On 02/25/2011 02:58 PM, Mr. Mac's wrote: >> On Thu, Feb 24, 2011 at 5:50 PM, Duaine Hechler <dahechler at att.net> wrote: >> >> … by my tax man, said not to worry >> about inventory and mark it as supplies or COGS. … >> > > Point of information: > For those who might not know, be leery of someone else's tax person's advice. > > There's more to keeping track of inventory than bellows cloth and bridle straps. > which are basically consumable supplies. > > There is a distinct difference between consumable supplies and larger ticket items. > > Keith > > Keith McGavern, RPT > http://www.ptg.org/chapters/oklahoma/ > http://pianostuff.kamcam.com/ > My advice came from a "career" tax man - about 50 years in the business. He's also the one that suggested using your COA to mimic Schedule C. Agreed, about your difference - however, he still said just to write it off and forget about depreciation. Duaine -- Duaine Hechler Piano, Player Piano, Pump Organ Tuning, Servicing & Rebuilding Reed Organ Society Member Florissant, MO 63034 (314) 838-5587 dahechler at att.net www.hechlerpianoandorgan.com -- Home & Business user of Linux - 11 years
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