TBT: The Bottom Line - A Method to the Tax Madness

Every shop must adopt a method of accounting for activities within its business, and cash and accrual methods are two commonly used ones.

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Tax Day is fast approaching. That dreaded day when the government requires all working citizens to atone for their hard-won prosperity. Besides that, figuring out taxes for a mold manufacturing company can become complicated by Internal Revenue codes and Treasury regulations, or so says the author of our Throwback Thursday article: A Method to the Tax Madness.

This article appeared in MMT’s March 2016 issue, and I believe it can offer some good advice to moldmakers about how to determine what accounting methods they must have in place so that when tax time rolls around, they have some firm figures to file.

Believe it or not, this article suggests there may be multiple kinds of accounting methods required for moldmakers because of the “unique” nature of the business. Take a look here.

 

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