accounting methods Archives

4 Year-End Tax Planning Strategies for Small Businesses

Posted on September 17, 2024 (September 17, 2024) by Andrew Litchford

September is a great month to start implementing tax planning strategies that could reduce your small business taxes for this year and next. For the majority of businesses, the traditional year-end tax planning strategy of deferring income and accelerating deductions to minimize taxes will probably yield the most significant results. In addition, owners should consider

What’s the Best Accounting Method for Small Businesses?

Posted on February 27, 2024 by Rachael McGrew

Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. Thus, it may be prudent for your