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  Post #3 (permalink)   06-13-2017, 09:37 AM
bigredseo
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Join Date: Aug 2015
Posts: 127

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Depending on how you have your accounting setup, you can operate on a Cash Basis or Credit Basis. Check with your accountant for the benefits of each.

Essentially, on a Cash basis, you pay taxes on the income received, however on the Credit basis, you can also write-off cancellations/terminations as lost revenue.

There are a few loopholes but check with your accountant regarding the best for your particular style of business operation.
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Conor Treacy
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