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Ma Taxes Ng Army Mil
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Ma Taxes Ng Army Mil
Ma taxes ng army mil Publication 542 - Additional Material Prev Up Next Home More Online Publications
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The Ma Taxes Ng Army Mil
Ma taxes ng army mil 7. Ma taxes ng army mil Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Ma taxes ng army mil 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. Ma taxes ng army mil You must determine gross profit before you can deduct any business expenses. Ma taxes ng army mil These expenses are discussed in chapter 8. Ma taxes ng army mil 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. Ma taxes ng army mil Businesses that sell products. Ma taxes ng army mil If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Ma taxes ng army mil Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Ma taxes ng army mil Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Ma taxes ng army mil Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Ma taxes ng army mil The result is the gross profit from your business. Ma taxes ng army mil Businesses that sell services. Ma taxes ng army mil 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. Ma taxes ng army mil Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Ma taxes ng army mil Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Ma taxes ng army mil Illustration. Ma taxes ng army mil This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Ma taxes ng army mil 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. Ma taxes ng army mil Gross receipts. Ma taxes ng army mil At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Ma taxes ng army mil You may find it helpful to use cash registers to keep track of receipts. Ma taxes ng army mil You should also use a proper invoicing system and keep a separate bank account for your business. Ma taxes ng army mil Sales tax collected. Ma taxes ng army mil Check to make sure your records show the correct sales tax collected. Ma taxes ng army mil 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. Ma taxes ng army mil 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. Ma taxes ng army mil Inventory at beginning of year. Ma taxes ng army mil Compare this figure with last year's ending inventory. Ma taxes ng army mil The two amounts should usually be the same. Ma taxes ng army mil Purchases. Ma taxes ng army mil 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. Ma taxes ng army mil ) be sure to remove them from the cost of goods sold. Ma taxes ng army mil For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Ma taxes ng army mil Inventory at end of year. Ma taxes ng army mil Check to make sure your procedures for taking inventory are adequate. Ma taxes ng army mil These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Ma taxes ng army mil Use inventory forms and adding machine tapes as the only evidence for your inventory. Ma taxes ng army mil Inventory forms are available at office supply stores. Ma taxes ng army mil These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Ma taxes ng army mil Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Ma taxes ng army mil These forms will help satisfy you that the total inventory is accurate. Ma taxes ng army mil They will also provide you with a permanent record to support its validity. Ma taxes ng army mil Inventories are discussed in chapter 2. Ma taxes ng army mil Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Ma taxes ng army mil First, divide gross profit by net receipts. Ma taxes ng army mil The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Ma taxes ng army mil Next, compare this percentage to your markup policy. Ma taxes ng army mil Little or no difference between these two percentages shows that your gross profit figure is accurate. Ma taxes ng army mil A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Ma taxes ng army mil You should determine the reason for the difference. Ma taxes ng army mil Example. Ma taxes ng army mil Joe Able operates a retail business. Ma taxes ng army mil On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Ma taxes ng army mil The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Ma taxes ng army mil His cost of goods sold is $200,000. Ma taxes ng army mil This results in a gross profit of $100,000 ($300,000 − $200,000). Ma taxes ng army mil To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Ma taxes ng army mil The resulting 331/3% confirms his markup percentage of 331/3%. Ma taxes ng army mil 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. Ma taxes ng army mil The result is gross business income. Ma taxes ng army mil If you use Schedule C-EZ, include the income on line 1 of the schedule. Ma taxes ng army mil 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. Ma taxes ng army mil Prev Up Next Home More Online Publications