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1 External Tax Accounting purpose is to report income to the government by preparing tax forms and making certain you pay your fair share of taxes and if you have bad bookkeeping perhaps a little extra. If the contractor believes the company is undercharging they may raise bid prices, lose jobs, eventually run out of cash and file bankruptcy.
Using the information gathered the IRS was able to make a compelling case from the bottom up of his annual income. Each major category, Sales, Cost of Goods Sold, Overhead, Other Expenses and Other Income are rated on a scale of top 25%, middle 50% and bottom 25%. The rest as they say is history. Altman published it in 1968.
Their primary function is to read the incoming paperwork (electronic and hard copy) and follow a pre-determined set of rules and guidelines to put each transaction where it needs to go in QuickBooks or Xero Accounting Online depending on which accounting software the construction contractor is using.
Innovation Or Bankruptcy. It includes a brief overview of our outsourced contractors bookkeeping system that allows us to service a number of combinations of construction companies including: One Income Contractors: Handyman Services. Multiple Income Contractors: Handyman + General + Remodel. General Contractors.
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