Ask a CPA

Most individuals and many sole proprietors with no inventory use the cash method because they find it easier to keep cash method records.
However, if an inventory is necessary to account for your income, you must generally use an accrual method of accounting for sales and purchases. Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use the accrual method for purchases and sales of merchandise.
However, the following taxpayers can use the cash method of accounting even if they produce, purchase, or sell merchandise. These taxpayers can also account for inventorial items as materials and supplies that are not incidental . A qualifying taxpayer under Revenue Procedure 2001-10 in Internal Revenue Bulletin 2001-2. or A qualifying small business taxpayer under Revenue Procedure 2002-28 in Internal Revenue Bulletin 2002-18. You are a qualifying taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 17, 1998, is $1 million or less. (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing by 3.)
Your business is not a tax shelter, as defined under section 448(d)(3) of the Internal Revenue Code. You are a qualifying small business taxpayer if: Your average annual gross receipts for each prior tax year ending on or after December 31, 2000, is more than $1 million but not more than $10 million. (Your average annual gross receipts for a tax year is figured by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3.) You are not prohibited from using the cash method under section 448 of the Internal Revenue Code.
Your principal business activity is an eligible business (described in Publication 538 and Revenue Procedure 2002-28) Business not owned or not in existence for 3 years. If you did not own your business for all of the 3-tax-year period used in figuring your average annual gross receipts, include the period of any predecessor.
If your business has not been in existence for the 3-tax-year period, base your average on the period it has existed including any short tax years, annualizing the short tax year's gross receipts.

No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.

No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.

No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.

No. The use of the standard mileage method is limited to a self-employed individual or an employee who operates an automobile for business purposes. Corporations would not qualify. Partners in a partnership would qualify because they are considered self-employed.

India Stock Exchanges: Bombay Commodity Exchange (estwhile the Bombay Oilseeds and Oils Exchange) Bombay Stock Exchange (BSE) Calcutta Stock Exchange (CSE) Cochin Stock Exchange Inter-Connected Stock Exchange of India (ISE) Multi Commodity Exchange of India (MCX) National Commodity & Derivatives Exchange (NCDEX) National Stock Exchange of India (NCE) OTC Exchange of India (Exchange for Technology and Growth Stocks) Pune Stock Exchange (PSE)

India Stock Exchanges: Bombay Commodity Exchange (estwhile the Bombay Oilseeds and Oils Exchange) Bombay Stock Exchange (BSE) Calcutta Stock Exchange (CSE) Cochin Stock Exchange Inter-Connected Stock Exchange of India (ISE) Multi Commodity Exchange of India (MCX) National Commodity & Derivatives Exchange (NCDEX) National Stock Exchange of India (NCE) OTC Exchange of India (Exchange for Technology and Growth Stocks) Pune Stock Exchange (PSE)

African Stock Exchanges: Botswana Botswana Stock Exchange (BSE) Egypt Egyptian Exchange (EGX) Ghana Ghana Stock Exchange (GSE) Kenya Nairobi Stock Exchange (NSE) Malawi Malawi Stock Exchange (MSE) Mauritius Stock Exchange of Mauritius (SEM) Morocco Casablanca Stock Exchange (Bourse de Casablanca) Namibia Namibian Stock Exchange (NSX) Nigeria Nigerian Stock Exchange South Africa Johannesburg Stock Exchange (JSE) STRATE (Central Securities Depository (CSD) for the electronic settlement of all financial instruments in South Africa) Sudan Khartoum Stock Exchange (KSE) Swaziland Swaziland Stock Exchange (SSX) Tanzania Dar-Es-Salaam Stock Exchange (DSE) Tunisia Bourse de Tunis (Tunis Stock Exchange) Uganda Uganda Securities Exchange (USE) West Africa Bourse Regionale des Valeurs Mobilieres (Regional Stock Exchange for West Africa) Zambia Lusaka Stock Exchange (LuSE)

The four branches of the US military operate their own service academies. They are all four-year institutions. Competition to get into these schools is highly competitive. Students become commissioned officers immediately upon graduation. Those who are accepted get full scholarships and a small monthly allowance. For more information, speak to your HS guidance counselor or contact: The Coast Guard Academy in Connecticut at 800-883-8372, The U.S. Military Academy at West Point, N.Y. at 800-822-8762, The Naval Academy in Maryland at 800-638-9156, The Air Force Academy in Colorado at 800-443-9266.

If your parents are separated or divorced, the Custodial parent is responsible for filling out the FAFSA. The custodial parent is the parent with whom you lived the most during the past 12 months. This is not necessarily the same as the parent who has legal custody. If you did not live with one parent more than the other, the parent who provided you with the most financial support should fill out the FAFSA. This is probably the parent who claimed you as a dependent on their tax return. If you have not received any support from either parent during the past 12 months, use the most recent calendar year for which you received some support from a parent or lived with either parent.