IRS Tax Return Tips and Tricks

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Here is my P&L Statement:

REVENUE
Gross Sales (150 Units) 6,010.00
Less Returns and Allowances (120.20)
Net Sales 5,889.80

COST OF GOODS SOLD
Merchandise Inventory, June 1 1,284.84
Purchases 2,500.00
Merchandise Freight Charges (Logistics) 320.00
Import Tarrifs 62.50
Cost of Merchandise Available For Sale 4,167.34
Merchant Account Fees 150.25
Less Ending Inventory, June 30 1,204.75
Total Cost of Goods Sold 2,962.50
Gross Margin 2,927.30

EXPENSES
Cost of Postage to Deliver Goods 735.00
Hosting 15.00
Non-Reoccurring Merchant Account Fees 20.00
Advertising –
Graphical Content –
Website Templates –
Payroll Taxes –
Salary –
Dues and Subscriptions 25.00
Repairs and Maintainance –
Licences –
Federal Income Tax –
NJ Income Tax –
Utilities 95.00
Interest Expense –
Bank Fees –
Software
Outsourcing Expense 560.00
Subcontracting Expense –
Miscellaneious 25.00
Total Expenses 1,475.00

Net Profit (Loss) 1,452.30

As you can see, I paid no salary, estimated tax, repairs, etc .. last month

So: Should i include these expense categories in my P&L? even though they have a zero balance? or should I cut them out and only display the expenses with balances, and add those exepnse categories in the future when they do occur?

Thanks for you help in advance!

This entry was posted on Tuesday, July 27th, 2010 at 12:40 am and is filed under Tax Return Software. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.