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Farming Businesses

Selecting a tax accounting method for your small business

Leave a Comment / Accounting, Accrual Method of Accounting, Cash Method of Accounting, Farming Businesses, Partnerships, Personal Service Corporations (PSCs), S Corporation, Small Business, Small Business Owners, Small Business Tips /

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 required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if it will help lower your taxes. However, […]

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What’s the best accounting method route for business tax purposes?

Accounting, Accrual Method of Accounting, C Corporation, Cash Method of Accounting, Farming Businesses, Federal Income Tax, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips /

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

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