HELP Schedule C Question?
On line 4 COGS I have 156,000...do I make this a negative?
Line 1 I have 62,300, Line 2 I have 525, Line 3 I have 61,775, line 4 I have 156,500, Line 5 I have -94,725 and the same for line 7. For all the expenses I have a total of 22,725. So from what I get it's a loss of 72,000. Am I right? Thanks!
The business was started in Sept 2006 so only selling for 4 months.
HELP with schedule C!!!!!!!!?
This will almost certainly be a red flag to the IRS.
COGS of $156,000 and sales of only $62,300 in only 4 months?
If you have any inventory left at the end of the year, that is not included in COGS, because it wasn't sold yet.
Reply:No, line five should be 84,725 a negative added to your expenses should give you a loss of 62,000 on your 1040. If that is your only income then you indeed have loss....
umbrella plant
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