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(LIFO) Last In, First Out Inventory Method

Should you convert your business from a C to an S corporation?

(LIFO) Last In, First Out Inventory Method, C Corporation, S Corporation, Small Business, Small Business Owners, Small Business Tips /

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole proprietorships, partnerships, limited liability companies, C corporations and S corporations. In some cases, a business may decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over C corporations in […]

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How to minimize the S corporation LIFO recapture tax

(FIFO) First In, last Out Inventory Method, (LIFO) Last In, First Out Inventory Method, C Corporation, Inventory Management, S Corporation /

If you’re considering converting your C corporation to an S corporation, be aware that there may be tax implications if you’ve been using the last in, first out (LIFO) inventory method. That’s because of the LIFO recapture income that will be triggered by converting to S corporation status. We can meet to compute what the

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