Run Your Business | Understanding Deferred Tax Assets and Liabilities

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