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1040 Ez Form 2013
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1040 Ez Form 2013
1040 ez form 2013 7. 1040 ez form 2013 Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 1040 ez form 2013 Additions to Gross Profit Introduction After you have figured the gross receipts from your business (chapter 5) and the cost of goods sold (chapter 6), you are ready to figure your gross profit. 1040 ez form 2013 You must determine gross profit before you can deduct any business expenses. 1040 ez form 2013 These expenses are discussed in chapter 8. 1040 ez form 2013 If you are filing Schedule C-EZ, your gross profit is your gross receipts plus certain other amounts, explained later under Additions to Gross Profit. 1040 ez form 2013 Businesses that sell products. 1040 ez form 2013 If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 1040 ez form 2013 Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 1040 ez form 2013 Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 1040 ez form 2013 Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 1040 ez form 2013 The result is the gross profit from your business. 1040 ez form 2013 Businesses that sell services. 1040 ez form 2013 You do not have to figure the cost of goods sold if the sale of merchandise is not an income-producing factor for your business. 1040 ez form 2013 Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 1040 ez form 2013 Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 1040 ez form 2013 Illustration. 1040 ez form 2013 This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 1040 ez form 2013 Income Statement Year Ended December 31, 2013 Gross receipts $400,000 Minus: Returns and allowances 14,940 Net receipts $385,060 Minus: Cost of goods sold 288,140 Gross profit $96,920 The cost of goods sold for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900 Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the following items before figuring your gross profit. 1040 ez form 2013 Gross receipts. 1040 ez form 2013 At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 1040 ez form 2013 You may find it helpful to use cash registers to keep track of receipts. 1040 ez form 2013 You should also use a proper invoicing system and keep a separate bank account for your business. 1040 ez form 2013 Sales tax collected. 1040 ez form 2013 Check to make sure your records show the correct sales tax collected. 1040 ez form 2013 If you collect state and local sales taxes imposed on you as the seller of goods or services from the buyer, you must include the amount collected in gross receipts. 1040 ez form 2013 If you are required to collect state and local taxes imposed on the buyer and turn them over to state or local governments, you generally do not include these amounts in income. 1040 ez form 2013 Inventory at beginning of year. 1040 ez form 2013 Compare this figure with last year's ending inventory. 1040 ez form 2013 The two amounts should usually be the same. 1040 ez form 2013 Purchases. 1040 ez form 2013 If you take any inventory items for your personal use (use them yourself, provide them to your family, or give them as personal gifts, etc. 1040 ez form 2013 ) be sure to remove them from the cost of goods sold. 1040 ez form 2013 For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 1040 ez form 2013 Inventory at end of year. 1040 ez form 2013 Check to make sure your procedures for taking inventory are adequate. 1040 ez form 2013 These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 1040 ez form 2013 Use inventory forms and adding machine tapes as the only evidence for your inventory. 1040 ez form 2013 Inventory forms are available at office supply stores. 1040 ez form 2013 These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 1040 ez form 2013 Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 1040 ez form 2013 These forms will help satisfy you that the total inventory is accurate. 1040 ez form 2013 They will also provide you with a permanent record to support its validity. 1040 ez form 2013 Inventories are discussed in chapter 2. 1040 ez form 2013 Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 1040 ez form 2013 First, divide gross profit by net receipts. 1040 ez form 2013 The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 1040 ez form 2013 Next, compare this percentage to your markup policy. 1040 ez form 2013 Little or no difference between these two percentages shows that your gross profit figure is accurate. 1040 ez form 2013 A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 1040 ez form 2013 You should determine the reason for the difference. 1040 ez form 2013 Example. 1040 ez form 2013 Joe Able operates a retail business. 1040 ez form 2013 On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 1040 ez form 2013 The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 1040 ez form 2013 His cost of goods sold is $200,000. 1040 ez form 2013 This results in a gross profit of $100,000 ($300,000 − $200,000). 1040 ez form 2013 To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 1040 ez form 2013 The resulting 331/3% confirms his markup percentage of 331/3%. 1040 ez form 2013 Additions to Gross Profit If your business has income from a source other than its regular business operations, enter the income on line 6 of Schedule C and add it to gross profit. 1040 ez form 2013 The result is gross business income. 1040 ez form 2013 If you use Schedule C-EZ, include the income on line 1 of the schedule. 1040 ez form 2013 Some examples include income from an interest-bearing checking account, income from scrap sales, income from certain fuel tax credits and refunds, and amounts recovered from bad debts. 1040 ez form 2013 Prev Up Next Home More 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Charities & Non-Profits Topics
Life Cycle of an Exempt Organization
Organizations that meet the requirements of Internal Revenue Code section 501(a) are exempt from federal income taxation. In addition, charitable contributions made to some section 501(a) organizations by individuals and corporations are deductible under Code section 170.
This website provides information about points of intersection between organizations and the IRS. The content includes explanatory information, and links to forms that an organization may need to file with the IRS. The materials cover five stages in an organization's life cycle:
Starting Out: Creating an organization under state law, acquiring an employer identification number, and identifying the appropriate federal tax classification.
Applying for Exemption: Acquiring, completing, and submitting application forms; how the IRS processes applications; and getting help from the IRS during the application process.
Required Filings: Annual exempt organization returns, unrelated business income tax filings, and other returns and reports that an organization may have to file.
Ongoing Compliance: How an organization can avoid jeopardizing its tax-exempt status, disclosure requirements, employment taxes, and other ongoing compliance issues.
Significant Events: Audits, private letter rulings, and termination procedures.
Life Cycle pages are available for the following types of organizations:
Page Last Reviewed or Updated: 19-Nov-2013
The 1040 Ez Form 2013
1040 ez form 2013 Publication 957 - Introductory Material Table of Contents Future Developments Introduction Future Developments For the latest information about developments related to Publication 957, such as legislation enacted after it was published, go to www. 1040 ez form 2013 irs. 1040 ez form 2013 gov/pub957. 1040 ez form 2013 Introduction The Social Security Administration (SSA) has special rules for back pay awarded by a court or government agency to enforce a worker protection statute (law). 1040 ez form 2013 The SSA also has rules for reporting special wage payments made to employees after they retire. 1040 ez form 2013 These rules enable the SSA to correctly compute an employee's benefits under the social security earnings test. 1040 ez form 2013 These rules are for social security coverage and benefit purposes only. 1040 ez form 2013 This publication, written primarily for employers, discusses back pay under a statute and special wage payments. 1040 ez form 2013 It also explains how to report these payments to the SSA. 1040 ez form 2013 For more information, visit SSA's website at www. 1040 ez form 2013 socialsecurity. 1040 ez form 2013 gov/employer. 1040 ez form 2013 To get a copy of Form SSA-131, Employer Report of Special Wage Payments, visit SSA's website at www. 1040 ez form 2013 socialsecurity. 1040 ez form 2013 gov/online/ssa-131. 1040 ez form 2013 html. 1040 ez form 2013 Prev Up Next Home More Online Publications