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“Money is a cruel mistress — if you don’t pay attention to her, she will leave you for someone else.” 💸
This saying is very accurate. In my experience those who I’ve witnessed grow significant wealth and scale in a 2-5 year period count their money daily. On that note, with the new y
𝟮𝟬𝟮𝟲 𝗧𝗮𝘅 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 𝗬𝗼𝘂 𝗡𝗲𝗲𝗱 𝗼𝗻 𝗬𝗼𝘂𝗿 𝗥𝗮𝗱𝗮𝗿
Between job sites, crews, retainage, and cash flow swings, tax deadlines will sneak up on you. Here are the 𝗸𝗲𝘆 𝟮𝟬𝟮𝟲 𝘁𝗮𝘅 𝗱𝗮𝘁𝗲𝘀 every construction business owner should plan for now
New Year Resolution Checklist for Contractors Who Want Better Numbers This Year
1/8 Stop guessing your profits. Know them.Automate financial tracking with QuickBooks Online.→ Application: Sync bank feeds, credit cards, and vendor bills for real-time visibility
Some last minute tax deductions for contractors before the year ends:
1️⃣ Maximize Home Office Deductions → Calculate square footage of your workspace. Multiply by $5 for a simplified deduction up to $1,500. Optimize by re-evaluating space usage. A c
If you run an S-Corp and pay yourself a salary + distributions, December 26 is not too late to fix one of the most audited issues contractors face: reasonable compensation.
Underpaying yourself is the #1 reason S-Corps get audited—and it’s how contractors end up owing back payroll taxes, penalties, and interest years later. A few reminders before year
🎄 My Christmas Gift to Contractors
On Christmas Day, I wanted to do something simple and meaningful for contractors who are planning ahead for the new year. Now through December 31:If you sign up for 12 months of bo
Merry Christmas & Happy Holidays to Our Contractor Clients and Partners 🎄
As the year wraps up, I just want to say thank you to the contractors we work with every day. You build, fix, manage, and keep things moving—often while juggling long hours, crews,
Income splitting gets hyped online as “easy tax savings.” In reality, it’s one of the fastest ways contractors end up audited if done wrong.
Yes—income splitting can be legitimate. But only when it’s real, documented, and defensible. What income splitting is not:• Hiding income• Paying family members who don’t actually
If you’re just thinking about tax planning in December, you’re already behind.
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
The construction tax planning strategies that separate $100K from $1M businesses:
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
“We set up a 529 for our kid, but now they’re not going to college. Are we stuck paying taxes if we take the money out?”
I get this question every now and then. Short answer: not necessarily. Yes — if you cash it out for non-qualified expenses, the earnings portion is taxable.But there are several sm
🚧 Contractors expecting a tax refund in 2025 — read this.
The IRS is moving away from paper refund checks starting with 2025 tax returns. If you don’t include direct deposit information on your return, here’s what happens 👇• Your refund d
If you own an S-Corp and work in the business, the IRS expects you to pay yourself a reasonable salary.
Not sometimes.Not “when cash flow improves.”Always. Here’s why this matters in construction 👇Many contractors take little (or no) payroll and pull everything out as distributions t
I get this question all the time:“Is it okay if I move money from my business to my personal account?And what if I need to put it back later?”
Short answer: Yes — but only if it’s done correctly.And the rules depend heavily on your business structure. If you’re a sole prop or single-member LLC, pulling money out is usuall
🚧 Contractors with multiple companies — this is a common tax trap.
A lot of contractors set up separate corporations thinking:• one for operations• one for equipment• one for real estate= more write-offs and flexibility Here’s the problem 👇If the
🚧 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). Important part most people miss 👇• The
If you’ve ever thought about installing EV chargers at your shop, yard, or office, the clock is officially ticking.
The Alternative Fuel Vehicle Refueling Property (AFVRP) Credit is set to expire for equipment placed in service after June 30, 2026. That gives you seven months to act. Here’s what
Master Tax Moves Contractors Should Make Before Year-End in 30 days with this bulletproof roadmap:
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
Employee benefits are getting pricey—especially for contractors running tight margins. A simple fix that helps both you and your crew?
Use a Section 125 Cafeteria Plan. Employees choose the benefits they want, and pay for them with pre-tax dollars.You save on payroll taxes, and they get more out of their paycheck.
Here’s a tax move most people in the trades are not using — and it can build serious wealth for your kids tax-free.
Thanks to the new tax law, 529 plans now cover way more than college, including: ✔️ Trade schools✔️ Apprenticeships✔️ Licenses & certifications✔️ Tools required for training✔️ Priv
If you’re planning to bring on additional workers in 2025 — especially with busy seasons ahead — don’t sleep on the Work Opportunity Tax Credit (WOTC). This credit rewards employers for hiring from certain “target groups,” and for the construction industry (where labor shortages are real), it can be a big win.
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. 🔹 Even higher
Beginning with the 𝟮𝟬𝟮𝟱 𝘁𝗮𝘅 𝘆𝗲𝗮𝗿, custodial crypto platforms are required to report digital asset transactions on the brand-new 𝗙𝗼𝗿𝗺 𝟭𝟬𝟵𝟵-𝗗𝗔. That means if your business buys, sells, or accepts crypto through major custodial platforms (e.g. Coinbase, BitPay, or hosted wallets), those transactions will now be sent directly to the IRS—similar to how stock sales are reported on a 1099-B.
Here’s why this matters for construction companies: 🔹 𝗖𝗿𝘆𝗽𝘁𝗼 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗷𝗼𝗯𝘀 𝗰𝗼𝘂𝗻𝘁 𝗮𝘀 𝘁𝗮𝘅𝗮𝗯𝗹𝗲 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀. If you’re accepting crypto for services or materials, custodial broker
For contractors are thinking of spinning off new divisions or creating subsidiaries: If you now own 2+ entities and some employees work for both, you may be paying too much in payroll taxes without realizing it.
The Fix: Use a Common Paymaster Run payroll for shared employees through one entity. This prevents both companies from paying FICA on the same employee once their combined wages ex
The truth about best ai construction software that industry insiders won’t tell you:
1. Stop wasting time on outdated methods. These AI tools cut project delays by 30%. ✓ Automate Scheduling AI-driven software like ALICE Technologies predicts project timelines. → I