A lot of businesses are either cash-based or the books are not really that accurate, and you’re going to have to go into the tax return and look at the deductions and sort of add back in things like depreciation, car expenses, and who knows what. You’re really going to have to get a forensic accountant who is going to look really carefully at deductions that are being taken from the income of the business.
I’ve had forensic accountants go and look at bank statements for years and years because there was so much cash that there was hardly any income showing up on tax returns. Yet, there were thousands and thousands of dollars going through chequing accounts. At least this person put it in the bank so that you can find a stream of income that’s higher than what is reported on the tax returns.
Laura Schantz, a Beaverton divorce and family lawyer and mediator has helped clients find creative solutions to complex financial matters involving asset division, spousal support, and child support. To learn more about Laura Schantz and her firm, visit www.oregondivorceattorney.com.