Consider LIFO for Immediate Tax Benefits

U.S. Generally Accepted Accounting Principles (GAAP) and the federal tax code allow businesses to choose one of four methods of accounting for inventory, including Last in First out (LIFO).

OMA Connections Partner HBK reports that LIFO is often overlooked, but that in periods of inventory growth — or inflation — LIFO can provide immediate tax benefits to businesses with large inventories. Read more. 2/7/2023