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February 15, 2011

Eight tax tips for contractors

By JOURNAL STAFF

Grant Thornton's Construction group says the flurry of recent tax legislation and lingering effects of the economic downturn make this tax planning environment one of the most challenging in recent memory.

Contractors need to improve cash flow by effectively managing their tax burdens and leveraging any new incentives, according to the tax advisory firm. Tax planning over the next two years will require thoughtful and nimble analysis, it says, and contractors should consider the following tips:


 
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