Tutorials

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Gross Income from Sales April 13, 2006 "Gross income from sales" includes business income that you receive from sales to your customers. You should only report income you received within your tax ...

Miscellaneous Business Income April 13, 2006 For sole proprietors, business income other than what you receive from your customers in the ordinary course of business is reported on Line 6 of Schedule C. If you're filing Form C-EZ, you will ...

Canceled Debts April 13, 2006 The general rule is that if a debt you owe is canceled or forgiven, you must include the canceled amount in your gross income. If the debt is connected to your sole proprietorship business, the ...

Some Non-Income Items April 13, 2006 Believe it or not, there are a number of items that you might think of as business income, but that the IRS does not require you to report as income or pay tax on:

Computing Your Cost of Goods Sold April 13, 2006 If your business makes or buys goods to sell and maintains an inventory, you're entitled to deduct the cost of goods sold from your revenues in computing ...

Inventory Cost or Market Value April 13, 2006 If your business carries inventory, you will need to keep track of it. For tax purposes, as well as for general management purposes, you'll need to know the value of the inventory at the ...

Identification of Inventory Items April 13, 2006 Besides deciding how you will value your inventory - at cost, or at the lower of cost or market - you must also decide how you will identify which items were ...