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mandylea72
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« on: February 22, 2007, 08:41:07 PM »
Hey everyone. I'm still waiting for my blue check.  crying I really wish it would come. I was wondering how the blue check arrives? Do they send it USPS or UPS???? I'm so scared it's going to get lost in the mail.

Also, the amount I get back...will that be wholesale or retail? If it's retail I will have to claim it on my taxes next year. Right????

Thanks in advance to any help  cancan

Ohhh, I also wanted to mention that my  Kaybot never called to talk me out of returning my inventory. Isn't that funny???? My husband said that she didn't really care about me...and now I believe it.

~Mandy
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« on: February 22, 2007, 08:41:07 PM »
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kansasgirl88
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« Reply #1 on: February 22, 2007, 08:55:12 PM »
It will come regular 'ole snail mail.  USPS.  Hope that yours arrives soon, so that we can all help you celebrate!
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Chaos Tamer
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« Reply #2 on: February 22, 2007, 09:52:06 PM »
I don't understand how you could be charged tax for a refund.  If I bought a Rolex last year and returned it this year for a cash refund the IRS doesn't tax that money as income because you already paid taxes on the $ you used to buy it with.  Does that make sense?
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« Reply #3 on: February 22, 2007, 10:07:54 PM »
It comes by mail.  On the top of the check it says:  KEEP FOR TAXES.  You will be paid 90% of the WHOLESALE value + tax on RETAIL.

You will need to turn that into your acct next year.  It does effect your taxes because you will claim $0 for inventory right?  It might be of benefit to you. 

After all inventory is considered an asset and the tax system counts that as income (in a sense) that's why you always have a beginning inventory amount and an ending inventory amount at the end of each year. 

Make sense?
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Chaos Tamer
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« Reply #4 on: February 23, 2007, 11:29:02 AM »
Well, sh@%!!!!!!!!!!!
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Jypsi
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« Reply #5 on: February 23, 2007, 11:40:58 AM »
Quote from: Chaos Tamer on February 23, 2007, 11:29:02 AM
Well, sh@%!!!!!!!!!!!


 rofl rofl rofl rofl rofl

This from my sweet, eloquent friend!!!

 rofl rofl rofl rofl rofl
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« Reply #6 on: February 23, 2007, 12:56:02 PM »
Actually you do have to claim it on your taxes b/c it's considered a "sale".  Since you're selling it at a loss though, I don't imagine the impact being that bad.  Think of when you bought the product, you wrote that off as COS (cost of sales) so now you're just considering it sold.  If you bought and returned your product in the same year, you'd end up with a loss which will benefit your taxes.  For those with situations similar to mine where I bought inventory last year but returned it this year, you likely showed a loss last year, but will likely show a profit this year.  Does that make sense???
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