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Prior Tax

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Prior Tax

Prior tax 7. Prior tax   Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Prior tax 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. Prior tax You must determine gross profit before you can deduct any business expenses. Prior tax These expenses are discussed in chapter 8. Prior tax 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. Prior tax Businesses that sell products. Prior tax   If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Prior tax Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Prior tax Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Prior tax   Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Prior tax The result is the gross profit from your business. Prior tax Businesses that sell services. Prior tax   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. Prior tax Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Prior tax Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Prior tax Illustration. Prior tax   This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Prior tax 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for this business is figured as follows: Inventory at beginning of year $37,845 Plus: Purchases $285,900   Minus: Items withdrawn for personal use 2,650 283,250 Goods available for sale $321,095 Minus: Inventory at end of year 32,955 Cost of goods sold $288,140 Items To Check Consider the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. Prior tax Gross receipts. Prior tax   At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Prior tax You may find it helpful to use cash registers to keep track of receipts. Prior tax You should also use a proper invoicing system and keep a separate bank account for your business. Prior tax Sales tax collected. Prior tax   Check to make sure your records show the correct sales tax collected. Prior tax   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. Prior tax   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. Prior tax Inventory at beginning of year. Prior tax   Compare this figure with last year's ending inventory. Prior tax The two amounts should usually be the same. Prior tax Purchases. Prior tax   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. Prior tax ) be sure to remove them from the cost of goods sold. Prior tax For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Prior tax Inventory at end of year. Prior tax   Check to make sure your procedures for taking inventory are adequate. Prior tax These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Prior tax   Use inventory forms and adding machine tapes as the only evidence for your inventory. Prior tax Inventory forms are available at office supply stores. Prior tax These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Prior tax Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Prior tax These forms will help satisfy you that the total inventory is accurate. Prior tax They will also provide you with a permanent record to support its validity. Prior tax   Inventories are discussed in chapter 2. Prior tax Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Prior tax First, divide gross profit by net receipts. Prior tax The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Prior tax Next, compare this percentage to your markup policy. Prior tax Little or no difference between these two percentages shows that your gross profit figure is accurate. Prior tax A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Prior tax You should determine the reason for the difference. Prior tax Example. Prior tax   Joe Able operates a retail business. Prior tax On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Prior tax The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Prior tax His cost of goods sold is $200,000. Prior tax This results in a gross profit of $100,000 ($300,000 − $200,000). Prior tax To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Prior tax The resulting 331/3% confirms his markup percentage of 331/3%. Prior tax 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. Prior tax The result is gross business income. Prior tax If you use Schedule C-EZ, include the income on line 1 of the schedule. Prior tax 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. 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Can I Deduct My Mortgage Related Expenses?

This application will determine if you are able to deduct amounts you paid for Mortgage interest, Points, Mortgage Insurance Premiums and other Mortgage Related Expenses.

Information You Will Need:

  • Your and your spouse's filing status
  • Basic income information including amounts of your income
  • An estimated total (if applicable) of the amounts paid for mortgage interest, points and/or mortgage insurance premiums (normally reported to you on Form 1099-G)

Estimated Completion Time: 12 minutes. However: 5 minutes of inactivity will end the interview and you will be forced to start over.


Page Last Reviewed or Updated: 14-Feb-2014

The Prior Tax

Prior tax Part One -   Fuel Taxes and Fuel Tax Credits and Refunds Chapter 1 defines the types of fuel, taxable events, and exemptions or exceptions to the fuel taxes. Prior tax Chapter 2 provides information on, and definitions of, the nontaxable uses and explains how to make a claim. Prior tax Table of Contents 1. Prior tax   Fuel TaxesDefinitions Information Returns Registration RequirementsAdditional information. Prior tax Gasoline and Aviation GasolineTaxable Events Gasoline Blendstocks Diesel Fuel and KeroseneTaxable Events Dyed Diesel Fuel and Dyed Kerosene Alaska and Feedstocks Back-up Tax Diesel-Water Fuel Emulsion Kerosene for Use in AviationTaxable Events Liability For Tax Surtax on any liquid used in a fractional ownership program aircraft as fuel Certificate for Commercial Aviation and Exempt UsesExempt use. Prior tax Reseller statement. Prior tax Other Fuels (Including Alternative Fuels)Taxable Events Compressed Natural Gas (CNG)Taxable Events Fuels Used on Inland WaterwaysFishing vessels. Prior tax Deep-draft ocean-going vessels. Prior tax Passenger vessels. Prior tax Ocean-going barges. Prior tax State or local governments. Prior tax Cellulosic or Second Generation Biofuel Not Used as Fuel Biodiesel Sold as But Not Used as Fuel 2. Prior tax   Fuel Tax Credits and RefundsGasoline and Aviation Gasoline Undyed Diesel Fuel and Undyed Kerosene (Other Than Kerosene Used in Aviation)Sales by Registered Ultimate Vendors Diesel-Water Fuel Emulsion Kerosene for Use in AviationSales by Registered Ultimate Vendors Other Fuels (Including Alternative Fuels) Refunds of Second TaxOptional reporting. Prior tax Providing information. Prior tax Definitions of Nontaxable UsesCustom application of fertilizer and pesticide. Prior tax Fuel used between airfield and farm. Prior tax Fuel not used for farming. Prior tax Vehicles not considered highway vehicles. Prior tax Biodiesel or Renewable Diesel Mixture Credit, Alternative Fuel Credit, and Alternative Fuel Mixture CreditHow to Claim the Credit Filing Claims Claiming A Refund Claiming a Credit on Form 4136 Including the Credit or Refund in Income Prev  Up  Next   Home   More Online Publications