accountant, income tax, Pharmaceutical and tax return

How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Withum

JUNE 1, 2022

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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Year-End Tax Planning Strategies for Businesses

KROST

NOVEMBER 24, 2020

Currently, a de minimis safe harbor under the repair regs allows taxpayers to deduct certain items costing $5,000 or less (per item or invoice) and that are deductible in accordance with the company’s accounting policy reflected on their applicable financial statement (AFS). Accelerating income and postponing deductions.

tax planning

tax planning Tax California income tax

Accountant Advocate

How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Year-End Tax Planning Strategies for Businesses

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