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Free tax e file Publication 15-T - Additional Material Table of Contents This image is too large to be displayed in the current screen. Free tax e file Please click the link to view the image. Free tax e file Form W-4 (2009) This image is too large to be displayed in the current screen. Free tax e file Please click the link to view the image. Free tax e file Deductions and Adjustments Worksheet Notice to Employees Please click here for the text description of the image. Free tax e file Multi-Media/Back Page Prev  Up  Next   Home   More Online Publications
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The Free Tax E File

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