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Get your taxes done using TurboTax
Normally, you don't need to file a business return on the accrual basis unless your average sales are over $25 million dollars. It doesn't matter if you have receivables or payables, you can still file on the cash basis. Your sales would be the amount of deposits from sales and expenses would be the payments you made during the year. You just need to factor out your receivables and payables when you report your receipts and expenses.
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‎February 20, 2023
4:09 PM