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General Accounting Discussions: Cash Basis Accounting

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  1.  
    • CommentAuthorrmmusa
    • CommentTimeJul 24th 2008
     
    I'm having a very good year and would like to maximize my deductions for tax purposes. I'm on the cash basis of accounting and am thinking that before the end of the year to pay in full my next years rent and health insurance. I normally pay them monthly. Would I qualify for a full year's tax deduction for these items or at best would I only get one month?
  2.  
    Take a look at IRS Publication 538.

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