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Income taxes

This section introduces you to the process of reporting earnings and paying income tax on your business's profits. It will explain how to account for what your business earns, and what kinds of income you have to report. It also tells you what expenses you're allowed to deduct.

Topics about Income taxes

Accounting for your earnings
Accrual or cash method?		 Fiscal period
Calendar-year basis or a different annual basis?
Income
What is business income and how to account for it, and what qualifies as business income.		 Expenses
What are business expenses and what qualifies as an operating expense.
Inventory and Cost of Goods Sold
You need to prepare an annual inventory. This is usually a list of goods held for sale.

Related topics

Date Modified: 2011-03-03

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