Announcement

Collapse
No announcement yet.

Gross Profit Percentages?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Gross Profit Percentages?

    Anybody know a website where you can get this for various types of businesses?

    Does anybody else have a chronic problem with clients who simply will not take a physical inventory?

    #2
    Here's one reference source

    BB, try this: http://www.bizstats.com/corpgp2001.htm It's general, but may be useful.
    Roland Slugg
    "I do what I can."

    Comment


      #3
      Inventory

      If a client just won't take an inventory, the first year that I do the return I ask how much inventory they have, in # of weeks of purchases.

      If they say they have about 4 weeks on hand, then each year I take total purchases, divide by 52, multiply by 4. There is your inventory at cost.

      As his business grows, his inventory increases. As his business slows down, his inventory decreases.

      Do it consitently, and the IRS will accept.

      In an IRS audit, I never have had the IRS request the detail for the inventory.
      Jiggers, EA

      Comment

      Working...
      X