B.A. Harris Blog

Unallocated Job Costs

Chances are your construction company is underestimating the cost on each specific job. The process of obtaining bids and estimating project costs is straight forward when it comes to direct expenses such as subcontractors, direct materials, and direct labor. Those direct costs provide a guide to profitability from job to job but don’t account for the overall cost of doing business. So, while a 10% gross profit margin per job seems obtainable, by year end when all Costs of Revenues are accounted for gross profit might be just 5%.

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Gain Exclusion on Sale of Personal Residence

  Thinking about selling your primary residence? With the rise in real estate prices, many taxpayers may be looking to sell their primary residence and cash in on the gain. If this has been your principal residence and you have owned it for a period of at least two out of the last five years, you can exclude a nice portion of the gain. Single taxpayers or those married filing separately can exclude up to $250,000.

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Best of the Treasure Valley?

The Idaho Statesman is currently running their annual Best of Treasury Valley poll. BA Harris is proud to be included in the Best Accounting Firm category and we would love the support of our loyal clients in being named The Best. Voting is only open until July 21st, so if you have a spare minute or two, you can click on this link to submit a vote.  https://idahostatesman.secondstreetapp.com/Idaho-Statesmans-Best-of-Treasure-Valley/gallery?group=321791 We appreciate your time and continued support!

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Second Quarter Estimated Tax Payments

  With summer knocking on the door we just wanted to remind estimated taxpayers your second quarterly payment is due Monday, June 17th. If you have any questions, don’t hesitate to contact our office. We hope you have a wonderful summer!  

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​ Idaho’s Education Tax Credit- Not just for schools!

The primary focus of any charitable donation will always be that your money is going towards a good cause that positively enhances our community, but it never hurts to be aware of the benefits that it may provide come tax time! The state of Idaho offers an Educational Tax Credit for any cash donations made to qualified Idaho Educational entities of 50% of the amount donated, up to $500 per tax payer ($1,000 on a joint return).

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