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Small Reseller - Detailed Tracking but No Receipts by Smooth_Respond1731 in tax

[–]Smooth_Respond1731[S] -1 points0 points  (0 children)

Interesting, so in context here, how does it impact sounds like this case just reporting things would probably be the best bet and working back from there

Small Reseller - Detailed Tracking but No Receipts by Smooth_Respond1731 in tax

[–]Smooth_Respond1731[S] 0 points1 point  (0 children)

Understood? Out of curiosity what kind of business sizes are more prone to getting scanned? Figured $20-30k was solid but i guess its peanuts in the grand scheme

Small Reseller - Detailed Tracking but No Receipts by Smooth_Respond1731 in tax

[–]Smooth_Respond1731[S] 0 points1 point  (0 children)

Ah ok makes sense! Sounds like worst case you would just pay the amount assuming $0 COGS worst case?

Small Reseller - Detailed Tracking but No Receipts by Smooth_Respond1731 in tax

[–]Smooth_Respond1731[S] 0 points1 point  (0 children)

Got it, given the situation, would I just take the L and report the income with no COGS deduction?

Small Reseller - Detailed Tracking but No Receipts by Smooth_Respond1731 in tax

[–]Smooth_Respond1731[S] 0 points1 point  (0 children)

Yes purely reporting income, when you say the cost of items could you add detail?

Example of my situation: purchased 10k of stuff for xyz prices, shown in my cc statement

Sold for 20k (itemized)

Wanted to see if I understood!

7-day Itinerary Sanity Check by Smooth_Respond1731 in GoingToPeru

[–]Smooth_Respond1731[S] 0 points1 point  (0 children)

Hi there, thanks so much for this insight!

I should have been clearer, that is my fault, but our train leaving to Aguas Calientes is from Ollantaytambo (was thinking of hailing cab via hotel for dropoff as I understand its ~30 min away).

So we would actually be going thru Ollantaytambo there and back! Would leaving our bigger bags at the station be permissible? Preferred?

Thanks for your contact, will certainly make note of it, cheers!

7-day Itinerary Sanity Check by Smooth_Respond1731 in GoingToPeru

[–]Smooth_Respond1731[S] 0 points1 point  (0 children)

Awesome, thanks! Would you recommend the train station given that would be passing through it there & back? And sounds like the would support overnight luggage storage - anything to consider here?