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Category: Contractor Chronicles

Year-End Tax Planning: The Most Popular Tax Credits for 2019

Whether you are an individual taxpayer or a small business owner, understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which only reduce taxes owed by the product of the amount of your deductions multiplied by your marginal tax rate, tax credits provide dollar-for-dollar tax reduction. The following […]

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Improve Communications to Improve Cash Flow

To stay on top of their game, contractors must guarantee profitability. Positive cash flow is one way to ensure success, possibly the most critical way. Conversely, cash-flow concerns will quickly thwart a business owner’s plans. Sometimes, cash management challenges are the result of something pretty great – growth. Other times, they are the result of […]

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Recession-Proof Your Construction Business with Better Business Practices

 The construction industry is enjoying a time of robust growth. According to FMI, Total construction put in place estimates for the U.S. project positive momentum in the top three categories, residential, non-residential, and nonbuilding structures, over the next 5 years Top-performing segments (+5% or more) include office, educational, public safety, transportation, manufacturing, highway and street, […]

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FASB Issues Update to Fair Value

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) to clarify implementation guidance and disclosure requirements in leases standard. The update addresses two lessor implementation issues and designates lessees and lessors exempt from a specific interim disclosure requirement associated with adopting the new leases standard. In 2016, FASB released updated guidance […]

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Building Profitable Estimates

Accurately estimating construction costs lies at the heart of a company’s long-term success, which is why the methods and tools that estimators use to arrive at their final bid are so important. Estimates must consider labor, equipment, material, subcontractors, and other direct and indirect costs, such as insurance, permits, and taxes. Omitted or incomplete items […]

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