Hey Jerk!

PUR, why are you slacking?  Here’s a conversation you forgot to butt your nose in.  OH, and don’t forget to bump up that gossip thread today (as if you’d forget, right!)  It’s really deep and so thought provoking.  It would be a shame if it becomes buried, right?

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Tax Question

« on: Today at 06:24 AM »

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How was your income tax affected after you returned product? I’m not a CPA so I don’t understand it all . . . just was wondering if you had to pay for returning a high amount of inventory. Hope that makes sense.

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Re: Tax Question

« Reply #1 on: Today at 06:31 AM »

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How many years have you been a consultant?  If 2007 only, you’ll deduct the blue check amount from the amount you spent on inventory for the year.  The amount left is a business expense and is deducted from any income you brought in – I’m guessing not much. In that case, it’s only going to create a larger business loss that you report.

Have you been in longer than this calendar year?

(I’m a CPA.)

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Re: Tax Question

« Reply #2 on: Today at 07:38 AM »

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Thanks Fav! (that’s Fav, not Flav!  Wink )

I have finally come out of a pink faze of XXX years. My anniversary is XXXXXX. I would be returning around $5K wholesale.

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3 Comments »

  1. ScrewU said

    Good thing they don’t give advice on TAX issues like PUR said! Where is that busy body anyways? Busy beating up kittens or setting ants on fire?

  2. flycat said

    E_GAK! PUR, where are you?? This person just gave advice over the internet! HOLY CRIPES! Call a blog code yellow. Have a big meeting with the committee in your head and decide what to do quick before the whole internet goes to hell.

    MEOW

  3. PUR is reading “Public Accounting for Dummies” as fast as possible before she posts her official, all knowing response.

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