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2011 Tax Return Turbotax

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2011 Tax Return Turbotax

2011 tax return turbotax 7. 2011 tax return turbotax   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. 2011 tax return turbotax 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. 2011 tax return turbotax You must determine gross profit before you can deduct any business expenses. 2011 tax return turbotax These expenses are discussed in chapter 8. 2011 tax return turbotax 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. 2011 tax return turbotax Businesses that sell products. 2011 tax return turbotax   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. 2011 tax return turbotax Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). 2011 tax return turbotax Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. 2011 tax return turbotax   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). 2011 tax return turbotax The result is the gross profit from your business. 2011 tax return turbotax Businesses that sell services. 2011 tax return turbotax   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. 2011 tax return turbotax Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). 2011 tax return turbotax Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. 2011 tax return turbotax Illustration. 2011 tax return turbotax   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. 2011 tax return turbotax 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. 2011 tax return turbotax Gross receipts. 2011 tax return turbotax   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. 2011 tax return turbotax You may find it helpful to use cash registers to keep track of receipts. 2011 tax return turbotax You should also use a proper invoicing system and keep a separate bank account for your business. 2011 tax return turbotax Sales tax collected. 2011 tax return turbotax   Check to make sure your records show the correct sales tax collected. 2011 tax return turbotax   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. 2011 tax return turbotax   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. 2011 tax return turbotax Inventory at beginning of year. 2011 tax return turbotax   Compare this figure with last year's ending inventory. 2011 tax return turbotax The two amounts should usually be the same. 2011 tax return turbotax Purchases. 2011 tax return turbotax   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. 2011 tax return turbotax ) be sure to remove them from the cost of goods sold. 2011 tax return turbotax For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. 2011 tax return turbotax Inventory at end of year. 2011 tax return turbotax   Check to make sure your procedures for taking inventory are adequate. 2011 tax return turbotax These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. 2011 tax return turbotax   Use inventory forms and adding machine tapes as the only evidence for your inventory. 2011 tax return turbotax Inventory forms are available at office supply stores. 2011 tax return turbotax These forms have columns for recording the description, quantity, unit price, and value of each inventory item. 2011 tax return turbotax Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. 2011 tax return turbotax These forms will help satisfy you that the total inventory is accurate. 2011 tax return turbotax They will also provide you with a permanent record to support its validity. 2011 tax return turbotax   Inventories are discussed in chapter 2. 2011 tax return turbotax Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. 2011 tax return turbotax First, divide gross profit by net receipts. 2011 tax return turbotax The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. 2011 tax return turbotax Next, compare this percentage to your markup policy. 2011 tax return turbotax Little or no difference between these two percentages shows that your gross profit figure is accurate. 2011 tax return turbotax A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. 2011 tax return turbotax You should determine the reason for the difference. 2011 tax return turbotax Example. 2011 tax return turbotax   Joe Able operates a retail business. 2011 tax return turbotax On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. 2011 tax return turbotax The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. 2011 tax return turbotax His cost of goods sold is $200,000. 2011 tax return turbotax This results in a gross profit of $100,000 ($300,000 − $200,000). 2011 tax return turbotax To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). 2011 tax return turbotax The resulting 331/3% confirms his markup percentage of 331/3%. 2011 tax return turbotax 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. 2011 tax return turbotax The result is gross business income. 2011 tax return turbotax If you use Schedule C-EZ, include the income on line 1 of the schedule. 2011 tax return turbotax 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. 2011 tax return turbotax Prev  Up  Next   Home   More Online Publications
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The 2011 Tax Return Turbotax

2011 tax return turbotax Index A Actuarial Tables, Actuarial Tables How to use, How To Use Actuarial Tables Unisex, Unisex Annuity Tables Adjustments to total cost, Adjustments Annuity starting date, The annuity starting date Assistance (see Tax help) D Death benefit exclusion, Death benefit exclusion. 2011 tax return turbotax E Election Post-June 1986 contributions, Contributions made both before July 1986 and after June 1986. 2011 tax return turbotax , Annuity received after June 30, 1986. 2011 tax return turbotax Pre-July 1986 contributions, Contributions made both before July 1986 and after June 1986. 2011 tax return turbotax Employment abroad, Foreign employment. 2011 tax return turbotax Exclusion limited to net cost, Exclusion limited to net cost. 2011 tax return turbotax Exclusion not limited to net cost, Exclusion not limited to net cost. 2011 tax return turbotax Exclusion ratio, Step 3. 2011 tax return turbotax Expected return, Expected Return F Fixed period annuity, Types of pensions and annuities. 2011 tax return turbotax , Fixed period annuity. 2011 tax return turbotax Foreign employment, Foreign employment. 2011 tax return turbotax Free tax services, Free help with your tax return. 2011 tax return turbotax G General Rule Who must use the, Who must use the General Rule. 2011 tax return turbotax H Help (see Tax help) Help from IRS, Help from IRS. 2011 tax return turbotax , Request for a ruling. 2011 tax return turbotax , Free IRS help. 2011 tax return turbotax , Requesting a Ruling on Taxation of Annuity I Increase in payments, Increase in annuity payments. 2011 tax return turbotax Investment in the contract, Investment in the Contract J Joint and survivor annuities, Types of pensions and annuities. 2011 tax return turbotax , Joint and survivor annuities. 2011 tax return turbotax N Net cost, Net cost. 2011 tax return turbotax Nonqualified employee plans, General Information P Part-year payments, Part-year payments. 2011 tax return turbotax Periodic payments, taxation of, Taxation of Periodic Payments Publications (see Tax help) Q Qualified plans, Introduction R Refund feature, Refund feature. 2011 tax return turbotax Ruling request, Request for a ruling. 2011 tax return turbotax , Requesting a Ruling on Taxation of Annuity S Single life annuity, Single life annuity. 2011 tax return turbotax Survivor annuities, Different payments to survivor. 2011 tax return turbotax T Tax help, How To Get Tax Help Taxable part of annuity How to compute the, Computation Under the General Rule Worksheets, Worksheet I For Determining Taxable Annuity Under Regulations Section 1. 2011 tax return turbotax 72-6(d)(6) Election For Single Annuitant With No Survivor Annuity, Worksheet II For Determining Taxable Annuity Under Regulations Section 1. 2011 tax return turbotax 72-6(d)(6) Election For Joint and Survivor Annuity TTY/TDD information, How To Get Tax Help Types of pensions and annuities, Types of pensions and annuities. 2011 tax return turbotax V Variable annuities, Types of pensions and annuities. 2011 tax return turbotax , Variable annuities. 2011 tax return turbotax W Withholding of tax, Withholding tax and estimated tax. 2011 tax return turbotax Prev  Up     Home   More Online Publications