tax dilema
This is a discussion on tax dilema within the Tax Issues forum, part of the BUSINESS & FINANCE LAW category; I run a small business of sales and services of vacuum cleaners and do my own tax prep. I inventory ...
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Feb 11th, 2008, 11:35 PM
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#1 |
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Junior Member
Join Date: Feb 2008
Posts: 1
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tax dilema
I run a small business of sales and services of vacuum cleaners and do my own tax prep. I inventory all machines for sale but would rather expense all parts and supplies I have to buy for servicing the vacuums. Do I list these amounts as an expense in the year I buy them and include as income when I sell, or do I account for the cost when I sell? Also if I have a substantial loss in the business, how do I treat the excess loss? ie my loss will well more than offset all other income I have. Thanks.
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Feb 15th, 2008, 07:58 PM
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#2 |
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Top Level Member
 
Join Date: Feb 2007
Posts: 782
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Re: tax dilema
Hi--we normally do not give tax advice on this site; you may check with the IRS directly; or your accountant; or the H & R Block web site for 20 dollars: HR Block Tax Advisor link --
http://www.hrblock.com/taxes/product...p?productId=44 |
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