Every contractor needs the skills and equipment to deliver the results their clients expect, but running any successful business also means careful record-keeping and organization. Of course, bookkeeping, paperwork, and business tax preparation aren’t why most contractors go into business in the first place, but even simple mistakes can result in trouble with the IRS or missing out on valuable deductions. Below are a few of the most common accounting mistakes contractors make. A Guide to Accounting Mistakes Contractors Should Watch For 1. Misreporting Revenue of Shared Ventures Shared projects and joint ventures are excellent ways to increase revenue, build partnerships, and get…

While tax preparation can sometimes be stressful, your hard work will hopefully be rewarded by a hefty refund. However, if you don't take all the opportunities available, you may be disappointed by the amount awarded to you. To boost your refund further, practice the following steps. How Can You Get More From Your Tax Refund? 1. Make the Most of Deductions Deductions help lower your taxable income, which increases the amount of money you receive in return. Possible deductions include charitable contributions, child care, travel costs related to medical care, interest on student loans, and many other options. When claiming a deduction, make…