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What's beginning of 2016? Is net profit or gross income of 2015?

 
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Accepted Solutions

What's beginning of 2016? Is net profit or gross income of 2015?

OK. Your ending inventory on your 12/31/15 tax return (Sch C, cost of goods sold), becomes the beginning inventory on your 2016 tax return. If you used the Turbo Tax transfer option, then that number should have transferred to 2016.

ron. 

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What's beginning of 2016? Is net profit or gross income of 2015?

Are you referring to inventory (cost of goods sold)?

ron.

What's beginning of 2016? Is net profit or gross income of 2015?

yes, thanks,

What's beginning of 2016? Is net profit or gross income of 2015?

OK. Your ending inventory on your 12/31/15 tax return (Sch C, cost of goods sold), becomes the beginning inventory on your 2016 tax return. If you used the Turbo Tax transfer option, then that number should have transferred to 2016.

ron. 

What's beginning of 2016? Is net profit or gross income of 2015?

i didn't use the Turbo Tax last year, and my Sch C,cost of goods sold is $0 in 2015. i try to use Turbo Tax for 2016, so what's the number is beginning of 2016 in COST OF GOODS SOLD? it should be Net profit or gross income of 2015? where can i find it on Profit or loss form 2015?
Thank you so much!

What's beginning of 2016? Is net profit or gross income of 2015?

If you don't use inventory, then you do not need to fill in this part. If your COGS was zero in 2015, then it looks like you don't. Net profit or gross income does not go into that part of Sch. C. At the beginning of 2016, your net profit and gross profit are both zero because you have no transactions yet.

ron.

What's beginning of 2016? Is net profit or gross income of 2015?

ok, got it, i appreciate.
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