Welcome to Shertzer Bookkeeping & Tax Preparation! In this video, we explore the important topic of Product-Service Income Discrepancy and how it can impact your business finances and tax filings.
As a business owner, it’s essential to ensure your income from both products and services is accurately recorded and reported. Discrepancies can lead to tax issues, financial mismanagement, or even audits. In this video, we’ll cover:
As a business owner, it’s essential to ensure your income from both products and services is accurately recorded and reported. Discrepancies can lead to tax issues, financial mismanagement, or even audits. In this video, we’ll cover:
- What constitutes product-service income discrepancy
- How discrepancies can affect your financial statements
- Common causes and how to identify them
- Tips to avoid discrepancies and maintain accurate records