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Deductions & credits
If you have a choice of showing $10,000 revenue against $5000 of inventory, of which $1000 was destroyed or donated; or showing $10,000 of revenue against $4000 of inventory, plus a $1000 donation on your schedule A, you will be better off donating the inventory from the business because of the additional savings on the 15% SE tax.
‎June 7, 2019
4:55 PM