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1040ez Irs

1040ez irs Index Symbols $10,000, cash payments over, Introduction A Assistance (see Tax help) C Cash transactions over $10,000, Introduction F Form, Who Must File Form 8300? 8300, Who Must File Form 8300? Free tax services, How To Get Tax Help H Help (see Tax help) M More information (see Tax help) P Publications (see Tax help) R Reporting cash payments over $10,000, Introduction T Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. 1040ez irs TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications

Economic Adjustment Office

The Office of Economic Adjustment helps state and local communities adjust to major changes in local Department of Defense activity (for example, a base closure).

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Address: 2231 Crystal Dr
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Phone Number: 703-697-2130

The 1040ez Irs

1040ez irs 7. 1040ez irs   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 1040ez irs 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. 1040ez irs You must determine gross profit before you can deduct any business expenses. 1040ez irs These expenses are discussed in chapter 8. 1040ez irs 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. 1040ez irs Businesses that sell products. 1040ez irs   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 1040ez irs Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 1040ez irs Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 1040ez irs   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 1040ez irs The result is the gross profit from your business. 1040ez irs Businesses that sell services. 1040ez irs   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. 1040ez irs Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 1040ez irs Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 1040ez irs Illustration. 1040ez irs   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 1040ez irs 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. 1040ez irs Gross receipts. 1040ez irs   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 1040ez irs You may find it helpful to use cash registers to keep track of receipts. 1040ez irs You should also use a proper invoicing system and keep a separate bank account for your business. 1040ez irs Sales tax collected. 1040ez irs   Check to make sure your records show the correct sales tax collected. 1040ez irs   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. 1040ez irs   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. 1040ez irs Inventory at beginning of year. 1040ez irs   Compare this figure with last year's ending inventory. 1040ez irs The two amounts should usually be the same. 1040ez irs Purchases. 1040ez irs   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. 1040ez irs ) be sure to remove them from the cost of goods sold. 1040ez irs For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 1040ez irs Inventory at end of year. 1040ez irs   Check to make sure your procedures for taking inventory are adequate. 1040ez irs These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 1040ez irs   Use inventory forms and adding machine tapes as the only evidence for your inventory. 1040ez irs Inventory forms are available at office supply stores. 1040ez irs These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 1040ez irs Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 1040ez irs These forms will help satisfy you that the total inventory is accurate. 1040ez irs They will also provide you with a permanent record to support its validity. 1040ez irs   Inventories are discussed in chapter 2. 1040ez irs Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 1040ez irs First, divide gross profit by net receipts. 1040ez irs The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 1040ez irs Next, compare this percentage to your markup policy. 1040ez irs Little or no difference between these two percentages shows that your gross profit figure is accurate. 1040ez irs A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 1040ez irs You should determine the reason for the difference. 1040ez irs Example. 1040ez irs   Joe Able operates a retail business. 1040ez irs On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 1040ez irs The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 1040ez irs His cost of goods sold is $200,000. 1040ez irs This results in a gross profit of $100,000 ($300,000 − $200,000). 1040ez irs To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 1040ez irs The resulting 331/3% confirms his markup percentage of 331/3%. 1040ez irs 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. 1040ez irs The result is gross business income. 1040ez irs If you use Schedule C-EZ, include the income on line 1 of the schedule. 1040ez irs 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. 1040ez irs Prev  Up  Next   Home   More Online Publications