{"id":309,"date":"2021-01-16T21:33:45","date_gmt":"2021-01-17T02:33:45","guid":{"rendered":"https:\/\/startup.twistedjute.com\/?p=309"},"modified":"2021-01-16T21:33:45","modified_gmt":"2021-01-17T02:33:45","slug":"year-end-and-taxes","status":"publish","type":"post","link":"https:\/\/startup.twistedjute.com\/?p=309","title":{"rendered":"Year End and Taxes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/startup.twistedjute.com\/wp-content\/uploads\/2021\/01\/QURG4US2SBFJXPJDZN6UHX2CKQ-1024x512.jpg\" alt=\"\" class=\"wp-image-310\" srcset=\"https:\/\/startup.twistedjute.com\/wp-content\/uploads\/2021\/01\/QURG4US2SBFJXPJDZN6UHX2CKQ-1024x512.jpg 1024w, https:\/\/startup.twistedjute.com\/wp-content\/uploads\/2021\/01\/QURG4US2SBFJXPJDZN6UHX2CKQ-300x150.jpg 300w, https:\/\/startup.twistedjute.com\/wp-content\/uploads\/2021\/01\/QURG4US2SBFJXPJDZN6UHX2CKQ-768x384.jpg 768w, https:\/\/startup.twistedjute.com\/wp-content\/uploads\/2021\/01\/QURG4US2SBFJXPJDZN6UHX2CKQ.jpg 1200w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n\n\n\n<p>So I performed a year end inventory on the yarn, rope, pins, shipping supplies, and whatnot. This gets subtracted from the starting inventory to give a cost of the items sold. This is an expense. If I purchase any inventory item it is an asset untilit is used then its an expense. I started the taxes but the IRS doesn&#8217;t have all the forms ready so I can&#8217;t file until at the earliest January 28th when the forms are supposed to be ready. Ummm, why can&#8217;t the IRS have the forms ready by the first of the year? Then I say on Facebook today that the IRS has postponed tax season to start on February 12th but taxes are still due on April 15th. Ummm, it&#8217;s okay for you to be late but not okay for the rest of us to be late?<\/p>\n\n\n\n<p>Anyhow, I&#8217;ll get the K-1&#8217;s out as soon as I can file. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>So I performed a year end inventory on the yarn, rope, pins, shipping supplies, and whatnot. This gets subtracted from the starting inventory to give a cost of the items sold. This is an expense. If I purchase any inventory item it is an asset untilit is used then its an expense. I started the &hellip; <a href=\"https:\/\/startup.twistedjute.com\/?p=309\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Year End and Taxes&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-309","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=\/wp\/v2\/posts\/309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=309"}],"version-history":[{"count":1,"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=\/wp\/v2\/posts\/309\/revisions"}],"predecessor-version":[{"id":311,"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=\/wp\/v2\/posts\/309\/revisions\/311"}],"wp:attachment":[{"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/startup.twistedjute.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}