or Connect
New Posts  All Forums:

Posts by DanM

 Haven't heard my wife laugh like that in a while, thanks!  
...wut?   I don't understand.
 That is a GOOD question.    Yes, you can.  But to avoid challenge by the IRS, I would use a credit card that is for business purposes only, that way you can prove the interest is related to your operations.  It falls under "revolving credit" and is deductible on line 16b of your Schedule C.
Best part of that wall o'stuff - I paid $300 for all of the IKEA PAX closets that house everything. Should have cost me about $1500 - Thanks Craigslist!
I am looking forward to September/October and beyond sooooo much.room 1 of 2 plus two large closets and 9+ large Rubbermaid tubs...
 If you file as a cash basis taxpayer, then yes.  You claim all expenses in the year incurred, and claim all revenue in the year received.  This doesn't apply if you have over $1 million in gross receipts - then you have to file on an accrual basis and maintain an inventory.
 Don't know who asked you to report inventories, but it shouldn't have been the IRS.  Based on your facts and circumstances, you should be able to file cash method and are not required to value inventory.  From IRS Publication 334: Inventories Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use the accrual method for purchases and sales of merchandise. However, the following taxpayers can use the cash method of...
Don't. Unless you have more than 1 million in gross receipts, file using the cash method. Report all of your expenses in the year they incurred, all revenues in the year collected. You don't have to track inventory, or match eBay fees with each item you sold. Just put it all on your Schedule C and you're good to go. (But don't forget to fill out Schedule SE for your self employment tax!)I know, man. I spend three days away from the forum and there's all this accounting and...
Indeed. After finally getting my thrift room(s) organized and everything properly hung, I've probably got a couple of things that would work.
New Posts  All Forums: