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
Learn more about deferred tax assets and liabilities: https://intuit.me/3jE5dxv
