Combatting High Inflation with LIFO
Every taxpayer has felt the pain of soaring inflation in 2022 and there are no signs of relief coming soon. Taking advantage of the Last In First Out method (LIFO) can offer a great opportunity for businesses carrying inventory to adjust their inventory valuation method, and possibly save money on their taxes. To help assess if LIFO may be a beneficial strategy for you, we will cover the following:
- Understanding LIFO
- Candidates for LIFO
- Benefits and Downsides of LIFO
- LIFO Methods & Guidance
Learn more how LIFO could affect your tax planning opportunities here.