Can you deduct expired product as a cost of goods for tax preparation?
3 replies to this topic
#2
Agee Vending
-
- Members
-
- 54 posts
Advanced Member
Posted 31 March 2009 - 06:37 PM
Its an expense of the business, product waste, I actually build it into COGS, but you can have a seperate line item...
Can you deduct expired product as a cost of goods for tax preparation?
#3
coinvestor
-
- Members
-
- 325 posts
Advanced Member
Posted 31 March 2009 - 11:36 PM
Can you deduct expired product as a cost of goods for tax preparation?
If you use the "cash method" of accounting, wasted product will be included in your product purchases and will be excluded from sales by default.
JD
#4
VendingGURU
-
- Members
-
- 12 posts
Member
Posted 07 May 2009 - 06:37 PM
If they tax the money you make, and money you spend to make it can be deducted - If your up in the air between pepsi and coke, use pepsi, - they take back expired product and credit you
Can you deduct expired product as a cost of goods for tax preparation?
