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LIFO: Last In--First Out Inventory Accounting Solutions

 

LIFO has helped many companies defer income since 1936. It is the best tax deferral available for businesses that carry inventory. Best of all, a LIFO election won’t interfere with the ordinary course of business. Nothing changes but the way income is reported.

SourceCorp LIFOAll companies need cash, but it is not always easy to produce additional capital, especially from an efficient business. For companies in industries such as retail, wholesale and manufacturing, LIFO almost always provides a significant tax benefit resulting in additional cash flow. The effect of using LIFO is lower inventory values, higher cost of goods sold and lower taxable income.

Companies already using LIFO, or those considering a LIFO election, should consider more than one method to see which yields the best benefit.

 

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