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Practical Tax Season Tips For Construction Business Owners

Posted by Sharie DeHart on Fri, Jan 12, 2024

Tax season can be a bit overwhelming for construction business owners, especially with many things to keep track of in our industry. But don't worry; we're here to help! We know that construction businesses have unique tax considerations that can be tricky to navigate, such as complex accounting and bookkeeping challenges and issues related to payroll and sales taxes. 
 
That's why staying informed about the latest tax laws and regulations is essential, as well as working closely with a qualified construction accountant and tax professional who can guide you through this process and ensure you comply with all applicable tax rules and regulations. 
 
Preparing for tax season is a year-round endeavor. Tip number one for construction company owners is to update monthly financials using a streamlined software or cloud-based system.
 
This way, come tax time, everything you need is in one place. Well-organized small businesses are better positioned to minimize tax bills while avoiding missing or inaccurate information penalties.
 
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Topics: How To Lower Your Tax Bill, Save Money On Income Taxes, Sales Tax, Tax Accountants, Reduce Taxes, Taxes, Contractor Tips

How To Avoid Overpaying Your Construction Business Tax

Posted by Sharie DeHart on Fri, Dec 18, 2020

Contractors want to maintain control without making any changes. "Keep doing the same thing but expecting a different result." 

Throwing the receipts in a shoebox (behind or under the seat in the truck) is the favorite way to deal with paperwork. This is "Under Managing" and frustrates everyone around them who is playing "Where's Waldo?" Job costing is nonexistent; bills are usually paid late, customers are unbilled, lost, and forgotten.

On the other hand, micromanaging every detail is an over-reaction from years of doing as little bookkeeping as possible to prepare the tax return. Knowing what to do, however, will stop you from making a big mess of it.

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Topics: How To Lower Your Tax Bill, Construction Profits, Construction Accounting, Reduce Taxes, Contractor, Contractor Tips, Contractor Operating Tips

Reduce Construction Company Taxes With Year End Equipment Purchases

Posted by Sharie DeHart on Fri, Nov 30, 2012

Buying One More Thing In Before December 31st

Have you checked your QuickBooks Profit and Loss report lately? Sometimes having a few additional business expenses may make the difference in what your tax bracket your net income falls into on your personal return.

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Topics: Section 179, Reduce Taxes

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