Working in the construction industry will generally create a number of tax deductions. Whether it is traveling to a job site or buying tools to complete a project, you can deduct most of the costs you incur working in construction. By understanding the types of expenses that create a deduction and how to properly document […]
Tax Deductions for Small Construction Companies Read More »
The average homeowner can’t generally claim a tax deduction for repairs or maintenance to his property, although some isolated energy-related tax credits are available. Sole proprietors, businesses, and rental property owners can deduct expenses for repairs and maintenance of their property and equipment, however. The IRS tightened up the rules for how repairs and maintenance expenses can be deducted in 2014, but
Tax Rules for Deductions on Repairs and Maintenance Read More »
According to the Internal Revenue Service, the rehabilitation tax credit applies to costs for rehabilitation and reconstruction of some buildings. The credits do not apply to new construction or additions, but do encompass renovations, restoration and reconstruction. The percentage of rehabilitation costs eligible for the tax credit range from 10 percent to 20 percent, depending
Tax Credits for Building Renovations Read More »
Construction businesses can use special accounting methods to recognize income. By selecting one of these methods, you can figure your taxes based on your progress in completing a construction contract. You also can choose to postpone income, and taxes, until a project is finished. Your choices depend on the size of your company and the
Construction Accounting & Taxation Read More »
It has been more than a year since the Republican-controlled Congress passed the first major overhaul of the U.S. tax system in three decades, and the construction industry is continuing to see the benefits of the Tax Cuts and Jobs Act. In September 2018, Larry Lopez, president and CEO of Green JobWorks, a construction staffing
Construction Industry Continues to See Benefits of Tax Reform Read More »
Although most states do not impose sales tax on construction services, contractors must be aware sales tax rules when they purchase and bill for supplies that they use. Lump-sum contracts and time and materials contracts can create very different sales tax obligations. The construction industry consists of businesses that construct or make improvements to houses,
Understanding Sales Tax Rules for the Construction Industry Read More »
CHICAGO — On a recent morning at John H. Stroger Hospital, hardly a seat was to be had in any of the first-floor clinic waiting rooms. Not in audiology. Not in heart and vascular. Not in the pharmacy or ophthalmology. In other words, it was a typical day at Stroger, the central pillar of the
Some Nonprofit Hospitals Aren’t Earning Their Tax Breaks, Critics Say Read More »
Most of us schedule our doctor’s appointments and visit the emergency room without thinking about whether the provider makes a profit on our care or not. As community providers, all hospitals provide regular and emergency care. Healthcare providers also enhance communities by providing regular employment opportunities for doctors, nurses and other healthcare professionals. While for-profit
For-Profit Healthcare Organizations vs. Not-for-Profit Healthcare Organizations Read More »
Key Findings The medical device tax, part of the Affordable Care Act, is a 2.3 percent excise tax on the price of taxable medical devices sold in the United States. The tax has been suspended since 2016, but the current moratorium will expire by the end of 2019, unless Congress extends it or repeals the
Why the Medical Device Tax Should Be Repealed Read More »
Tax time is rolling around and, if you are assembling your healthcare expense information, you might wonder if hospitals pay taxes and how Healthcare Taxation is different from other industry taxation. The answer is a bit complex because you first have to understand how healthcare is, and how it isn’t, an industry. You must also
What Are Some Ways Healthcare Taxation Differs From Other Types of Industries? Read More »
PHOENIX, AZ OFFICE
11811 N. Tatum Blvd
Suite 3031
Phoenix, Arizona 85028
480-407-4488
Monday – Friday: 9 am – 5 pm by appointment only