Helpful tax advice from agweb.com
This article from AgWeb has some really great advice on tax traps. If you can watch the video, do so - it expounds on some of the things written in the article.
I especially like what he has to say about cash vs. accrual methods of accounting. I am a huge fan of the accrual method of accounting when it comes to month-to-month bookkeeping. Accrual gives a much more accurate picture of what is truly going on with your net income. If you use the cash basis for your tax return, it is very easy to switch from one to another, like Mr. Neiffer says.
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