In this lesson of Thrive University, Alex Acree, CPA, CEO of Empower T3 financial services gives us a CPA's perspective on the importance of knowing your inventory value and the benefits of maintaining accurate inventory reporting.
Inventory Count Workshop: Inventory Counts' Crucial Role in Business Taxes from a CPA
Overview:
Importance of Inventory Counts with Alex Acree of Empower T3
Trues up inventory
Identifies shrinkage
End of Year Reporting
Claiming Deductions
Other tax advantages:
Avoiding penalties
Tax credits
Small business tax concessions