Construction contractors typically work on different type, size and length contracts. Depending on these variables, recommended contractor accounting methods may differ. Before filing a Federal tax return, construction contractors of any business structure (sole proprietor, partnership or corporation) must choose a method of accounting.
So, why not start with your business tax planning and preparation now?
Monitoring food cost, the percentage of total restaurant sales spent on food product, is critical to a restaurant’s success. By monitoring inventory, eliminating waste and ordering wisely, controlling food costs effectively can be simple and easy.
Unlike many other industries, accounting for the construction companies does not just include a regular series of debits and credits. Instead, a construction accountant uses a system that is designed to match income and expenses to the varying length and size of construction contracts.
Like a contractor accountant, a construction accountant is trained to serve its industry’s specific accounting requirements. This type of accounting includes mostly the categories of: contract revenue, contract costs, trade receivables, gross amount due to/from customers, advances from customers and retention money.
A restaurant profit and loss statement displays a business’ revenues and costs over a specific period of time. This important ledger can effectively track business growth, if you know exactly what items belong in a profit and loss statement. Since understanding a profit and loss statement is difficult, we’re here show you the way.
Each year, about seven percent of tax-paying Americans fall victim to identity theft, the fastest growing crime in the nation. To combat identity theft today, Americans are taught to protect their personal information with a lock-and-key. As a result, many taxpayers fear filing a tax return full of personal data.
Fear not, our tips to combat identity theft will show you there’s little security risk to filing a tax return.
Opening up a business as an independent contractor can be an exciting ordeal. After many long years of exams, countless apprenticeships and some real world experience you finally get to call your own shots. You get to take the projects you want to do and, at the end of the day, you have a business that you can call your own. It’s a great job, but like any small business owner, being an independent contractor carries a certain amount of financial responsibility. Most contractors choose to hire out-of-house accountants to help them manage their finances. Though it is a perfectly acceptable method of financial management, not all accountants are equipped to handle your situation. Here’s how a contractor accountant can help meet your very specific accounting requirements.
Everybody seems to know what tax deductions are but, if you were to ask them what deductions they qualify you’ll more than likely be met with silence. With the constant shift of government legislation year after year it can be difficult to define what you qualify for (unless you’ve been following that legislation throughout the year and that can be time-consuming). We’re guessing you’re already busy enough as is so, we’ve put together a list of the 40 simple tax deductions you could qualify for this year. Simple tax deductions that, we hope, will help save you quite a lot of money.
While winter may be a bit of a down season for landscapers in terms of physical work but, that doesn’t mean it has to be entirely unproductive. It’s tax season which means you’re probably working together with your office manager or your accountant to make sure your taxes are filed correctly. Regardless of who does your taxes, it is still a relatively painful process but, there are ways to alleviate some of the financial stress associated with filing. Listed below are some of our money-saving small business tips for landscapers that you can use this tax season.
With only 69 days left until the April 15 tax filing deadline, now is the time for independent contractors to begin preparing their returns. Filing taxes can be a daunting task for anyone, but it can be especially challenging for independent contractors. To ease this often stressful process, we suggest following our simple tax tips for independent contractors.
For real estate agents, their vehicle is used much more than the office. Many could even stretch that to say, “The only ones in the car more than us are Dale Earnhardt Jr. and truck drivers. Running house to house and office to property, the amount of driving for work that real estate agents do is incredible, that’s why vehicle tax deduction for real estate agents is so important.
Because real estate agents are considered self-employed, independent contractors they are entitled to certain tax deductions and the vehicle tax deduction for real estate agents is the big one. It is important to remember it’s just for gas mileage. Because of the expected business use, vehicle tax deductions for real estate agents also include insurance, parking, repairs, maintenance, license, loan interest and depreciation. To maximize your business profits you need to be aware of the tax breaks and deductions, but first let’s outline available vehicle tax deductions for real estate agents.
