Construction Company Bookkeeping For Contractors All Across The USA Including Alaska And Hawaii

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

Tax Tips For New Construction Business Owners

Posted by Sharie DeHart on Fri, Jun 26, 2020

The tax deadline is postponed to July 15, 2020. If you just started your construction business last year and haven't filed yours yet, this post would be helpful.

Your tax bill is based on reports produced by your accounting system. Want to avoid paying more than you should come tax time? Or a frantic last-minute search for missing financial records?

New construction business owners have a lot on their plate, and can quickly lose track of an approaching tax deadline or financial data needed to submit their return.

Organization is key when preparing for tax time, as is taking advantage of the many tools and resources out there to support new entrepreneurs.

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Topics: How To Lower Your Tax Bill, Construction Accounting, Annual Tax Return, Income Tax Preparation Checklist, Contractor, Contractor Tips

You Could Be Paying Too Much Taxes With The Wrong Bookkeeper!

Posted by Randal DeHart on Fri, Jun 01, 2012

Your Tax Bill Is Based On Reports From Your QuickBooks Construction Accounting System

QuickBooks For A Tiny Company - But not any construction company, can be setup and maintained by just about anyone who can fog a mirror. Setting Up QuickBooks and Maintaining QuickBooks for a construction company is a whole different thing. It is the difference between flying a tiny remote control toy plane at the park on a sunny afternoon and piloting a Boeing 787 jetliner with your company and everyone depending on it aboard.

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Topics: How To Lower Your Tax Bill