GET CONNECTED TAXES
Savvy strategies to help reduce your taxes


Hard Hat Tax Gap

Not reporting or under-reporting business income contributes to the tax gap – the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time. To help small-business owners in the construction industry understand their tax responsibilities – and narrow the tax gap – the IRS offers a fact sheet: The Construction Industry and the Tax Gap. Contractors, subcontractors and individual workers need to be aware of everything that counts as income, as well as proper accounting methods, so they pay their fair share of taxes. They also need to be aware of all deductible expenses so they don’t overpay their taxes. The fact sheet should help.

Tax Credits For Hybrids

In the market for a hybrid vehicle to save your small business some gasoline money? You might be able to get a tax credit, too. The IRS says that certain Honda hybrids still qualify for a tax credit. The models of qualified vehicles and the credit amount:

• Honda Accord Hybrid Model Year 2005 – $650
• Honda Accord Hybrid Model Year 2007 – $1,300
• Honda Accord Hybrid Navi Model Year 2007 – $1,300
• Honda Civic Hybrid Model Year 2007 – $2,100

Return To Contents