Our Finance Guide
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing
No Result
View All Result
Our Finance Guide
No Result
View All Result
Home Tax

Tax Tips: Year-end strategy defer revenue and accelerate expense

admin by admin
December 19, 2021
in Tax
0
Tax Tips: Year-end strategy defer revenue and accelerate expense

Related articles

The IRS has issued $10 billion in tax refunds on unemployment benefits. Here’s why another break is unlikely next year

Justice Department says IRS must give Trump’s tax returns to Congress

If you have made a profit projection for the year and your taxes will be more than you had anticipated, this is a strategy that you may want to consider to reduce your taxes.

If you are using the cash basis for your tax return, revenue is determined by the date you receive it. For businesses using the accrual basis, revenue is determined based on when it is earned. The vast majority of small businesses are on the cash basis can have the ability to defer revenue. The accounting basis of your business is reported on your tax return. However, contact a tax professional if you aren’t sure where to find it on the return.

If your business is currently using the accrual basis, you can change to the cash basis by filing Form 3115 to change the accounting method with the IRS. However, it would be a good idea to consult with an expert tax professional before making the change.

You will need to quit billing customers and patients near the end of the year. Customers and patients won’t pay you if you haven’t sent a bill. By postponing the December bills and sending them in early January, you can reduce your taxes by reducing your income.

read more……………..

 

admin

admin

Related Posts

The IRS has issued $10 billion in tax refunds on unemployment benefits. Here’s why another break is unlikely next year

The IRS has issued $10 billion in tax refunds on unemployment benefits. Here’s why another break is unlikely next year

The IRS began issuing another 1.5 million tax refunds this week to people who received unemployment benefits in 2020. That adds to the nearly 9 million refunds, worth...

Justice Department says IRS must give Trump’s tax returns to Congress

Justice Department says IRS must give Trump’s tax returns to Congress

The Justice Department on Friday said the Treasury Department must hand over former President Trump's tax returns to the House Ways and Means Committee, putting an apparent end...

The I.R.S. is warning of a messy tax season.

Free Options for Filing Your Taxes

It’s tax-filing season, and whether you go to an accountant or use online tax software, filing a return can be expensive. But there are free options....

Iowa lawmakers have struck a deal on tax cuts. Here’s what’s in it.

Iowa lawmakers have struck a deal on tax cuts. Here’s what’s in it.

Iowa will move to a 3.9% flat income tax rate under a compromise between legislative Republicans and Gov. Kim Reynolds that paves the way for passage of the massive...

Don’t count on that tax refund yet. Why it may be smaller this year

Tax pros are subject of ‘spearphishing’ attacks

Identity thieves are targeting tax professionals with "spearphishing" emails masquerading as coming from the IRS or tax return preparation software providers, the Service advised in a news...

Next Post
Best Cards Offering 5% Cash Back or More on Everyday Spending

Best Cards Offering 5% Cash Back or More on Everyday Spending

You Can Start Investing Today With As Little as $5. Here’s How

You Can Start Investing Today With As Little as $5. Here’s How

The best bad credit loans with guaranteed approval in 2022

The best bad credit loans with guaranteed approval in 2022

No Result
View All Result

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

RECOMMENDED

Uncategorized

5 Money-Saving Challenges to Stash More Cash in 2022

Education Department Sends Ominous Warning To Student Loan Borrowers
Loans

Education Department Sends Ominous Warning To Student Loan Borrowers

CATEGORIES

  • Credit Cards
  • Investing
  • Loans
  • Tax
  • Uncategorized

Subscribe Us

By clicking subscribe, I authorize: (1) Our Finance Guide to use and share my information in accordance with its Terms of Service and Privacy Policy, and (2) Our Finance Guide or third-party companies, including Our Finance Guide’s business partners, to contact me by email with offers for goods and services at the email address provided. Please note that the information you have provided to us may be supplemented with additional information obtained from other sources.

© 2021 Our Finance Guide, All Rights Reserved.

  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Unsubscribe
No Result
View All Result
  • Home
  • Loans
  • Tax
  • Credit Cards
  • Investing

© 2021 Our Finance Guide, All Rights Reserved.