Construction Industry Experiencing Rapid Growth and Highest Tax Rate
As most business owners are well aware, June 15 was the filing deadline for second quarter estimated tax payments. For many, this served as another painful reminder of the significant tax burden placed on small and mid-sized businesses. This is especially true for contractors who, according to a recent report from the US Treasury, shoulder a larger tax burden than any other industry in the United States with an effective tax rate in excess of 30% which is well in excess of the 23.3% average tax rate for all U.S. businesses.
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