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Lactation Information and Discussion <[log in to unmask]>
Date:
Sat, 5 May 2007 09:31:05 +0530
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DISCLAIMER:

I am NOT an accountant or tax expert.  I did run two rather large,
non-hospital affiliated breastfeeding clinic/retail establishments between
1992 and 2005.  I did my own taxes until 2004 when I incorporated the
business and the tax paperwork became overwhelming.  PLEASE talk to an
expert before filing your taxes.  I am also answering based on what I know
of the US rules at the time I was running the business.


COGS - Cost of Goods Sold is the money it takes to obtain a product that is
sold.  In the case of pumps, you are selling the service of the pump.  If
you rent the pump from one of the manufacturers, the COGS is the lease and
insurance payments.  If you purchase a pump and rent it though, there is no
COGS.  The costs are treated as capital equipment and must be depreciated
based on the expected life of the machine.  The IRS has guidelines on how
long something must be depreciated.

llp

Linda L Pohl, IBCLC, RLC
[log in to unmask]
Phoenix (AZ, USA), Washington DC (USA), Chennai (India)
Read my adventures at www.PohlHome.com
 

-----Original Message-----
From: Lactation Information and Discussion
[mailto:[log in to unmask]] On Behalf Of Carolyn Schindewolf
Sent: Friday, May 04, 2007 10:10 PM
To: [log in to unmask]
Subject: COGS and pump rentals

Does anyone know how to calculate COGS when applied to pump rentals rather
than one time sold inventory?

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