QUESTION
Can I deduct the cost of manufacturing and importing a product from business taxes?
Asked on Nov 04th, 2012 on Business Law - California
More details to this question:
Let's say you are an LLC taxed at a corporate rate. You pay a factory to manufacture 10,000 products, pay a shipping company to transport them, and pay the American port certain fees and duties to enter the US. Are any of these tax deductible expenses?
2 ANSWERS
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I am not a tax attorney and you should check with your CPA but cost of goods (including cost of"landed" goods) is a normally deductable business expense.
Our office specializes in international trade if you have any follow-up questions.
Answered on Nov 05th, 2012 at 11:48 AM
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Generally speaking, they are all deductible.
Answered on Nov 05th, 2012 at 12:02 AM