#08: Sheri Allshouse, Common Tax Questions

Sheri Allshouse is a CPA with an expertise in home building and construction. Her firm is The Allshouse Group in Houston, Texas. In this discussion, we cover a wide variety of tax topics, including the most commonly asked questions from her builders to new tax strategies that have emerged from the recent legislative changes. Sheri lays out some valuable information, but as always, consult your own CPA before implementing anything you hear. To stay up to date on our latest interviews, be sure to sign up for our emails at www.buildingoptimal.com. You can also follow us on Facebook and Instagram. Enjoy the interview! Show Notes: [3:30] – The best entity for your situation. [8:15] – Automobiles…should they be a company purchase or personal? [9:00] – Considering commercial Automobile Insurance. [9:40] – Tracking your business mileage. [10:55] – IRS classification of vehicle types. [13:30] – Employee Truck Allowance. [14:05] – How 2018 tax law changes affect vehicles. [15:00] – Sheri’s recommendation about business mileage. [15:30] – Who should receive a 1099? [18:35] – The various ways the Tax Cuts & Jobs Act affects home builders. [31:50] – Common misunderstandings cleared up and suggested areas of improvement. [32:20] – Accounting choices for cost plus vs fixed price. [39:15] – Fixed asset write-offs. [41:25] – Domestic production deduction explained. [43:20] – Energy credit explained. [47:15] – Value of paying for an expert CPA. [48:24] – Criteria builders should be utilizing to select a tax accountant.