Please note that the content in this article is purely informational and should not be taken as professional or legal advice. Tax laws and regulations are subject to change without notice. Consult an experienced accounting team like John Freeman CPA before making any serious financial or legal decisions.
Financial statements are useful for a business as they provide a snapshot of the overall finances and provide additional insight into its performance, operations and cash flow.
You might be wondering how taxes are related to financial statements. While it may not be obvious, taxes appear in all three of the major financial statements of a business – the balance sheet, the income statement and the cash flow statement. Financial statements are of particular importance as they help easily assess the tax liability of a business.
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