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How Can I Amend My 2011 Tax Return

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How Can I Amend My 2011 Tax Return

How can i amend my 2011 tax return Index A Abatement of interest and penalties, Abatement of interest and penalties. How can i amend my 2011 tax return Accidents, Deductible losses. How can i amend my 2011 tax return , Nondeductible losses. How can i amend my 2011 tax return Adjusted basis, Adjusted Basis Adjustments to basis, Basis adjustment to corporation's property. How can i amend my 2011 tax return , Adjustments to Basis Amended returns, Amended return. How can i amend my 2011 tax return Appraisals, Appraisal. How can i amend my 2011 tax return , Costs of photographs and appraisals. How can i amend my 2011 tax return Assistance (see Tax help) B Bad debts, Nonbusiness bad debt. How can i amend my 2011 tax return Basis Adjusted, Adjusted Basis Adjustments to, Basis adjustment to corporation's property. How can i amend my 2011 tax return , Adjustments to Basis Replacement property, Basis of replacement property. How can i amend my 2011 tax return Business or income-producing property, Business or income-producing property. How can i amend my 2011 tax return Business purposes, property used partly for, Property used partly for business and partly for personal purposes. How can i amend my 2011 tax return C Cars Accidents, Deductible losses. How can i amend my 2011 tax return Fair market value of, Car value. How can i amend my 2011 tax return Cash gifts, Cash gifts. How can i amend my 2011 tax return Casualty losses, Table 3. How can i amend my 2011 tax return When To Deduct a Casualty or Theft Loss Deductible losses, Deductible losses. How can i amend my 2011 tax return Definition, Casualty Deposits, loss on, Casualty loss or ordinary loss. How can i amend my 2011 tax return Nondeductible losses, Nondeductible losses. How can i amend my 2011 tax return Progressive deterioration, Progressive deterioration. How can i amend my 2011 tax return Proof of, Casualty loss proof. How can i amend my 2011 tax return When to report, Losses. How can i amend my 2011 tax return Workbooks for listing property, Workbooks for casualties and thefts. How can i amend my 2011 tax return Clean up costs, Cost of cleaning up or making repairs. How can i amend my 2011 tax return Condemnation, Condemnations. How can i amend my 2011 tax return Corrosive drywall, Special Procedure for Damage From Corrosive Drywall Costs Appraisals, Costs of photographs and appraisals. How can i amend my 2011 tax return Clean up, Cost of cleaning up or making repairs. How can i amend my 2011 tax return Incidental expenses, Related expenses. How can i amend my 2011 tax return Landscaping, Landscaping. How can i amend my 2011 tax return Photographs taken after loss, Costs of photographs and appraisals. How can i amend my 2011 tax return Protection, Cost of protection. How can i amend my 2011 tax return Repair, Cost of cleaning up or making repairs. How can i amend my 2011 tax return Replacement, Replacement cost. How can i amend my 2011 tax return D Death of taxpayer Postponement of gain, Death of a taxpayer. How can i amend my 2011 tax return Deductible losses, Deductible losses. How can i amend my 2011 tax return Deduction limits, Deduction Limits $100 rule, $100 Rule 10% rule, 10% Rule 2% rule, 2% Rule Deposit losses, Mislaid or lost property. How can i amend my 2011 tax return , Table 3. How can i amend my 2011 tax return When To Deduct a Casualty or Theft Loss Reporting of (Table 1), Table 1. How can i amend my 2011 tax return Reporting Loss on Deposits When to report, Loss on deposits. How can i amend my 2011 tax return Disaster area losses, Lessee's loss. How can i amend my 2011 tax return Claiming on amended return, Claiming a disaster loss on an amended return. How can i amend my 2011 tax return Federal loan canceled, Federal loan canceled. How can i amend my 2011 tax return Federally declared disaster, Business or income-producing property located in a federally declared disaster area. How can i amend my 2011 tax return , Disaster Area Losses Figuring loss deduction, Figuring the loss deduction. How can i amend my 2011 tax return Form 1040X, How to report the loss on Form 1040X. How can i amend my 2011 tax return Home made unsafe, Home made unsafe by disaster. How can i amend my 2011 tax return How to deduct loss in preceding year, How to deduct your loss in the preceding year. How can i amend my 2011 tax return Inventory, Disaster loss to inventory. How can i amend my 2011 tax return Main home rules, Main home in disaster area. How can i amend my 2011 tax return , Gains. How can i amend my 2011 tax return Qualified disaster mitigation payments, Qualified disaster mitigation payments. How can i amend my 2011 tax return Qualified disaster relief payments, Qualified disaster relief payments. How can i amend my 2011 tax return Records to keep, Records. How can i amend my 2011 tax return Tax deadlines postponed, Covered disaster area. How can i amend my 2011 tax return When to deduct, When to deduct the loss. How can i amend my 2011 tax return Table 3, Table 3. How can i amend my 2011 tax return When To Deduct a Casualty or Theft Loss Disaster mitigation payments, Qualified disaster mitigation payments. How can i amend my 2011 tax return Disaster relief grants, Disaster relief. How can i amend my 2011 tax return Drywall, corrosive, Special Procedure for Damage From Corrosive Drywall Due dates Tax deadlines postponed, Postponed Tax Deadlines E Employer's emergency disaster fund, Employer's emergency disaster fund. How can i amend my 2011 tax return F Fair market value (FMV) Decline in value of property in or near casualty area, Decline in market value of property in or near casualty area. How can i amend my 2011 tax return Measuring decrease in, Decrease in Fair Market Value Items not to consider, Figuring Decrease in FMV — Items Not To Consider Items to consider, Figuring Decrease in FMV — Items To Consider Federal disaster relief grants, Federal disaster relief grants. How can i amend my 2011 tax return Federal Emergency Management Agency (FEMA), contacting, Contacting the Federal Emergency Management Agency (FEMA) Federally declared disasters, Business or income-producing property located in a federally declared disaster area. How can i amend my 2011 tax return , Disaster Area Losses Figuring gain, Property used partly for business and partly for personal purposes. How can i amend my 2011 tax return Figuring loss, Theft loss proof. How can i amend my 2011 tax return , Figuring the Deduction Adjusted basis, Adjusted Basis Disaster area losses, Figuring the loss deduction. How can i amend my 2011 tax return Insurance and other reimbursements, Insurance and Other Reimbursements Form 1040, Schedule A, Personal-use property. How can i amend my 2011 tax return Form 1040, Schedule D, Personal-use property. How can i amend my 2011 tax return Form 1040X Disaster area losses, How to report the loss on Form 1040X. How can i amend my 2011 tax return Form 4684 Reporting gains and losses on personal-use property, Personal-use property. How can i amend my 2011 tax return Free tax services, Free help with your tax return. How can i amend my 2011 tax return G Gains Figuring, Figuring a Gain Postponement of, Postponement of Gain, How To Postpone a Gain Reimbursements, Gain from reimbursement. How can i amend my 2011 tax return Reporting of, Contacting the Federal Emergency Management Agency (FEMA) When to report, Changing your mind. How can i amend my 2011 tax return H Help (see Tax help) I Incidental expenses, Related expenses. How can i amend my 2011 tax return Insurance, Insurance and Other Reimbursements Living expenses, payments for, Insurance payments for living expenses. How can i amend my 2011 tax return Interest abatement, Abatement of interest and penalties. How can i amend my 2011 tax return Inventory losses, Loss of inventory. How can i amend my 2011 tax return Disaster area losses, Disaster loss to inventory. How can i amend my 2011 tax return L Landscaping, Landscaping. How can i amend my 2011 tax return Leased property, Leased property. How can i amend my 2011 tax return When to report, Lessee's loss. How can i amend my 2011 tax return Losses Casualty (see Casualty losses) Deposits (see Deposit losses) Disaster areas (see Disaster area losses) Figuring amount (see Figuring loss) Proof of, Deducted loss recovered. How can i amend my 2011 tax return Records of, Theft loss proof. How can i amend my 2011 tax return Reporting of, Contacting the Federal Emergency Management Agency (FEMA) Theft (see Theft losses) When to report, Changing your mind. How can i amend my 2011 tax return (Table 3), Table 3. How can i amend my 2011 tax return When To Deduct a Casualty or Theft Loss M Married taxpayers Deduction limits, Married taxpayers. How can i amend my 2011 tax return , Married taxpayers. How can i amend my 2011 tax return Mislaid or lost property, Mislaid or lost property. How can i amend my 2011 tax return Missing children, photographs of, Reminders N Nonbusiness bad debts, Nonbusiness bad debt. How can i amend my 2011 tax return Nondeductible losses, Nondeductible losses. How can i amend my 2011 tax return P Payments for living expenses, Insurance payments for living expenses. How can i amend my 2011 tax return Penalty abatement, Abatement of interest and penalties. How can i amend my 2011 tax return Personal property Loss deduction, figuring of, Personal property. How can i amend my 2011 tax return Personal-use property Reporting gains and losses, Personal-use property. How can i amend my 2011 tax return Personal-use real property, Exception for personal-use real property. How can i amend my 2011 tax return Photographs Documentation of loss, Costs of photographs and appraisals. How can i amend my 2011 tax return Ponzi-type investment schemes, Losses from Ponzi-type investment schemes. How can i amend my 2011 tax return Postponed tax deadlines, Postponed Tax Deadlines Postponement of gain, Postponement of Gain, How To Postpone a Gain Amended return, Amended return. How can i amend my 2011 tax return Changing mind, Changing your mind. How can i amend my 2011 tax return Replacement property acquired after return filed, Replacement property acquired after return filed. How can i amend my 2011 tax return Replacement property acquired before return filed, Replacement property acquired before return filed. How can i amend my 2011 tax return Required statement, Required statement. How can i amend my 2011 tax return Substituting replacement property, Substituting replacement property. How can i amend my 2011 tax return Three-year limit, Three-year limit. How can i amend my 2011 tax return Proof of loss, Proof of Loss Protection costs, Cost of protection. How can i amend my 2011 tax return Publications (see Tax help) R Records of loss, Theft loss proof. How can i amend my 2011 tax return Recovered stolen property, Recovered stolen property. How can i amend my 2011 tax return Reimbursements Cash gifts, Cash gifts. How can i amend my 2011 tax return Disaster relief, Disaster relief. How can i amend my 2011 tax return Employer's emergency disaster fund, Employer's emergency disaster fund. How can i amend my 2011 tax return Failure to file a claim, Failure to file a claim for reimbursement. How can i amend my 2011 tax return Received after deducting loss, Reimbursement Received After Deducting Loss Types of, Types of Reimbursements Related expenses, Related expenses. How can i amend my 2011 tax return Related person, replacement property bought from, Buying replacement property from a related person. How can i amend my 2011 tax return Repair costs, Cost of cleaning up or making repairs. How can i amend my 2011 tax return Replacement cost, Replacement cost. How can i amend my 2011 tax return Replacement period, Replacement Period Extension of, Extension. How can i amend my 2011 tax return Replacement property, Replacement Property Advance payment, Advance payment. How can i amend my 2011 tax return Basis adjustment to corporation's property, Basis adjustment to corporation's property. How can i amend my 2011 tax return Basis of, Basis of replacement property. How can i amend my 2011 tax return Main home, Main home replaced. How can i amend my 2011 tax return In disaster area, Main home in disaster area. How can i amend my 2011 tax return Postponement of gain, Replacement property acquired before return filed. How can i amend my 2011 tax return Reporting gains and losses, Reporting a gain. How can i amend my 2011 tax return , How To Report Gains and Losses Basis, adjustments to, Adjustments to Basis Business and income-producing property, Business and income-producing property. How can i amend my 2011 tax return Deductions exceeding income, If Deductions Are More Than Income Deposits, How to report. How can i amend my 2011 tax return Table 1, Table 1. How can i amend my 2011 tax return Reporting Loss on Deposits Disaster area losses, How to report the loss on Form 1040X. How can i amend my 2011 tax return Personal-use property, Personal-use property. How can i amend my 2011 tax return Timing of, When To Report Gains and Losses S Sentimental value, Sentimental value. How can i amend my 2011 tax return State disaster relief grants for businesses, State disaster relief grants for businesses. How can i amend my 2011 tax return Stolen property (see Theft losses) T Tables and figures Reporting loss on deposits (Table 1), Table 1. How can i amend my 2011 tax return Reporting Loss on Deposits When to deduct losses (Table 3), Table 3. How can i amend my 2011 tax return When To Deduct a Casualty or Theft Loss Tax help, How To Get Tax Help Theft losses, Theft FMV of stolen property, FMV of stolen property. How can i amend my 2011 tax return Mislaid or lost property, Mislaid or lost property. How can i amend my 2011 tax return Proof of, Theft loss proof. How can i amend my 2011 tax return When to deduct (Table 3), Table 3. How can i amend my 2011 tax return When To Deduct a Casualty or Theft Loss When to report, Losses. How can i amend my 2011 tax return Workbooks for listing property, Workbooks for casualties and thefts. How can i amend my 2011 tax return Timber loss, Timber loss. How can i amend my 2011 tax return W Workbooks for property lost due to casualties and thefts, Workbooks for casualties and thefts. How can i amend my 2011 tax return Prev  Up     Home   More Online Publications
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The How Can I Amend My 2011 Tax Return

How can i amend my 2011 tax return 6. How can i amend my 2011 tax return   How To Figure Cost of Goods Sold Table of Contents Introduction Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42Line 35 Inventory at Beginning of Year Line 36 Purchases Less Cost of Items Withdrawn for Personal Use Line 37 Cost of Labor Line 38 Materials and Supplies Line 39 Other Costs Line 40 Add Lines 35 through 39 Line 41 Inventory at End of Year Line 42 Cost of Goods Sold Introduction If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts on Schedule C. How can i amend my 2011 tax return However, to determine these costs, you must value your inventory at the beginning and end of each tax year. How can i amend my 2011 tax return This chapter applies to you if you are a manufacturer, wholesaler, or retailer or if you are engaged in any business that makes, buys, or sells goods to produce income. How can i amend my 2011 tax return This chapter does not apply to a personal service business, such as the business of a doctor, lawyer, carpenter, or painter. How can i amend my 2011 tax return However, if you work in a personal service business and also sell or charge for the materials and supplies normally used in your business, this chapter applies to you. How can i amend my 2011 tax return If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales. How can i amend my 2011 tax return For more information, see chapter 2. How can i amend my 2011 tax return Figuring Cost of Goods Sold on Schedule C, Lines 35 Through 42 Figure your cost of goods sold by filling out lines 35 through 42 of Schedule C. How can i amend my 2011 tax return These lines are reproduced below and are explained in the discussion that follows. How can i amend my 2011 tax return 35 Inventory at beginning of year. How can i amend my 2011 tax return If different from last year's closing inventory, attach explanation   36 Purchases less cost of items withdrawn for personal use   37 Cost of labor. How can i amend my 2011 tax return Do not include any amounts paid to yourself   38 Materials and supplies   39 Other costs   40 Add lines 35 through 39   41 Inventory at end of year   42 Cost of goods sold. How can i amend my 2011 tax return Subtract line 41 from line 40. How can i amend my 2011 tax return  Enter the result here and on line 4   Line 35 Inventory at Beginning of Year If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers. How can i amend my 2011 tax return If you are a manufacturer or producer, it includes the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods (see Inventories in chapter 2). How can i amend my 2011 tax return Opening inventory usually will be identical to the closing inventory of the year before. How can i amend my 2011 tax return You must explain any difference in a schedule attached to your return. How can i amend my 2011 tax return Donation of inventory. How can i amend my 2011 tax return   If you contribute inventory (property that you sell in the course of your business), the amount you can claim as a contribution deduction is the smaller of its fair market value on the day you contributed it or its basis. How can i amend my 2011 tax return The basis of donated inventory is any cost incurred for the inventory in an earlier year that you would otherwise include in your opening inventory for the year of the contribution. How can i amend my 2011 tax return You must remove the amount of your contribution deduction from your opening inventory. How can i amend my 2011 tax return It is not part of the cost of goods sold. How can i amend my 2011 tax return   If the cost of donated inventory is not included in your opening inventory, the inventory's basis is zero and you cannot claim a charitable contribution deduction. How can i amend my 2011 tax return Treat the inventory's cost as you would ordinarily treat it under your method of accounting. How can i amend my 2011 tax return For example, include the purchase price of inventory bought and donated in the same year in the cost of goods sold for that year. How can i amend my 2011 tax return   A special rule may apply to certain donations of food inventory. How can i amend my 2011 tax return See Publication 526, Charitable Contributions. How can i amend my 2011 tax return Example 1. How can i amend my 2011 tax return You are a calendar year taxpayer who uses an accrual method of accounting. How can i amend my 2011 tax return In 2013, you contributed property from inventory to a church. How can i amend my 2011 tax return It had a fair market value of $600. How can i amend my 2011 tax return The closing inventory at the end of 2012 properly included $400 of costs due to the acquisition of the property, and in 2012, you properly deducted $50 of administrative and other expenses attributable to the property as business expenses. How can i amend my 2011 tax return The charitable contribution allowed for 2013 is $400 ($600 − $200). How can i amend my 2011 tax return The $200 is the amount that would be ordinary income if you had sold the contributed inventory at fair market value on the date of the gift. How can i amend my 2011 tax return The cost of goods sold you use in determining gross income for 2013 must not include the $400. How can i amend my 2011 tax return You remove that amount from opening inventory for 2013. How can i amend my 2011 tax return Example 2. How can i amend my 2011 tax return If, in Example 1, you acquired the contributed property in 2013 at a cost of $400, you would include the $400 cost of the property in figuring the cost of goods sold for 2013 and deduct the $50 of administrative and other expenses attributable to the property for that year. How can i amend my 2011 tax return You would not be allowed any charitable contribution deduction for the contributed property. How can i amend my 2011 tax return Line 36 Purchases Less Cost of Items Withdrawn for Personal Use If you are a merchant, use the cost of all merchandise you bought for sale. How can i amend my 2011 tax return If you are a manufacturer or producer, this includes the cost of all raw materials or parts purchased for manufacture into a finished product. How can i amend my 2011 tax return Trade discounts. How can i amend my 2011 tax return   The differences between the stated prices of articles and the actual prices you pay for them are called trade discounts. How can i amend my 2011 tax return You must use the prices you pay (not the stated prices) in figuring your cost of purchases. How can i amend my 2011 tax return Do not show the discount amount separately as an item in gross income. How can i amend my 2011 tax return   An automobile dealer must record the cost of a car in inventory reduced by any manufacturer's rebate that represents a trade discount. How can i amend my 2011 tax return Cash discounts. How can i amend my 2011 tax return   Cash discounts are amounts your suppliers let you deduct from your purchase invoices for prompt payments. How can i amend my 2011 tax return There are two methods of accounting for cash discounts. How can i amend my 2011 tax return You can either credit them to a separate discount account or deduct them from total purchases for the year. How can i amend my 2011 tax return Whichever method you use, you must be consistent. How can i amend my 2011 tax return If you want to change your method of figuring inventory cost, you must file Form 3115, Application for Change in Accounting Method. How can i amend my 2011 tax return For more information, see Change in Accounting Method in chapter 2. How can i amend my 2011 tax return   If you credit cash discounts to a separate account, you must include this credit balance in your business income at the end of the tax year. How can i amend my 2011 tax return If you use this method, do not reduce your cost of goods sold by the cash discounts. How can i amend my 2011 tax return Purchase returns and allowances. How can i amend my 2011 tax return   You must deduct all returns and allowances from your total purchases during the year. How can i amend my 2011 tax return Merchandise withdrawn from sale. How can i amend my 2011 tax return   If you withdraw merchandise for your personal or family use, you must exclude this cost from the total amount of merchandise you bought for sale. How can i amend my 2011 tax return Do this by crediting the purchases or sales account with the cost of merchandise you withdraw for personal use. How can i amend my 2011 tax return You must also charge the amount to your drawing account. How can i amend my 2011 tax return   A drawing account is a separate account you should keep to record the business income you withdraw to pay for personal and family expenses. How can i amend my 2011 tax return As stated above, you also use it to record withdrawals of merchandise for personal or family use. How can i amend my 2011 tax return This account is also known as a “withdrawals account” or “personal account. How can i amend my 2011 tax return ” Line 37 Cost of Labor Labor costs are usually an element of cost of goods sold only in a manufacturing or mining business. How can i amend my 2011 tax return Small merchandisers (wholesalers, retailers, etc. How can i amend my 2011 tax return ) usually do not have labor costs that can properly be charged to cost of goods sold. How can i amend my 2011 tax return In a manufacturing business, labor costs properly allocable to the cost of goods sold include both the direct and indirect labor used in fabricating the raw material into a finished, saleable product. How can i amend my 2011 tax return Direct labor. How can i amend my 2011 tax return   Direct labor costs are the wages you pay to those employees who spend all their time working directly on the product being manufactured. How can i amend my 2011 tax return They also include a part of the wages you pay to employees who work directly on the product part time if you can determine that part of their wages. How can i amend my 2011 tax return Indirect labor. How can i amend my 2011 tax return   Indirect labor costs are the wages you pay to employees who perform a general factory function that does not have any immediate or direct connection with making the saleable product, but that is a necessary part of the manufacturing process. How can i amend my 2011 tax return Other labor. How can i amend my 2011 tax return   Other labor costs not properly chargeable to the cost of goods sold can be deducted as selling or administrative expenses. How can i amend my 2011 tax return Generally, the only kinds of labor costs properly chargeable to your cost of goods sold are the direct or indirect labor costs and certain other costs treated as overhead expenses properly charged to the manufacturing process, as discussed later under Line 39 Other Costs. How can i amend my 2011 tax return Line 38 Materials and Supplies Materials and supplies, such as hardware and chemicals, used in manufacturing goods are charged to cost of goods sold. How can i amend my 2011 tax return Those that are not used in the manufacturing process are treated as deferred charges. How can i amend my 2011 tax return You deduct them as a business expense when you use them. How can i amend my 2011 tax return Business expenses are discussed in chapter 8. How can i amend my 2011 tax return Line 39 Other Costs Examples of other costs incurred in a manufacturing or mining process that you charge to your cost of goods sold are as follows. How can i amend my 2011 tax return Containers. How can i amend my 2011 tax return   Containers and packages that are an integral part of the product manufactured are a part of your cost of goods sold. How can i amend my 2011 tax return If they are not an integral part of the manufactured product, their costs are shipping or selling expenses. How can i amend my 2011 tax return Freight-in. How can i amend my 2011 tax return   Freight-in, express-in, and cartage-in on raw materials, supplies you use in production, and merchandise you purchase for sale are all part of cost of goods sold. How can i amend my 2011 tax return Overhead expenses. How can i amend my 2011 tax return   Overhead expenses include expenses such as rent, heat, light, power, insurance, depreciation, taxes, maintenance, labor, and supervision. How can i amend my 2011 tax return The overhead expenses you have as direct and necessary expenses of the manufacturing operation are included in your cost of goods sold. How can i amend my 2011 tax return Line 40 Add Lines 35 through 39 The total of lines 35 through 39 equals the cost of the goods available for sale during the year. How can i amend my 2011 tax return Line 41 Inventory at End of Year Subtract the value of your closing inventory (including, as appropriate, the allocable parts of the cost of raw materials and supplies, direct labor, and overhead expenses) from line 40. How can i amend my 2011 tax return Inventory at the end of the year is also known as closing or ending inventory. How can i amend my 2011 tax return Your ending inventory will usually become the beginning inventory of your next tax year. How can i amend my 2011 tax return Line 42 Cost of Goods Sold When you subtract your closing inventory (inventory at the end of the year) from the cost of goods available for sale, the remainder is your cost of goods sold during the tax year. How can i amend my 2011 tax return Prev  Up  Next   Home   More Online Publications