Construction Tax Filing: Easy and Convenient
The construction industry has many unique problems with its income tax accounting. Things like completion costs, revenue recognition and expense timing affect you. The good thing is you’re no longer alone in dealing with these items. I understand and can help.
Your pain points with taxes are solved by contacting me today. You don’t have a lot of extra time to focus on taxes. So, let me handle that aspect of your business. I can get your income and revenue data formatted so you can go to work worry-free. You handle the job site; I’ll handle the paperwork.
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There are several areas of construction income tax filing that are complex. They include accounting methods, capitalization and worker classification. When it comes to construction tax accounting, the firm of Ernest L Tomkiewicz CPA PLLC has you covered. One call and you will be on your way to a free consultation with a tax accountant.It could save you thousands in tax dollars. And more importantly, help you avoid IRS fines and penalties.
Accounting Methods
You have many options as a construction company when it comes to income taxes. These decisions can make or break your company. Do you know whether you should be a cash or accrual basis taxpayer? More importantly, do you know why? The answer to these questions can save you in income tax as well as avoid IRS penalties. Know your accounting methods. We speak in plain language that you understand, contact us now.
“The construction industry faces many challenges.
Taxes are the number one concern”
Ernest L. Tomkiewicz CPA
Capitalization
When and how to capitalize cost and expenses to a project can seem confusing. Timing is an issue, as is correct application to projects. Under capitalized projects will look suspicious to the IRS. Just as much as an over-capitalized one. Avoid the common pitfalls by calling us now.
Worker classifications
One of the biggest headaches for construction companies is determining worker classifications. When someone is an employee, or an independent contractor is a subjective point. Making sure you comply with the rules and regulations is something we can help with. Start by filling out our contact form and you will be on your way to compliance. Your consultation is free so you have nothing to lose.
What is percentage of completion accounting?
The percentage of completion accounting is reporting of revenue and expenses on a periodic basis. It is done by the percentage of the contract that has been performed.
What is the difference between an employee and a subcontractor?
Some of the differences include the following: the amount of control you, or the employee, has on the job. How and when the employee is paid. Who owns the workers tools. How long and often the relationship lasts. And several other factors.
Why would you capitalize expenses?
The main reason is that these items are not expenses of one period (i.e. a year). They are items that are devalued over several years and must be accounted for by expensing over time.
What is completed contract accounting?
This is a method of accounting where by all revenue and expenses are accounted for at the end, completion, of a contract.
