How long do I have to wait before I can write off inventory.? -

I have excess and obsolete inventory - some of it was just plain ordered wrong by employees.Do I have to wait a certain amount of time before I write-off this crap? Is there a maximum we can write off per year?This if for a wholesale business - any advise would be appreciated.

You write it off as soon as you deem that it s value has gone down. Usually at year end before preparing the financial statements.

I would talk to your accountant. You could try to sell the stuff off on ebay or craigslist and just take a loss on it (assuming that someone wants it somewhere). You could also donate it to a non-profit.In any case, consult your accountant because there could be tax implications whatever you do.