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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4014
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Our fiscal year has ended and we ended up with more net

Customer Question

Our fiscal year has ended and we ended up with more net income than planned. What can I do to reduce the Federal Taxes?
Submitted: 4 months ago.
Category: Tax
Expert:  PDtax replied 4 months ago.

Hi from Just Answer. I'mCustomer

One of my favorites is to look at my accruals. Bonuses, deferred comp, payables, can all be looked at for that current year tax deduction (for our accrual basis friends).

You could even look at other non traditional accruals, such as for financial services, cost of goods sold, etc.

Depending on how big the issue was, it might be worth looking at a cash to accrual change of accounting method change, or other such technique that might be overdue but worth it now.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer

Expert:  PDtax replied 3 months ago.

Hi again.Customerfollowing up.

With month end approaching, can I ask you to rate my assistance to close out your inquiry? Thanks.