed into the Cost of Goods Sold account.
Some accountants will abbreviate the Cost of Goods Sold account to COGS, and you might hear them call it that. In the case of wholesale and retail businesses, the cost of goods sold is the amount that was paid for the inventory items to be sold.
Service businesses will typically not have a balance in the Cost of Goods Sold account. If they do have direct costs, the costs are often coded to a Supplies account under expenses. At any point in time, the cost of items you purchase are in two different accounts:
It’s important that the Cost of Goods Sold balance is accurate, because there are many good things you can learn from it when you compare it with inventory. You can learn how fast your inventory is selling, and you can determine your gross profit margin. If your inventory purchases have not been coded correctly, you can take inventory and arrive at the correct cost of unsold items. If your physical inventory does not match your books, your accountant can make a correcting entry between Cost of Goods Sold and the Inventory account so that both are accurate. If you have further questions about the Cost of Goods Sold account, feel free to reach out any time. And if you are still manually handling inventory tracking, please schedule an appointment to discuss options to more efficiently account for your inventory and COGS.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.
Why pay more for software and services than necessary? Check out our Resources page for information on discounts available to our clients.
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.
Why pay more for software and services than necessary? Check out our Resources page for information on discounts available to our clients.
Renting out private homes as vacation rentals has become very popular in many areas. If you are thinking of jumping into this market, check out this video to see one option related to tax-free rentals. The information contained in the materials is for general information only. All information in the materials is provided with the understanding that the material contents shall not be used as financial, legal, accounting, tax, or other professional advice or services of any kind. As such, this video should not be used as a substitute for consultation with a financial, accounting, tax, legal professional or other competent adviser. The use of the information provided in this site does not establish any contractual or other form of professional engagement between Hart & Associates, TaxVid, and/or the viewer of the site or any of the materials.
If you either received or are expecting a tax refund, you may be feeling the temptation to splurge and enjoy the money immediately. After all, you worked hard for that money.
While enjoyable, is the splurge you are considering as valuable as investing in your future financial security? While everyone’s needs are different, consider some optional uses of your refund that may work for you:
Longer term planning generally requires a vision of where you'd like to be in the future? Do you have such a vision?
If you'd like to review the effect of any of the above choices on your financial situation, please reach out to a trusted financial adviser for additional assistance.
This is general information and should not be acted upon without first determining its application to your specific situation. Please contact us, your CPA or tax adviser for additional details.
Most people do not understand the value of knowing their effective tax rate. Do you? Check out this helpful video for tips. The information contained in the materials is for general information only. All information in the materials is provided with the understanding that the material contents shall not be used as financial, legal, accounting, tax, or other professional advice or services of any kind. As such, this video should not be used as a substitute for consultation with a financial, accounting, tax, legal professional or other competent adviser. The use of the information provided in this site does not establish any contractual or other form of professional engagement between Hart & Associates, TaxVid, and/or the viewer of the site or any of the materials.
Tax credit or deduction - do you understand the difference? How do they affect your tax bill? Check out this helpful video for tips. The information contained in the materials is for general information only. All information in the materials is provided with the understanding that the material contents shall not be used as financial, legal, accounting, tax, or other professional advice or services of any kind. As such, this video should not be used as a substitute for consultation with a financial, accounting, tax, legal professional or other competent adviser. The use of the information provided in this site does not establish any contractual or other form of professional engagement between Hart & Associates, TaxVid, and/or the viewer of the site or any of the materials.
Tax brackets, tax dollars, tax credits, oh my! Do you understand how earnings affect your tax bill? Check out this helpful video for more information. And please don't hesitate to give us a call for assistance with your tax planning and preparation.
The information presented is of a general nature and should not be acted upon without further details and/or professional guidance. For assistance in identifying and utilizing all the tax deductions to which you are entitled, please contact us, your CPA or tax preparer.
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