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Where Can I Find State Tax Forms

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Where Can I Find State Tax Forms

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

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Here you will find links to the Statistics of Income studies relating to the international business sector. For each of these areas, there are text articles and/or statistical tables that include both recent and historical data.

International Individual Tax Statistics

Overview of U.S. Taxes on International Income

 

Controlled Foreign Corporations Provides data on activities of foreign corporations controlled by U.S. corporations. Data are taken from Form 5471.

Corporate Foreign Tax Credits

Corporate Foreign Tax Credit, Tax Year 2010 One Sheet

Provides data on foreign income and taxes reported by U.S. corporations claiming foreign tax credits. These credits are claimed to reduce or eliminate the double taxation of income earned overseas.  Data are taken from Form 1118.
Foreign Controlled Domestic Corporations Provides data on U.S. corporations with 50-percent-or-more stock ownership by a single foreign "person."  Covers balance sheet, income statement, and tax-related data.  Data are taken from Form 1120 series.
Foreign Corporations with U.S. Business Operations Provides data on foreign corporations with income connected to a U.S. trade or business.  Covers income statement and selected tax items.  Data are taken from Form 1120-F
Foreign Sales Corporations/IC-DISC'S Foreign Sales Corporations (FSC's) are foreign companies created by a "parent" shareholder to derive tax benefits from the export of U.S. products.  Interest-Charge Domestic Sales Corporations (IC-DISC's) are domestic companies created for a similar purpose.  Data are taken from Forms 1120-FSC and 1120-IC DISC.
Foreign Trusts Provides data on foreign trusts that have U.S. "persons" as grantors, transferors, or beneficiaries.  This study is conducted every 4 years.  Data are taken from Forms 3520 and 3520-A.
International Boycotts Provides data on the business operations of U.S. entities that participate in international economic boycotts not sanctioned by the U.S. Government.  Data are taken from Form 5713.

One-Time Dividend Received Deduction

Provides data on a one-time deduction of extraordinary qualifying cash dividends received from controlled foreign corporations. U.S. corporations were eligible to claim this deduction for accounting periods ending between October 2004 and October 2006.  Data are taken from Form 8895.

Transactions of Foreign-Owned Corporations

Provides data on financial transactions (such as stock purchases or interest payments) between U.S. corporations and their foreign owners.  This study is conducted every 2 years.  Data are taken from Form 5472.

U.S. Possessions Corporations Provides data on income statements, balance sheets, tax, and "possessions tax credit" for qualifying U.S. possessions corporations.  Most of these corporations are located in Puerto Rico.  The Statistics of Income Division no longer conducts a study on U.S. Possessions Corporations.  Data are taken from Forms 1120, 5712, and 5735.
Page Last Reviewed or Updated: 29-Jan-2014

The Where Can I Find State Tax Forms

Where can i find state tax forms Index Symbols $10,000, pagos en efectivo en exceso de, Introducción A Asistencia (see Ayuda con los impuestos) Ayuda (see Ayuda con los impuestos) Ayuda con los impuestos, Cómo Obtener Ayuda con los Impuestos D Defensor del Contribuyente, Servicio del Defensor del Contribuyente. Where can i find state tax forms F Formulario, ¿Quién tiene que presentar el Formulario 8300-SP? 8300-SP, ¿Quién tiene que presentar el Formulario 8300-SP? I Información adicional (see Ayuda con los impuestos) Informe de pagos en efectivo en exceso de $10,000, Introducción P Publicaciones (see Ayuda con los impuestos) Q Qué Hay de Nuevo, Qué Hay de Nuevo S Servicios gratuitos para los impuestos, Servicios gratuitos para los impuestos. Where can i find state tax forms T Transacciones en efectivo en exceso de $10,000, Introducción Prev  Up     Home   More Online Publications