What accounting methods do your accountants use for determining your tax liabilities? I would like to use the cash method, but see that when using cost of goods sold, the feds want inventory considered. How do you inventory paints, clays, adhesives etc? I'm searching the IRS pages, but haven't seen a good answer yet. Your input would help speed up my research on the subject. Thanks. Mary
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we use 0 beginning inventory and 0 ending inventory, if you do any kind of volume at all the small items youre addressing will be used up or dried up and replaced several times during the year.
I was told by an accountant (and customer) that you shouldn't try to break them dowmn as a per job material.Claim them as you open a new one. Either as newly opened or completely used up.does this help?