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Financial Planner

Category - Tax Planning

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What is the most common method taxpayers use to report income?

Cash
Accrual
Hybrid
Accelerated

Explanation

Answer: A - There are three methods a taxpayer can use to report income: cash, accrual, and a hybrid method. Most taxpayers use the cash method. With this, the taxpayer can have some control over the amount that is deducted based on when he or she pays the deductible expense.

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