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How to (Legally) Defer Taxes Using Your Accounting Method
Manage episode 374886584 series 3314227
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We've never met a contractor who liked paying taxes, but there's a difference between tax avoidance and tax deferral. This week, let's talk about some strategies to legally defer your taxes without creating bigger problems down the road for your business.
Topics we cover in this episode include:
- What tax deferral really means
- The four main tax methods and how tax deferral works with each
- Strategies that involve delayed billing or paying expenses at year-end
- Common pitfalls that contractors encounter when trying to avoid taxes
LINKS
Visit the episode page at https://CarpenterCPAs.com/defer for more details and a transcript of the show.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
FIND US ONLINE
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Luvut
1. 126 - How to (Legally) Defer Taxes Using Your Accounting Method (00:00:00)
2. What is tax deferral? (00:01:46)
3. The tax methods and how they work (00:04:43)
4. Cash Basis Method (00:05:23)
5. Delaying billing at the end of the year (00:06:50)
6. Paying expenses before the end of the year (00:07:32)
7. Accrual Basis (00:10:56)
8. Completed Contract Method (00:12:30)
9. Percentage of completion method (00:16:54)
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