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Hi Lynette.
Thank you for explaining. I must have missed part of the thread and started panicking that I had overlooked some new tax requirement. 

Happy Home Stay everyone. Stay safe. 

Marj
Leggitt Design
303.394.0566

On Apr 3, 2020, at 10:02 AM, Lynette Cook <[log in to unmask]> wrote:


Thank you, Chris. Yes, I think I’ll have to make an educated guess.

Marj, I’m applying for the EIDL loan (as per the CARES Act/COVID-19 relief). Many of the rest of you may qualify for this also and might want to look into it. (I’m unsure whether I’m allowed to give more info based on the parameters of what financial topics we can discuss on this list, though will be happy to do so if I may.)

The form requires that I list COGS for the period of 2-1-2019 - 1-31-2020. So this is not for insurance, inventory, or tax purposes. I’ve never had to calculate COGS before in my 35 years of being sole proprietor of my freelance/self-employed business. But I have to do it now!

Lynette

On Apr 3, 2020, at 8:49 AM, Marjorie Leggitt <[log in to unmask]> wrote:

All, is it just me or am I just clueless about COGS? Is this only for S-, C-corps or an LLC? I’m not seeing anything about this for Sole Proprietor. 
Marj
Leggitt Design
303.394.0566

On Apr 3, 2020, at 9:39 AM, Chris Gralapp <[log in to unmask]> wrote:

 Lynette,

I think it is OK to make an educated guess, and ballpark it--that's what I did--I have a feeling that there won't be too many questions asked. But that's just me!

Chris
Chris Gralapp
 

>^..^<

Chris Gralapp, MA, CMI, FAMI

Medical/Scientific Illustration

415.454.6567

chrisgralapp.com

 

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