Georgia Summary of Account for Inventory of Business
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How to fill out Summary Of Account For Inventory Of Business?
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FAQ
You'd be surprised to know that many people think inventory is simply an expense, because they are purchasing it for resale. It's an asset. You are buying/creating an asset, so it should be shown on your balance sheet as such in an inventory asset account.
Business inventory is exempt from state property taxes (as of January 1, 2016). Almost all (93 percent) of Georgia's counties and over 140 of the cities have adopted a Level One Freeport Exemption, set at 20, 40, 60, 80 or 100 percent of the inventory value.
Inventory tax is a property tax that is determined by the value of inventory and usually falls under a Business Tangible Personal Property tax. Other types of property that often fall under this same classification are machinery, office equipment, and furniture.
In fact, in some states, inventory carries additional taxes, though the exact amount varies by location. This means that inventory is one of those expenses that is very difficult to offset come tax time, and you need to be aware of how much you can afford to keep.
A company's inventory typically involves goods in three stages of production: raw goods, in-progress goods, and finished goods that are ready for sale. Inventory accounting will assign values to the items in each of these three processes and record them as company assets.
Businesses generally must use inventories for income tax purposes when necessary to clearly reflect income. To clearly reflect income, businesses must take inventories at the beginning and end of each tax year in which the production, purchase or sale of merchandise is an income-producing factor.
Some goods are exempt from sales tax under Georgia law. Examples include some prescription drugs, medical supplies, and manufacturing equipment. Non-prepared food items are exempt from state sales tax, but are subject to local sales taxes.
Licensed, nonprofit in-patient general hospitals, mental hospitals, nursing homes, and hospices. Nonprofit private schools any combination of grades 1-12. Nonprofit blood banks. Nonprofit groups whose primary activity is raising money for public libraries.
