Understanding deferred tax assets and liabilities | Run your business

Understanding deferred tax assets and liabilities | Run your business

Learn more about deferred tax assets and liabilities: (For US-based businesses) https://intuit.me/3jE5dxv (For Canada-based businesses) https://intuit.me/3CCHKmR Deferred tax assets and liabilities may be terms you’ve seen added by your accountant to your small business balance sheet. They are financial items on a company’s balance sheet that exist because the income on the tax return is different than the income in the accounting records. In this video, Nayo Carter-Gray (1st Step Accounting) breaks down what they are and how to take advantage of a deferred tax asset. 00:00 - Introduction 01:08 - What are deferred tax assets and liabilities? 03:13 - Financial reporting vs. tax reporting: Understanding the difference 03:44 - Evaluating deferred tax assets and liabilities 04:04 - Making sense of deferred tax assets and liabilities   This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them. Click for the latest updates...