Test 1 – Underbillings: What is it? How can it hurt your cash flow?
When you start a new project, you have a lot on your plate, from managing prices, timetables, and changing orders to staying on track. All of these are difficult challenges, and how you manage them directly affects your company’s profit and capacity to bid on larger contracts in the future. Underbilling is one of the […]
Form 8821 Instructions: The Ultimate Guide
Tax season has always been a dreaded time of the year. Organizing receipts, tracking expenses, and filling out countless forms overwhelms even the most organized person. But when you needed to grant an accountant access to confidential tax information, you discovered Form 8821. At first, you were intimidated by the thought of correctly filling out […]
Tax Topic 152: Your Key to Tax Refunds
Are you eagerly waiting for your tax refund? Do you want to know when you will receive your hard-earned money? The Internal Revenue Service (IRS) has a unique code for that, and it’s called Tax Topic 152. Tax Topic 152 is your key to understanding the status of your tax refund. So, what can you […]
Cost of Goods Sold (COGS) Explained & Calculation
Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This amount includes the cost of both labor and materials that were utilized directly to produce the good. Indirect costs like those associated with sales force and distribution are not included. Cost of goods sold is also […]
Which State Has the Highest Taxes?
Where you live in the United States can affect how much money you have to pay as taxes. In this discussion, we will explore the highest income tax states and understand how much money, on average, these states take from people’s paychecks. If you live and work in the U.S., you have to pay federal […]
[UPDATES] Section 179 Deduction Vehicle List 2023
Buying a car is an investment many of us make in our lives, often at considerable expense. You use cars so much; commuting to work, getting the kids to school or soccer practice, running errands, or going on weekend trips. Your vehicles are with us in the happiest and busiest times of our lives – […]
Mastering the Art of Construction Bookkeeping: A Comprehensive Guide
Welcome to the dynamic world of construction bookkeeping! Unlike traditional accounting, construction accounting is a specialized field designed to navigate the complexities of managing costs and profitability in large-scale, unique projects. Our goal here is to unfold the layers of construction bookkeeping, making it an accessible and manageable aspect of your business. Understanding Construction Bookkeeping: […]
Construction Job Costing: How to Optimize It?
Construction job costing is a detailed pricing technique that examines all of the specific costs associated with each project to precisely compute project charges. By keeping an eye on the numerous little expenses that add up to a major construction project, this degree of specificity helps you improve budgeting and make more accurate bids for […]