Accrual-Basis Taxpayers
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Deferring taxes on advance payments
An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments…
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Year-end tax planning for accrual-basis taxpayers
Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better…
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Business owners: Be sure you’re properly classifying cash flows
Properly prepared financial statements provide a wealth of information about your company. But the operative words there are “properly prepared.” Classifying information accurately isn’t always…
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Year-end tax planning ideas for your small business
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this…
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Small businesses: There still may be time to cut your 2021 taxes
Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a…
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