When it comes to accounting, many contractors have two burning questions: which accounting method is best for my company, and which will give me the best tax advantage?
For regular taxpayers, their only concern is whether their overall accounting method should report income on the cash basis or the accrual basis of accounting. However, contractors have other factors that need to be considered. Contractors have the opportunity to use multiple methods of accounting for their long-term contracts. These methods will depend on whether the company is a small or large contractor and whether their contracts are short-term or long-term.
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