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Instructor Blog - Credit College - Taxes

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The Section 179 Deduction


  • admin

  • 1/21/2021 9:13:15 PM

  • 171

  • Credit College - Taxes
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Q: What net income number do we use for cash flow purposes – $608,995 or $585,058?

A: We use the GAAP accrual profitability of $585,058.

In the United States we measure all credits against Generally Accepted Accounting Principals (GAAP). A tax return records only taxable income against tax deductible expenses, specified by IRS regulations and guidelines. As such, the purpose of the tax returns is to determine taxable income in a given year according to the United States Tax Code and is not a fair representation of company’s actual net income.

Course overview: The Section 179 Deduction

 

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