In the spirit of the season, it’s time to file your taxes. Your tax returns verify your previous income level and are proof of the tax obligations you have fulfilled – both filing and payment. It is recommended to turn to a creditable tax agent to ensure everything is done correctly. For better understanding of your invoice factoring terms of agreement, reach out to your factoring company. There is a lot to be determined when determining if the receivables you factored are taxable. How a company treats its accounts receivable depends on what accounting method the company takes. If it uses the accrual method, then the company records revenue as soon as it makes a sale, which means accounts receivable get counted as income. The general … [Read more...]