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The Watercooler
tax question
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<blockquote data-quote="DammitJanet" data-source="post: 572267" data-attributes="member: 1514"><p>Ahhh...yes, cash method or accrual method. That is it...at first I was thinking FIFO which is first in, first out which is for inventory...lol. Not nice to tax my brain when I first wake up Loth!</p><p></p><p>Either cash or accrual is fine for a business as small as yours. Cash method means you count your income when you get it and your expenses when you pay them. Accrual method means you count your your income when you DO it and your expenses when they are incurred. This means you have to run Accounts receivable and Accounts payable.</p></blockquote><p></p>
[QUOTE="DammitJanet, post: 572267, member: 1514"] Ahhh...yes, cash method or accrual method. That is it...at first I was thinking FIFO which is first in, first out which is for inventory...lol. Not nice to tax my brain when I first wake up Loth! Either cash or accrual is fine for a business as small as yours. Cash method means you count your income when you get it and your expenses when you pay them. Accrual method means you count your your income when you DO it and your expenses when they are incurred. This means you have to run Accounts receivable and Accounts payable. [/QUOTE]
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