Apply a bead of glue along one side of center piece of wood (Image 1). Quickly spread glue with a fingertip then lay it flat and butt against right-side piece (Image 2). Apply glue to right side of left piece, spread with fingertip and butt against left side of center piece (Image 3). Make sure edges are lined up.
By deducting the value-of-inventory figure, you reduce your taxable income by as much as 88 percent (assuming a 12 percent average markup for inventory). You only pay taxes on your profits. Keeping track of your inventory costs reduces your tax bill by helping you arrive at a profit figure.
Generally, Sales/Use tax is paid to a retailer registered to collect the tax. If Sales/Use Tax is not paid to the. retailer, the purchaser must self-assess Consumer Use Tax at the rate of 6 percent for state Consumer Use Tax plus any. City and County Consumer Use taxes that are due and remit the tax to this department.