Recent Small Business Legislation Simplifies Business Accounting
Under recent legislation, businesses with less than $25 million in gross receipts can use the cash method of accounting and expense inventory (not capitalize) for the 2020 tax year.
With proper planning, this offers excellent opportunities to reduce taxes and simplify accounting records.
It is crucial to establish and maintain information systems to help manage the business and cash flow needs.
The first priority is, properly manage the business. Saving taxes is next, as taxes may be your largest considerable single business expense.
We hope we can be of assistance in taking advantage of this business tax reduction opportunity. Contact us to discuss.