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Small business cash flow management for a recession
Preparing for a recession means preparing for the unknown. That’s a tough thing to do! The best advice is to think conservatively and get a second opinion from a CPA with experience in recovery from recessions and other economic disasters. One tool is to use existing accounting data, supplemented with new information, to create…
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Earned income is not recharacterized or “netted” for self-employment tax calculation
This is an except from a client email that addresses the point that we don’t recharacterize income by passing it through LLCs, partnerships and S-corporations. Earned income is subject to either wage taxes or self-employment tax. “You asked whether income generated by ZZZZZZ Consulting LLC, taxed as a partnership, can be treated in any…
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Collaborative Accounting vs. Traditional Accounting
Collaborative Accounting vs Traditional Accounting We have a history of successful collaborative accounting work with small business clients in several different industries, so it is natural for us to prefer this approach to small business accounting engagements as often as is appropriate. This post is meant to briefly describe key distinctions between traditional vs. collaborative…
