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  • Year-End Inventory Calculations

  • September 15th Deadline Nears

  • 4th-Quarter Payments of 2016 Taxes Due Monday, January 16th

  • Year-End Inventory Calculations

    If your business carries an inventory of items for resale or items to be used in constructing your product, you probably need to calculate the cost of that inventory as of December 31st.  This involves counting or estimating how many of each item is in inventory on December 31st, then multiplying by the amount you paid for each item.  The total is the cost basis of your inventory.  Items for resale or construction are only tax-deductible in the year they are sold, lost, or worthless.

    Bess Kane, CPA | 12/28/2017