The pros and cons of using LIFO accounting
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Description
Abstract: One of the most effective ways for a dealership to lower its income taxes is to adopt LIFO accounting. This article discusses the accounting and income tax filing advantages of using the LIFO method, as well as its other benefits. The article also pinpoints factors to consider when deciding between LIFO and FIFO and provides some details to keep in mind when using LIFO accounting, to prevent it from becoming a negative.
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