Construction Accident and Fatality Rates Fall America’s construction sites are much safer than they were a decade ago, according to the Associated General Contractors of America (AGC). The organization announced the results of a new analysis that found a 38% drop in construction safety incidents and a 47% decline in the construction fatality rate since…
Tax accounting for long-term construction contracts can be complex. Regulations proposed by the IRS could help certain home construction contractors by expanding the types of contracts that can qualify for the home construction contract exemption from the percentage-of-completion method of accounting. Background Under federal tax law, taxpayers generally must use the percentage-of-completion method to account…
Say “Yes” to the Dress?—A businessperson can deduct the cost of special clothing used to perform the job or needed for safety. But deductions are not permitted if the clothing is suitable for everyday wear. In a new case, a concert pianist purchased gowns, dresses and accessories to wear at her concerts. Although she did…
It costs a pretty penny to send a child to college, but you might be entitled to some tax relief when you file your 2009 return. Here is a summary of the key tax breaks for higher education currently on the books. Education tax credits: Depending on your situation, you may qualify for one…
Recently President Obama gave a tax incentive to those considering making charitable donations to Haiti earthquake victims. The new law, enacted on January 22, 2010, allows individuals who make cash donations to victims of the January 12th disaster to claim deductions for the 2009 tax year. (Typically, charitable contributions may be deducted only for the…
Some say that managing a business these days is more difficult than ever. Nevertheless, a little common sense still goes a long way in the business world. Here are several basic precepts that owners and managers can rely on in the current economic climate: Remain open to constructive criticism. Learn and grow from your mistakes…
Construction Accident and Fatality Rates Fall America’s construction sites are much safer than they were a decade ago, according to the Associated General Contractors of America (AGC). The organization announced the results of a new analysis that found a 38% drop in construction safety incidents and a 47% decline in the construction fatality rate since…
It costs a pretty penny to send a child to college, but you might be entitled to some tax relief when you file your 2009 return. Here is a summary of the key tax breaks for higher education currently on the books. Education tax credits: Depending on your situation, you may qualify for one of…
A new federal loan program may provide some measure of relief for small businesses whose cash flow has been impaired as a result of the economic downturn. America’s Recovery Capital (ARC) loan program was created by the U.S. Small Business Administration (SBA) to offer no-interest, deferred-payment loans of up to $35,000 to qualified small businesses….
The new economic stimulus law passed earlier this year—the American Recovery and Reinvestment Act of 2009—enhances the special tax credit for first-time homebuyers. However, this new tax break is still off-limits for certain taxpayers. Background: The homebuyer tax credit was initially created by the Housing Assistance Tax Act of 2008. Under the housing law, you…
