Many contractors likely sat up and took notice in August when the Inflation Reduction Act (IRA) was signed into law. The IRA is expected to have a substantial impact on the construction industry, largely becauseRead More »Construction industry awaits guidance on new energy tax incentives

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that applyRead More »2022 Q4 tax calendar: Key deadlines for businesses and other employers

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefitsRead More »Separating your business from its real estate

Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring incomeRead More »Year-end tax planning ideas for your small business

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impactRead More »Seller-paid points: Can homeowners deduct them?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they mayRead More »Is your income high enough to owe two extra taxes?

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impactRead More »Inflation Reduction Act provisions of interest to small businesses

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifiesRead More »The Inflation Reduction Act: what’s in it for you?

Many contractors prioritize business financial management over personal wealth management. It’s an easy trap to fall into given how competitive the construction industry can be. Let’s discuss some ways to manage your wealth while youRead More »Manage your construction business … and your wealth

Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? ConsiderRead More »Self-employed? Build a nest egg with a solo 401(k) plan

If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break.Read More »Home sweet home: Do you qualify for office deductions?

The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble aRead More »Why an LLC might be the best choice of entity for your business