{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How should I track income if I use retainers, milestone billing, or hourly rates?","acceptedAnswer":{"@type":"Answer","text":"

We recommend tracking income by project or client using categories that reflect your billing method. We help you set up systems to recognize revenue as it's earned - not just when it's received - for better clarity and tax planning.\n
\nSee our Preparation of Financial Statements and Part-Time Controller/CFO services for reporting support.

"}},{"@type":"Question","name":"Do I need to issue 1099s to freelancers or subcontractors?","acceptedAnswer":{"@type":"Answer","text":"

Yes. If you pay independent contractors more than $600 in a year, you must issue a 1099-NEC. We help you stay compliant with contractor classification rules and ensure all required filings are handled accurately and on time.\n
\nExplore our Policies & Procedures and Tax Compliance services.

"}},{"@type":"Question","name":"Should I be an LLC or S-Corp if I'm a solo consultant or freelancer?","acceptedAnswer":{"@type":"Answer","text":"

Both structures have pros and cons. S-Corps may offer tax savings but come with stricter rules about reasonable salary and reporting. We help you choose the best option based on your income, goals, and growth plans.\n
\nLearn more on our Tax Planning and Entity Strategy service pages.

"}},{"@type":"Question","name":"Can I deduct home office expenses or business development costs?","acceptedAnswer":{"@type":"Answer","text":"

Yes - if used exclusively for work, you may deduct a portion of your home office expenses, as well as marketing, networking, travel, and software related to your services. We ensure these deductions are documented and categorized properly.\n
\nThese deductions are part of our Tax Planning approach for professional service firms.

"}},{"@type":"Question","name":"What kind of reporting do I need if I'm applying for a business loan or line of credit?","acceptedAnswer":{"@type":"Answer","text":"

Most lenders require compiled or reviewed financial statements and a breakdown of revenue, expenses, and net income. We prepare lender-ready statements that reflect your firm's performance with clarity and professionalism.\n
\nVisit our Review of Financial Statements service page.

"}}]}