October 12, 2007, Newsletter Issue #156: Reduce Inventory
Tip of the Week
If you have products in your inventory that donīt sell well, reducing the sale price and liquidating these products can be an effective way of eliminating cost of inventory at year end. Some products could be useful to a charitable organization, and could be donated to remove them from your inventory. The IRS also allows a deduction for any inventory that is considered obsolete and no longer salable. If past sales records or other circumstances justify the position that particular products in your inventory are no longer salable, you can exclude them from your year-end inventory value. Discuss these ideas with your tax advisor to determine their applicability to your business.
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