Tax law changes constantly and most of the coverage is written for accountants. This is the plain-English version for contractors: what changed, whether it affects a construction business, and what to do about it before the deadline.
Small Business Tax Hack: Hire Your Kids Did you know you can legally pay your children through your business — and reduce your tax bill at the same time?
Contractors taking crypto? The IRS is about to see it. Starting in 2025, crypto platforms like Coinbase, BitPay, and custodial wallets must report transactions to the IRS on a new form (1099-DA).
If you’re in construction, trucking, or heavy equipment, and you’ve been thinking about adding EV or alternative-fuel infrastructure, now’s the time to move.
Most contractors don’t get in trouble because they stop making money on paper. They get in trouble because they lose access to the credit that keeps jobs moving—lines of credit, eq
If you’re profitable but still getting hit with a massive tax bill, there’s usually one root cause: your structure isn’t optimized. I see it all the time:• Default LLCs with no str
The Energy Efficient Home Builder Credit (IRC §45L), a federal tax credit worth up to $5,000 per home or apartment unit. With passage of the OBBBA, this credit expires for homes ac
We recently worked with a high-income contractor who had a strong year and came in late Q4 looking to reduce taxes. Some strategies still worked. Most didn’t. What can still work l
1. Leverage Cost Segregation Studies → Accelerate depreciation on building components. Boosts cash flow by 20% in year one. 2. Implement a Tax-Efficient Entity Structure → Use LLCs
Step 1: Audit your expenses → Identify deductible expenses. This reduces taxable income and increases savings. Step 2: Maximize retirement contributions → Contribute to SEP IRA or
Here’s the quick rundown: Up to $2,400 per qualifying new hire.The basic WOTC gives you 40% of the first $6,000 in wages paid — that’s a $2,400 credit per employee.
Prepay Expenses (IRS 12-Month Safe Harbor) Cash-basis businesses can prepay up to 12 months of expenses—such as rent, insurance, or equipment leases—and deduct them this year. Exam