Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
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Post by Sum Dum Gai on Jul 28, 2014 17:25:43 GMT -5
Can I put inbound shipping charges included on my inventory purchases on line 5 of this form, or is there another place I should be putting those on the form 1120 itself?
We're a small retail store, held as a C corp, if that matters.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Jul 29, 2014 5:05:45 GMT -5
yes, "shipping in" is reported on the line you note.
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Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
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Post by Sum Dum Gai on Jul 29, 2014 19:42:01 GMT -5
Oh, follow up question. That line is pretty much a catch all for any cost that's directly related to each retail transaction, so I can also put in things like merchant processing charges, shopping bags, receipt printer paper, and the like, right? I list all that stuff in a statement, put the sum on Line 5 with a note referencing the statement, and attach it to the 1125A right?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Jul 30, 2014 6:38:47 GMT -5
if you are "paper" filing.... yes.....
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