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Discuss two tax-planning techniques that can be used by a 100% owner-employee to reduce his/her tax liability.
Perpetual Inventory
A system of accounting for inventory that records the sale or purchase of inventory immediately through computerized systems.
Periodic Inventory
An accounting method where inventory is physically counted at specific intervals to determine the cost of goods sold and ending inventory.
Transactions
The act of buying, selling, or exchanging goods, services, or financial assets in the business world.
Inventory
The total of all goods and materials held by a business for the purpose of resale, production, or use in operations.
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