Right around the end of the year, you may start hearing a lot about counting your inventory. Today I’m hosting an Inventory Crash Course Workshop, which is my fancy way of saying I filmed a video answering the big questions I see about year-end inventory. This is my attempt to explain inventory, cost of goods sold, and the dreaded year end count in about 20 minutes (which is hard y’all!). Think of it as a “quick and dirty” summary of dealing with your inventory.
In this video, you’ll learn:
- What is inventory
- Whether you have inventory
- What is cost of goods sold
- How & where cost of goods sold is calculated on your tax return
- What inventory amounts you should be prepared to report on your tax return
- How to calculate your total inventory purchases for the year
- How to perform an end of year inventory count
I’ve got some more blog posts in the library to help you learn about inventory, COGS, and taxes:
- Inventory 101 for Makers – what is inventory?
- Inventory 101 for Makers – what is cost of goods sold?
- Catching up on your 2020 bookkeeping for taxes if you’re behind
And don’t forget – if you need more detailed help with your inventory count, check out our Inventory for Handmade Sellers spreadsheet.
If you need a little extra help & hand-holding getting caught up for 2020 and getting prepared to do your business taxes, check out the 2020 Bite-Sized Bookkeeping Bootcamp right here.