Financial Statements: GAAP vs. Tax-basis

GAAP vs. tax-basis: Which financial statement is right for your business? Most businesses financial statements report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting framework that will work for your situation. The…

Where Did My Tax Deductions Go?

Some deductions may be smaller (or nonexistent) when you file your 2018 tax return The Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks. It also limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five you may see shrink or…