Accrual Method of Accounting
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Selecting a tax accounting method for your small business
Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are…
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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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It’s time for your small business to think about year-end tax planning
With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and…
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Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax…
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