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Taxslayer Free For MilitaryTaxslayer free for military 7. Taxslayer free for military Figuring Gross Profit Table of Contents Introduction Items To Check Testing Gross Profit AccuracyExample. Taxslayer free for military 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. Taxslayer free for military You must determine gross profit before you can deduct any business expenses. Taxslayer free for military These expenses are discussed in chapter 8. Taxslayer free for military 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. Taxslayer free for military Businesses that sell products. Taxslayer free for military If you are filing Schedule C, figure your gross profit by first figuring your net receipts. Taxslayer free for military Figure net receipts (line 3) on Schedule C by subtracting any returns and allowances (line 2) from gross receipts (line 1). Taxslayer free for military Returns and allowances include cash or credit refunds you make to customers, rebates, and other allowances off the actual sales price. Taxslayer free for military Next, subtract the cost of goods sold (line 4) from net receipts (line 3). Taxslayer free for military The result is the gross profit from your business. Taxslayer free for military Businesses that sell services. Taxslayer free for military 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. Taxslayer free for military Your gross profit is the same as your net receipts (gross receipts minus any refunds, rebates, or other allowances). Taxslayer free for military Most professions and businesses that sell services rather than products can figure gross profit directly from net receipts in this way. Taxslayer free for military Illustration. Taxslayer free for military This illustration of the gross profit section of the income statement of a retail business shows how gross profit is figured. Taxslayer free for military 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. Taxslayer free for military Gross receipts. Taxslayer free for military At the end of each business day, make sure your records balance with your actual cash and credit receipts for the day. Taxslayer free for military You may find it helpful to use cash registers to keep track of receipts. Taxslayer free for military You should also use a proper invoicing system and keep a separate bank account for your business. Taxslayer free for military Sales tax collected. Taxslayer free for military Check to make sure your records show the correct sales tax collected. Taxslayer free for military 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. Taxslayer free for military 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. Taxslayer free for military Inventory at beginning of year. Taxslayer free for military Compare this figure with last year's ending inventory. Taxslayer free for military The two amounts should usually be the same. Taxslayer free for military Purchases. Taxslayer free for military 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. Taxslayer free for military ) be sure to remove them from the cost of goods sold. Taxslayer free for military For details on how to adjust cost of goods sold, see Merchandise withdrawn from sale in chapter 6. Taxslayer free for military Inventory at end of year. Taxslayer free for military Check to make sure your procedures for taking inventory are adequate. Taxslayer free for military These procedures should ensure all items have been included in inventory and proper pricing techniques have been used. Taxslayer free for military Use inventory forms and adding machine tapes as the only evidence for your inventory. Taxslayer free for military Inventory forms are available at office supply stores. Taxslayer free for military These forms have columns for recording the description, quantity, unit price, and value of each inventory item. Taxslayer free for military Each page has space to record who made the physical count, who priced the items, who made the extensions, and who proofread the calculations. Taxslayer free for military These forms will help satisfy you that the total inventory is accurate. Taxslayer free for military They will also provide you with a permanent record to support its validity. Taxslayer free for military Inventories are discussed in chapter 2. Taxslayer free for military Testing Gross Profit Accuracy If you are in a retail or wholesale business, you can check the accuracy of your gross profit figure. Taxslayer free for military First, divide gross profit by net receipts. Taxslayer free for military The resulting percentage measures the average spread between the merchandise cost of goods sold and the selling price. Taxslayer free for military Next, compare this percentage to your markup policy. Taxslayer free for military Little or no difference between these two percentages shows that your gross profit figure is accurate. Taxslayer free for military A large difference between these percentages may show that you did not accurately figure sales, purchases, inventory, or other items of cost. Taxslayer free for military You should determine the reason for the difference. Taxslayer free for military Example. Taxslayer free for military Joe Able operates a retail business. Taxslayer free for military On the average, he marks up his merchandise so that he will realize a gross profit of 331/3% on its sales. Taxslayer free for military The net receipts (gross receipts minus returns and allowances) shown on his income statement is $300,000. Taxslayer free for military His cost of goods sold is $200,000. Taxslayer free for military This results in a gross profit of $100,000 ($300,000 − $200,000). Taxslayer free for military To test the accuracy of this year's results, Joe divides gross profit ($100,000) by net receipts ($300,000). Taxslayer free for military The resulting 331/3% confirms his markup percentage of 331/3%. Taxslayer free for military 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. Taxslayer free for military The result is gross business income. Taxslayer free for military If you use Schedule C-EZ, include the income on line 1 of the schedule. Taxslayer free for military 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. Taxslayer free for military Prev Up Next Home More Online Publications
.gov Reform Effort: Improving Federal Websites
- Digital Government Strategy
- What is the .gov reform effort?
- What is the federal government doing to improve federal websites?
- Who's responsible for managing this effort?
- Where can I see a list of federal websites?
- Who is on the .gov Task Force and how were they selected?
- How was the public involved in improving federal websites?
The White House released its Digital Government Strategy, entitled Digital Government: Building a 21st Century Platform to Better Serve the American People, on May 23, 2012. You can also download the Digital Government Strategy as a PDF.
The strategy is a plan for delivering better online service to the American people, with three main objectives:
- Enable citizens and an increasingly mobile workforce to access high-quality digital government information and services anywhere, anytime, on any device.
- Ensure that as the government adjusts to this new digital world, we seize the opportunity to procure and manage devices, applications, and data in smart, secure and affordable ways.
- Unlock the power of government data to spur innovation across our Nation and improve the quality of services for the American people.
The Digital Government Strategy was created from a broad range of input across government: the Mobility Strategy and Web Reform Task Forces, the Office of Management and Budget, the General Services Administration, Federal CIOs, new media directors, and web managers. The Strategy also draws on research from the State of the Federal Web Report (PDF) and public input from the National Dialogue for Improving Federal Websites and the National Dialogue on the Federal Mobility Strategy.
The .gov reform effort began in 2011 as part of President Obama's Campaign to Cut Waste, identifying unnecessary websites that can be consolidated into other websites to reduce costs and improve the quality of service to the American public.
The reform effort led to the development of a federal web strategy, which was merged with the federal mobility strategy to create the Digital Government Strategy. This broader initiative focuses not only on website consolidation, but also on innovating with less and delivering better quality content and information to the public across multiple platforms and devices.
In the June 13, 2011, OMB Memorandum M-11-24, Implementing Executive Order 13571 on Streamlining Service Delivery and Improving Customer Service (PDF), agencies are directed to improve online services and eliminate wasteful spending. They must work to manage web resources more efficiently and assure that valuable content is readily accessible and available online. To date, the reform effort has:
- Instituted a freeze on the approval of new .gov domain names and developed stronger criteria for getting a new domain.
- Set up the .gov Reform Task Force to recommend updates to federal web guidelines and policies.
- Posted and updated a list of all registered .gov domain names on Data.gov.
- Asked agencies to identify sites that can be eliminated, consolidated, and/or streamlined.
- Conducted an inventory of federal domains and sites, a survey of federal web governance policies and a national dialogue on improving federal web sites, and used the data to create the State of the Federal Web report.
- Required agencies to develop Web Improvement Plans (included in the State of the Federal Web Report).
- Worked with others across government to develop the Digital Government Strategy.
The Office of Management and Budget (OMB), the General Services Administration (GSA), the Office of Science and Technology Policy (OSTP), the Chief Information Officers Council, and the Federal Web Managers Council are working with agencies to manage this effort. The .gov Task Force, whose members are listed below, is leading this effort.
The list of federal executive branch .gov domains was published July 12, 2011 on Data.gov. It does not include .gov domains/URLs in the federal legislative or judicial branches or from state, local, or tribal governments. It also does not include sub-domains that are below the root domain, such as ers.usda.gov or niaid.nih.gov.
Since each domain can have an unlimited number of potential websites and URLs under them, the total number of websites in the entire federal government is much larger than the number of domains listed on Data.gov. The inventory will allow us to more closely identify the total number of federal websites over time.
The list of domains will be regularly updated and published on Data.gov. Putting the list on Data.gov will have several benefits:
- Provide increased access to, and transparency of, government data.
- Foster accountability in how we manage our federal websites and encourage input from public and private sector experts, customers, developers, and other members of the public.
- Make it easier for agencies to see the websites they own, that are owned by other agencies, and to increase opportunities for collaboration across government.
The Federal Chief Information Officer selected the members of the .gov Task Force, representing a broad range of agencies and a mix of perspectives and skills.
Task force members:
- Les Benito, Director, Public Web at Defense Media Activity
- Gray Brooks, Associate CIO, Federal Communications Commission
- Sheila Campbell, Director, Center for Excellence in Digital Government, Office of Citizen Services, General Services Administration
- Sarah Crane, Director, USA.gov, Office of Citizen Services, General Services Administration
- Cammie Croft, Senior Advisor, Director of New Media and Citizen Engagement, Department of Energy
- Linda Cureton, Chief Information Officer, NASA
- Terry Davis, IT Specialist, Department of Defense
- Nick Fraser, Office of Information and Regulatory Affairs, Office of Management and Budget, Executive Office of the President
- Miguel Gomez, Director, AIDS.gov, Health and Human Services
- Jeffrey Levy, Director of Web Communications, Environmental Protection Agency, and Co-Chair, Federal Web Managers Council
- Dan Munz, IT Specialist, Consumer Financial Protection Bureau
- Adam Neufeld, Office of Management and Budget, Executive Office of the President
- Todd Park, U.S. Chief Technology Officer
- Macon Phillips, Director of Digital Strategy, The White House
- Stacy Riggs, Office of Government-wide Policy, General Services Administration
- Rand Ruggieri, EGov Program Manager, Department of Commerce
- Janet Stevens, Chief Information Officer, Food Safety and Inspection Service, Department of Agriculture
- Kodiak Starr, Creative Director of New Media, Executive Office of the President
- Haley Van Dyck, Office of E-Gov and Information Technology, Office of Management and Budget, Executive Office of the President
- Chris Vein, Deputy U.S. Chief Technology Officer for Government Innovation, Office of Science and Technology Policy, Executive Office of the President
- Jim Wilson, Senior Editor, NASA.gov
We plan to consult with additional subject matter experts, customers, and others as needed, to provide expertise on such areas as user-centered design, search, information management policy, privacy and security issues, and overall Internet trends such as the growth of mobile and social media.
During this initiative we've invited you to join the conversation about improving federal websites. Releasing the .gov dataset on Data.gov was the first step. We enabled commenting on the dataset, and considered your ideas and comments as we developed the domain inventory.
As we've seen in other efforts, making government data transparent can spark the creativity of many bright minds across the country. We hope the public will continue to explore, discuss, and remix this data, and maybe even use it to map the .gov domain in ways we haven't seen before.
From September 19–30, 2011, we hosted a "national dialogue"–an online conversation that brought together experts, innovators, and ordinary citizens who rely on federal information every day. We discussed how federal agencies can learn from, and contribute to, the best practices of the modern web. It was a discussion filled with ideas and energy.
If you have questions about the .gov Task Force, contact Alycia Piazza at firstname.lastname@example.org.