Engineering In Taxes

One might ask why someone like myself, involved in the determination of taxes, should be speaking at a "cost engineering" session of a national engineering society. While it is true that taxes, especially income taxes, whether they be federal, state, or local, are not usually thought of as a "cost" of doing business, it is equally true that these tax costs do reduce the distributable profits just as much, as the cost of power, supplies, or labor. Therefore, the consideration given to taxes is often as important as that given to other costs. Hopefully yea will recognize that, within certain limits, taxes can be controlled to an economic advantage. That question may then lead to another question: What does the amount of taxes have to do with me? I'm an engineer or manager; not an accountant or a lawyer. If I may take a few minutes of your time, I might be able to present in a brief discussion some interesting facts that will provide the answers to those questions. My discussion will be directed mainly to Federal taxes. However, much of it will be applicable to state and local taxes, also.