Reid Business Solutions

It’s Pi Day!!!! We got pie to celebrate 🎊! What kind of pie do you think we got?!?!

BONUS TIP! Hey, Everyone! If you don’t already have a Robinhood account, I have a link for you to get 1 free share of stock when you open a new account! It costs you nothing and you can sell it, if you want, but you might as well get a little cash! Happy Monday! https://join.robinhood.com/traceyr169

Hey, BizFam! Did you know that Facebook has a feature that allows you to schedule posts to your business page?? YES!!! It is called “creator studio” and everyone has access to it FOR FREE!! Here is a link to a really helpful Youtube tutorial, as well! https://youtu.be/yCst--xExjY

Guess how much owning a home-based business can SAVE YOU on your taxes?? ABOUT $6,000!!!!! MESSAGE ME SO I CAN HELP YOU!!!

Wow!! We are so, so grateful for the support you are showing our page! Thank you!!!

We can make better plans than this!! 😂🤣😂🤣. Let us know if we can help! Just message us!

Hey, Everyone!!! ...SO.....I **FINALLY** created a Business Page to make it easy for everyone to contact me for their tax and business planning needs! (Drumroll please.....) INTRODUCING....

⭐️⭐️⭐️⭐️REID BUSINESS SOLUTIONS!! ⭐️⭐️⭐️⭐️⭐️

✔️Need an LLC?
✔️Need your taxes done?
✔️Have a question about how you are keeping track of your expenses?

✅WE HAVE ANSWERS! Please run over and give our new page some love! I will pick someone at random that leaves a review for a free 1 hour phone consultation!

Happy New Year! As we ease into 2020 and start planning for filing our 2019 Tax Returns, let’s start with a question for the retail sales people out there regarding how to categorize the sales tax we pay on wholesale goods purchased.

Lisa K. asked: “When I am doing bookkeeping and recording the amount I paid for inventory, do I use a separate line item to enter the sale tax?”

Answer: Yes! Sales tax is a separate cost from the purchase price of inventory, so you should put them on a separate line item. Sales tax you pay for inventory purchased for sale is a cost of goods sold. The amount you pay for inventory is also a cost of goods sold; however, the sales tax expense for the inventory is actually part of your total overhead expense, not an inventory expense, so it is used differently to calculate your final cost of goods sold at tax time. It is important to keep your “overhead expenses” separate from your “inventory expenses” when calculating your cost of goods sold or your inventory will have an overstated value, which could have a negative effect on your profits.

Need more info on Cost of Good Sold or help with your taxes? We do that! Just message us for a free 30 minute consult and let’s make running your business Less Taxing!

Reid Business Solutions's cover photo

Reid Business Solutions