DISCLAIMER: I AM NOT A TAX ACCOUNTANT. IN OTHER WORDS, I DON'T PREPARE TAX RETURNS (THANK GOD). I DO HOWEVER ESTIMATE TAXABLE INCOME FOR FINANCIAL STATEMENT PURPOSES. THE PURPOSE OF THIS LESSON IS TO GIVE YOU A BALL PARK FIGURE ON WHAT YOU MAY OWE. CONSULT WITH YOUR TAX CPA TO VERIFY THE INFORMATION YOU ARE USING IS ACCURATE FOR YOUR CIRCUMSTANCES.
If you're like most of my clients, you're books are on GAAP basis while your tax return is on the cash basis. Converting to cash basis isn't too complex, but I've provided you with a template to help get you there. This is meant to give you a starting point on estimating your taxes. Please consult with your tax CPA about your calculation.
Download the attached worksheet and tune into the following video where I go over how to calculate an estimate of taxable income.
Thanks!
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