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Cost of Goods Sold vs Inventory Asset
What is Inventory versus Cost of Goods Sold? Why is inventory important? What do you need to know about Inventory to operate your jewelry business? You’ll find all these answers here. What is Inventory? Inventory is an Asset, and Assets are things you own, like cash in the bank. Inventory Asset includes Raw Materials, Works…
12 Small Business Sales Tax Tips
A4J Quick Tip to Understand Sales and Use Tax: Sales and Use Tax are different perspectives of the same thing. A seller collects and remits Sales Tax to their tax authority, while a buyer who wasn’t charged sales tax owes Use Tax. You are the buyer when you buy things for your business that are…
Gifts and Taxes
Gifts cards, cash, employee discounts and inventory are always taxable to the employee. One $25 business gift deduction per year per recipient is not included in pay as a bonus. This can be for employees or outside of business. Exception: gift amount is not limited if giving a gift that benefits a company as a whole,…
Q & A : Owner’s Equity and Taxes
Shera asks: Q: So the owner’s draw doesn’t have any tax consequences like a salary would, correct? A: Correct – the owner’s draw account does not have any tax consequences like a salary. As a Sole Proprietorship or single member LLC (seen as the same as a Sole proprietor to the IRS), the Net Income (the…
Womens Jewelry Association
Across the nation in September, the Women’s Jewelry Association (WJA) hosts the annual Jewelry Night Out (JNO) in cities across the United States and throughout the world! Where Accounting for Jewelers is based, in Nashville, TN, 2014 is the the inaugural event for our chapter. Find a JNO near you! The events are open to…
