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Tag Archives: cash basis

3 Ways Your Income is Taxable

Financial Management, TaxesBy Sherrell T MartinJuly 8, 2015Leave a comment

  One of the most often asked questions I get is “what is the difference between cash and accrual.”  Most small business owners DO NOT understand the difference – even after I explain it. It is one of the most confusing topics amongst them.  So let me see if I can help a little bit.…

Income You DON’T Pay Taxes On

Financial Management, TaxesBy Sherrell T MartinMarch 20, 2015Leave a comment

We are all in business to make money right?  But we are not in the business of paying Uncle Sam.  We want to keep as much of our money as we possibly can, especially from him. So as a small business owner, what do you do?   You learn the difference between cash basis and accrual…

Cash vs Accrual: Which one should you use?

Financial ManagementBy Sherrell T MartinJuly 23, 2013Leave a comment

There are two basic forms of accounting that should be used to track your revenues and expenses – cash basis and accrual basis.  Cash basis means that you recognize the income when you receive it and you recognize expenses when you actually pay them.  Accrual basis means that you recognize income when you have the…

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