Card Interest Down? Not at the National.

[HOF_Forever]

Originally Posted by Exhibitman

Don, it looks really good from the outside but the numbers are not that good in reality, assuming one operates above-board--not cheating on income taxes, reporting sales for sales taxes, etc. Cost of inventory, cost of sales, sales taxes, and income taxes all take quite a bite out of my gross profit. I know a lot of dealers who are "doing great!" but have only a vague grasp of their actual net profit. I also would not assume appreciation of inventory beyond the rate of inflation. Overall trends can be deceiving. Lots of "-" signs over the last year. Sitting on inventory that is declining in value really sucks; I try to cash out my run of the mill purchases quickly so I don't get stuck.

Jim, I totally get the dime box stuff. Hell, my setups at most shows are entirely picker boxes, though my floor is a buck. I think that most collectors want to collect, and if they are a bit strapped, they can still have fun for a few bucks at a cheap pickers' table.

I've often wondered how many dealers accurately track things like COGS, net sales, expenses, and inventory to get a truly accurate financial picture. Anecdotally I'd guess the number is pretty low but I've never been on that side of the table.

[ValKehl]

Originally Posted by HOF_Forever

I've often wondered how many dealers accurately track things like COGS, net sales, expenses, and inventory to get a truly accurate financial picture. Anecdotally I'd guess the number is pretty low but I've never been on that side of the table.

Greg, those dealers who actually report their sales activity for income tax purposes do this when they prepare (or have their tax accountants prepare) their Schedule Cs to their Form 1040s.

[HOF_Forever]

Originally Posted by ValKehl

Greg, those dealers who actually report their sales activity for income tax purposes do this when they prepare (or have their tax accountants prepare) their Schedule Cs to their Form 1040s.

Yep, I understand the tax situation. I just wonder how many people there are who's accuracy would withstand an audit . It was clear when walking the show who would stop after a transaction and take notes on paper or digitally and who moved from transaction to transaction way too fast to record anything.

This was more of a random musing than anything and is OT to this thread so I won't bog the thread down with it moving forward.

[Hankphenom]

Originally Posted by HOF_Forever

I've often wondered how many dealers accurately track things like COGS, net sales, expenses, and inventory to get a truly accurate financial picture. Anecdotally I'd guess the number is pretty low but I've never been on that side of the table.

I suspect there's an almost direct proportion between how big or small a dealer is to how much of their activity gets reported to the tax people. Big guys with sizeable bank accounts, etc., will get audited, and they'd better have some decent records of income, expenses, inventory, et al. Little guys, part-time guys, not so much.

[Spike]

Wrote up my Cleveland National thoughts, photos, and advice for next time, should NSCC return there. Did I miss any of the VIP benefits? :-)

https://www.number5typecollection.co...ow-report.html