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Where Did My Money Go? Good Accounting Beyond the Tax Return | Ep. 12
A business owner made $500,000 in profit last year and had about $10,000 in the bank. His question to Nafees Huda was where the money went. That gap is the starting point for this episode, and the answer Nafees gives has more to do with how a business is built than with how its tax return is filed.
In this episode, Nafees Huda, Partner at KHI Accounting, joins us to unpack:
- Why a strong profit year can still leave almost nothing in the bank
- A whiteboard walk-through of a service trust into a company structure, worked on $200,000 at 25 per cent
- The audit that went back to 2010
- A…
The skinny
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