The construction industry is a diverse industry that includes residential construction, bridge erection, roadway paving, excavations, and demolitions. This industry employs nearly 7.5 million persons and accounts for 4 to 5% of the U.S. gross domestic product.
This industry faces constantly changing tax and reporting regulations. Understanding accounting methods, financing issues and the number of specific tax credits and deductions available to the industry is important. This focus center provides news and information about the tax aspects important to the construction industry.
Top Takeaways 1: The Heavy Highway Vehicle Tax May Apply The heavy highway vehicle tax applies to trucks or truck tractors if it’s a highway motor vehicle that is registered or required to beRead More »
Top Takeaways 1: Two Basic Accounting Methods: Cash and Accrual There are special tax rules controlling the accounting method that must be used for the construction business. The choice of accounting method depends onRead More »
Top Takeaways 1: Nonbusiness Energy Tax Credit The Nonbusiness Energy Tax Credit is good for up $500. This credit applies to the cost of energy efficient items such as windows, skylights, roofs, doors, airRead More »