#Accounting Archives | Hutchinson and Bloodgood LLP

Tax Planning

Selecting a tax accounting method for your small business

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

July 6, 2026

Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if it will help lower your taxes. However, […]

#Accounting, #SmallBusiness, #TaxPlanning

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Financial Planning

Business owners should get comfortable with their financial statements

Aged,businesswoman,typing,on,pc,holds,paper,prepare,report,analyzing

March 28, 2025

H&B

Financial statements can fascinate accountants, investors and lenders. However, for business owners, they may not be real page-turners. The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s important to get comfortable with their respective purposes. […]

#Accounting, #BalanceSheet, #BusinessFinance, #FinancialStatements

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