General Inquiry

[Deana@IslandEye]

I have a large stock of sunglass frames that the doctor's no longer want to have in the inventory. I have tried marking them down in price and still no one wants them. Is there such a place that would buy these so I can get rid of them?

[rbaker]

You might want to donate the frames to:

Seattle Central Community College
1701 Broadway
Seattle, WA , 98122
(206) 344-4321

Opticianry Program Director: Gary Clayton
(206) 344-4321
gclayt@sccd.ctc.edu

You can touch bases with your accountant and verify that this is a tax deductible gift probably worth more than selling the frames for a couple of bucks each.

[harry888]

I just got a load of closeout sunglasses that I realized weren't Rxable.

got them marked clearance, $20, at the front desk.

If someone is a full paying contact lens package including fit, I tell them to pick out one of those specs as a bonus.

I may try doing that If someone buys a years supply of CLs.

bottom line, give them to full price CL patients as a bonus.

Harry

[walleye]

You might want to donate them to a VOSH group here in Pennsylvania that goes to Haiti and Hondouras several times a year and needs large quantities of sunglasses. Their contact web site is www.voshdelval.org

And for those who disparage this kind of give away in third world countries, they have established a large clinic in Hondouras staffed with local eye docs and techs that is open all year round.

[cocoisland58]

I keep a decorative basket on the reception desk marked "Closeouts". You would be surprised how quickly that basket empties out. Price the frames at 19.95 for a start and watch what happens. I throw all kinds of stuff in there. Better to get a few bucks for something than have it collect dust.

[Diane]

I agree that a donation would be great. All of the above or even consider to our Military...they go through a lot of sunwear.

Tax break may be better than any money you would make on major markdowns.

Diane

[the hitman]

Here in UK I would write them off as bad stock and apply the loss in my accounts and hence cover the costs against tax. I have had such instances in the past and i simply gave them away to patients as free gift with purchases and it worked a treat.
Hope it helps?

[Johns]

Originally Posted by Diane

Tax break may be better than any money you would make on major markdowns.Diane

How do you figure? If you sell them at a greatly reduced retail price, you're still going to make more than if you take the write off. The write off will only allow for the wholesale cost.

[rbaker]

Originally Posted by the hitman

Here in UK I would write them off as bad stock and apply the loss in my accounts and hence cover the costs against tax. I have had such instances in the past and i simply gave them away to patients as free gift with purchases and it worked a treat.
Hope it helps?

I like them UK tax codes.

[Diane]

Originally Posted by Johns

How do you figure? If you sell them at a greatly reduced retail price, you're still going to make more than if you take the write off. The write off will only allow for the wholesale cost.

Experience can show that even at a greatly reduced retail price, you keep a lot of them. You may make some money on the few that you sell, but not on the whole batch. Ultimately, they lose more value, and you're stuck with them...better to take the entire tax break during 2009 and not have to pay taxes on owning them during 2010.

I would recommend discussing this with your accountant. He/she would agree with me.

Just my 2 cents.

Diane

[the hitman]

I am sure that if there was a sale or return policy with your supplier then you would have bought it under that principle. However that way when a supplier takes some stock back, it will only be either at the price you paid for it or less if the goods are not in new condition. The writeoff in accounts generally is at the cost values only and net of any vat or duties.
Its a way here of also reducing your company tax liabilities.
I am sure that all opticians here put in a cost for stocks that have lost value simply by the fact that it will be out of the next years seasonal fashion change. These are the pitfalls of being in a fashion retail industry.
Hope it helps and I would reccomend that you do check with your accountants about stocks that are no longer sellable and write offs.
ciao

[Johns]

Originally Posted by Diane

Experience can show that even at a greatly reduced retail price, you keep a lot of them. You may make some money on the few that you sell, but not on the whole batch. Ultimately, they lose more value, and you're stuck with them...better to take the entire tax break during 2009 and not have to pay taxes on owning them during 2010.

I would recommend discussing this with your accountant. He/she would agree with me.

Just my 2 cents.

Diane

Well of course...what accountant wouldn't agree with that (logic)? I was assuming that if you mark them down, you sell them.

Sure, if you mark them down (or up for that matter) and you don't sell them, it's better to donate them.

If you keep them in a drawer in your basement, it's better to donate them as well.

If you mark them down, and sell them (what markdown usually accomplish) you'll make more money than donating them.