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Category: Contractor Chronicles

Avoid These 3 Tax Mistakes in Your Construction Firm

Many construction companies don’t realize how much money they are leaving on the table because of missed tax credit and deduction opportunities. On top of that, mistakes in accounting methods and classifications can cost contractors large sums at the end of the fiscal year. In this article, we will look at three common tax mistakes […]

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How Builders Can Prepare for Opportunity Zone Projects

On December 19, the Internal Revenue Service (IRS) issued final regulations regarding investments in and qualifications of opportunity zones. In addition to providing clarity around taxpayer eligibility and deferral permissions, the document addressed the various requirements for qualified opportunity funds (QOF) and qualified opportunity zone (QOZ) businesses. From a tax perspective, this guidance will solidify […]

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2020 Standard Mileage Rates Announced for Business, Charitable, Medical, and Moving Purposes

The Internal Revenue Service recently issued the 2020 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. Specifically, the IRS mileage rate is a guideline that businesses […]

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How to Avoid Payment Disputes with Cost-Plus Contracts

When it comes to getting paid for your work, it should be straightforward – submit an invoice and get paid. Rarely, however, is this transaction so simple. The culprit of payment disputes usually boils down to the contract. The key to neutralizing tensions surrounding payment terms (and getting paid), is to establish a simple contract […]

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3 Tactical Budget Reminders for Construction Firms

When you run a small business, you wear more than just one hat, but is budget master one of them? When it comes to protecting your bottom line, your budget plays a critical role. A smart budget accurately sets the tone for the timeline of your project; it also determines the people you hire and […]

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