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Unique Ways Highly Profitable Contractors Reduce Taxes

Posted by Sharie DeHart on Fri, Oct 13, 2017

Contractors Reflect On This Year's Results As The Last Quarter Begins

Going into the last Quarter of the year. Time for some basic reflection about taxes. Officers in S-Corps tend to take payroll later in the year. Now is the time if you have not already been taking payroll. Don't wait until it is time to prepare your Construction Company tax return.

Next review your Estimated personal Taxes paid to the IRS. How much did you pay in taxes for the current year? Internal Revenue expects that you have paid a percentage Federal Taxes before the end of the year.  

Reviewing Federal Withholding for yourself and your employees to avoid surprises when your annual taxes are filed. Contractors who file as a Sole Prop or as an LLC fining as a Sole Prop tend to forget that payroll taxes on their net income is due. I call this “Chef’s Surprise” as it is based on Net Income. Everyone wants the last few jobs to pay before the end of the year.

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Topics: Save Money On Income Taxes, Checklist For Income Tax Preparation

QuickBooks Checklist For Your Construction Company Tax Preparation

Posted by Randal DeHart on Mon, Feb 10, 2014

The Wrong Bookkeeper Can Cause You To Overpay Your Taxes!

Your Tax Bill Is Based - On reports produced from your accounting system. The old saying garbage in = garbage out is absolutely true here. Only it means Garbage In = You Overpaid Your Taxes! 

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Topics: Income Tax Preparation Checklist, Checklist For Income Tax Preparation

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