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
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