[pianotech] Quick Quickbooks Question

[tnrwim at aol.com]

My advice came from a "career" tax man - about 50 years in the business.

Just like some piano tuners, just because your tax man has been in the business for 50 years, doesn't mean he knows all the rules and regulations. In fact. a lot of times they know less than the newer accountant, because these old guys think they know everything, and fail to read all the new codes, etc. 
 
My son, a very successful CPA, has seen first hand, how some of these old timers are so out of touch with the new tax codes, that he has been able to saved some of his clients thousands of dollars in taxes after he re-did the return.

 
WIm


-----Original Message-----
From: Duaine Hechler <dahechler at att.net>
To: pianotech <pianotech at ptg.org>
Sent: Sat, Feb 26, 2011 8:22 am
Subject: Re: [pianotech] Quick Quickbooks Question


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 
traps.
    which are basically consumable supplies.

 There is a distinct difference between consumable supplies and larger ticket 
tems.

 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.
Agreed, about your difference - however, he still said just to write it
ff and forget about depreciation.
Duaine
-- 
uaine Hechler
iano, Player Piano, Pump Organ
uning, Servicing & Rebuilding
eed Organ Society Member
lorissant, MO 63034
314) 838-5587
ahechler at att.net
ww.hechlerpianoandorgan.com
-
ome & Business user of Linux - 11 years



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