LIFO, known as Last in, First out is used by businesses to reduce taxable income.
There is a proposal in the works to ban LIFO to boost federal tax revenue.
This isn't something I have heard a lot about since we are a family owned small business. I would be interested in hearing more about this and the potential pros and cons of the proposal being drafted. Could you please provide a little more information for those of us new to owning a small business? It is somewhat difficult for me to form an educated opinion when I am not remotely educated on a topic
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