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Pastries
Level 1
02-03-2023
10:12 PM
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I am trying to figure out what type of "accounting" I should chose on my general information page for my small business. I have the choices of Cash, Accrual or Other. Can anyone give me some tips on what or how to chose this option?
2 Comments 2
rcooley25
Level 11
02-04-2023
07:06 AM
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If your accrual income is more than accrued expenses then go with cash. Why pay taxes on profits you have not received yet. If your accrued expenses is more than accrued income then that is a different story.
qbteachmt
Level 15
02-04-2023
12:16 PM
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"should chose on my general information page for my small business."
Which software program are you using: ProConnect, Lacerte or Pro Series?
Is this the first tax year filing for this business?
Are you subject to Sales Taxes? If so, what have you been using on those filings all this time?
What Basis are you using inhouse?
What does your CPA tell you to do?
How much business do you do each year: examples are $5,000 or $50,000 or $5million.
Have you read what the IRS tells you to use?
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