inventory

[Alan Barnard]

And I thought MISSOURI was a hideously regressive tax state!

Toilet paper and pencils, you mentioned, taxed as personal property? I
think I'd just say h*ll no, I paid the sales tax when I bought 'em, that's
all you get!

Alan Barnard
Salem, Missouri


> [Original Message]
> From: Andrew and Rebeca  Anderson <anrebe at sbcglobal.net>
> To: Pianotech List <pianotech at ptg.org>
> Date: 05/31/2006 7:46:01 PM
> Subject: Re: inventory
>
> Mr. Monroe,
> Here in Texas we are required to inventory our supplies and pay 
> business property tax on what we posses each January 1st.  This is 
> for supplies (toilet paper and pencils too) and products, tools, 
> books everything.  Some people avoid this by not registering a 
> business name or not organizing a business entity.  They're still 
> supposed to pay it but they slip through the cracks so-to-speak 
> because they didn't lift that good 'ole business flag for the 
> government to see.
>
> This year I estimated the value of what I had.  They want to argue 
> with me, I'll let them count paper punchings. ;-)
>
> Andrew Anderson
>
> At 07:06 PM 5/31/2006, you wrote:
> >Daniel,
> >
> >In case it hasn't been mentioned, if this is for tax filing purposes,
e.g.
> >end of year shtuff, none of these items need be inventoried.  I have zero
> >inventory in my business.  Most things that go into clients pianos are
> >simply "supplies."  That is, when I buy center pins, wire, glues, felts,
> >etc. just to have ready when needed, those purchases go into the books as
> >supplies.  Other items, such as Dampp Chasers, String Covers, and those
> >larger ticket items go into Cost of Goods Sold (COGS).  They are not
things
> >I "keep in stock", but are purchased for resale to a specific client -
e.g.
> >COGS.
> >
> >Same thing applies if I purchase any quantities of those smaller items
like
> >center pins, flanges, butt springs, elbows, etc., if they are for a
specific
> >client, they are COGS, not supplies.
> >
> >In short, Inventories are an unnecessary headache for MOST of us.
> >
> >Regards,
> >William R. Monroe
> >
> > > hi list
> > > i'm wanting to start keeping track of my inventory for tax purposes.
the
> > > only hangup i'm having though is how to keep track of stuff like piano
> >wire.
>