Quote:
Originally Posted by Kco
I was unclear here, I apologize. You can offset any profits with deductible expenses to negate any profit as a business, inclusive of COGS, you wouldn't pay capital gains on a single transaction.
So if he is a business taxes are calculated on profits after allowable expenses, which he doesn't appear to be.
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LOL, I sure hope a business owner isn't asking for tax advise on a BB card forum. As a long time business owner there is a lot of horrible advice in this thread. If you have ANY tax questions go to a professional. Asking tax advise on a forum is beyond silly and a great way to get in trouble with the state and IRS.