Inventory

[Denise]

Hi all, just wondering if I really need to take an inventory? Not sure if this is necessary to start off the new year....thanks ahead of time....Denise (Newbie!!!)

[sewhappy]

Denise-

You are going to get alot of differnt answers from your inventory question. I would recomend you ask YOUR tax man what he thinks you should do. He will know your current situation and & can advise you with what works best for you!! Believe me I found out the hard way. She was telling me what worked best for her and I followed her advise and lost out on ALOT of other deductions!

Sewhappy

[juliagraves]

You don\'t have to do inventory unless you have $1M in sales or more (don\'t we wish!). So - record your Cost of Goods Sold (the price you paid for the batting, thread, etc, that you USED) under Supplies under General Expenses on Sched C.

I have a separate charge for thread used, and for batting, so I know how much I used on customer quilts. If you haven\'t tracked this, you can figure what you used by taking (starting inventory plus purchases) minus (ending inventory plus personal use).

[Denise]

Hi ladies,

thank you very much for your answers....I did end up doing the inventory anyway and it wasn\'t as difficult or time consuming as I thought, so even if I didn\'t have to do it, I have a good record of what I had this year versus what I will go through and keeping track.....Thanks again! Denise

[Georgene]

Please see the my response in the last post on this thread:

http://www.apqs.com/quiltboard/viewthread.php?tid=5699#pid43133

This might help.