Take Stock of Your Inventory Accounting Method’s Impact on Your Tax Bill
If your business involves the production, purchase or sale of merchandise, your inventory accounting method can have a significant impact on your tax liability. In some cases, using the last-in, first-out (LIFO) inventory accounting method, rather than first-in, first-out (FIFO), can reduce taxable income and give your cash flow a boost. However, tax savings aren’t […]
