Yes Joe, in many states you are taxed on inventory. You're lucky, in Arizona you aren't. Here in Maryland, where I live, you are. I've had to participate in doing taxes on inventory for two different corporations here in this state, one of which was a manufacturing firm I was president of.
You cannot charge to cost of good sold, goods that were not sold. That's fraud. >>> "Joe Curry" <[EMAIL PROTECTED]> 06/24/03 01:17PM >>> I didn't say you could "Write it off". I said it is considered "cost of goods sold" which reduces your tax burden. If it doesn't sell it is then a "write-off". You can't deduct it as a loss because you have already reduced your taxes when the inventory was purchased. But you are not taxed on inventory. Joe -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Nolan Penney Sent: Tuesday, June 24, 2003 9:57 AM To: [EMAIL PROTECTED]; [EMAIL PROTECTED] Subject: RE: Reproduction parts and limited runs? You can write off or depreciate equipment, not inventory. >>> "Joe Curry" <[EMAIL PROTECTED]> 06/24/03 12:12PM >>> What state charges "Inventory Tax"? Inventory costs are part of the cost of goods sold and are therefore a tax write-off not a tax burden. ----------------------------------------------------- The information contained in this communication may be confidential, is intended only for the use of the recipient named above, and may be legally privileged. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this communication, or any of its contents, is strictly prohibited. If you have received this communication in error, please re-send this communication to the sender and delete the original message and any copy of it from your computer system. Thank you. ----------------------------------------------------- <<<<GWIASIG 0.07>>>> /// [EMAIL PROTECTED] mailing list /// Send admin requests to [EMAIL PROTECTED] /// or try http://www.team.net/cgi-bin/majorcool /// Archives at http://www.team.net/archive /// Send list postings to [EMAIL PROTECTED] /// Edit your replies! If they include this trailer, they will NOT be sent.
