Cash Method vs Accrual Method
Business owners have the option of using either the cash method or the accrual method on both their financials and their tax returns.
You can have both cash basis as well as accrual basis financials, but the tax returns must choose either the cash method or the accrual method.
Each business is different, so some businesses will benefit from the cash method while others will benefit from the accrual method.
This video explains the difference between the two methods and when one method is better than the other.
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ABOUT ME:
For many years I worked at very large national and regional CPA firms preparing taxes. I always wanted to start my own tax business, but always felt like I needed to learn more about taxes before I could go out on my own.
One day, an opportunity came my way to partner with a couple women and start our own tax firm. We worked hard and quickly grew the firm to seven figures.
I now help others gain confidence to start their own tax business by teaching them how to prepare tax returns for their clients.
If you haven't watched my free webinar on how to add tax preparation to your bookkeeping business, watch the webinar at www.taxtutor.com
If you have already watched the webinar and want help from me, you can book a free call with me to see if I can help you add tax preparation to your bookkeeping business - www.taxtutor.com/apply