This guide includes year-round strategies to make the tax laws work for you. Learn about important tax law changes and ways to minimize your income tax liability. Table of Contents: Income & Deductions Executive Compensation Investing Real Estate Business Ownership Charitable Giving Family & Education Retirement Estate Planning Tax Rates
Many construction company owners might assume that a tax credit related to research and development is out of their reach. Au contraire — contractors can and have claimed the research credit for improving construction techniques or developing industry – related software. Here’s a refresher on this potentially valuable tax break. Making the grade Essentially, the…
The House of Representatives passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of negotiations for the past several weeks. The vote on the bill was held after the Congressional Budget Office (CBO) released its…
President Biden signed the Infrastructure Investment & Jobs Act on November 15, 2021. Key tax provisions include the retroactive termination of the employee retention credit and information regarding reporting cryptocurrency. These and many more provisions are covered below. INDIVIDUAL PROVISIONS Automatic Extension of Certain Deadlines for Taxpayers Affected by Disasters A mandatory (automatic) 60-day deadline…
For construction companies struggling to find skilled labor, a generous benefits package that includes a robust retirement plan can be a powerful recruiting tool. But providing cost-effective, high-quality retirement benefits for employees can be a challenge — especially for small businesses. One new option to consider is a pooled employer plan (PEP). This variation on…
It’s not unusual for a contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the delay, such as increased bond or insurance premiums, extra supervision costs, additional equipment or utility costs, and higher home office overhead. In some cases, however,…
If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan doesn’t cover — you may want to explore other funding…
Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pandemic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does your cybersecurity risk. Fight complacency Many of the most infamous…
If you own or co-own a construction business, it’s likely the most valuable asset in your possession. But the question is and will remain throughout your tenure as an owner: Just how valuable is it? The answer is variable because, as you’re likely aware, the value of a company rises and falls depending on a…
Our latest edition of The Construction Compensation Report shares salary infomration for three contractor positions. We offer this Report to provide you with benchmarks relating to compensation for three industry positions: Senior Project Manager, Senior Estimator, and Controller. The Executive Compensation Survey for Contractors and the Construction Management Staff Salary Survey were utilized to pull this data together. These…