Too many cooks spoil the broth.
We know nobody really likes tax season. Here’s the thing, the work you do now could be the difference between saving money or spending money in March and April. We’re willing to bet that you don’t want to pay more in taxes, so why are you acting this way? Yes, it helps to have a good accountant, but if you wait until the last minute a tax accountant can only fill out your tax filings according to what’s already happened.
Accrual Methods of Construction Accounting
Choosing a permissible method of accounting for tax purposes for your construction business involves classifying your contracts and business. As your construction business grows and changes, you may benefit from using a different method of accounting. You should review the following three steps every year to ensure that you are using the right method of accounting for your construction contracts.