Tag Archives: tax savings

The Two Different Accounting Methods – Book Accounting and Tax Accounting

Here’s something that’s a surprise to many non-businesspeople: There are actually two different accounting methods, and most successful businesses will compile reports and similar using both.  The two accounting methods are:  Book Accounting (which could simply be called “accounting”) utilizes Generally Accepted Accounting Principles (GAAP), whose rules are set by the Financial Accounting Standards Board (FASB).  Tax Accounting… Read More »