Contractor's Year-Round Tax Guide
Contractor's Year-Round Tax Guide: Plan Your Business to Minimize Your Taxes Revisited Edition is a complete tax advisor for contractors, revised to conform to the latest changes in the tax code. Filled with the type of advice high-priced accountants and tax pros give their contractor clients, it shows how to set up and run a construction contracting business to minimize tax burden. The book:
- Explains in language any contractor can understand the tax advantage of each form of company organization, how to handle equipment purchases and leases, what the IRS allows and what it often questions.
- Shows how to use the asset recovery system, what forms of compensation are deductible, and how to protect your company from tax traps that many contractors fall into.
- Describes corporate tax strategy and how to use it to your advantage, why you should consider incorporating to save tax dollars, what you should be aware of in contracts with others (includes sample contracts), and how real estate can work as a tax shelter for your company.
- Covers the tax advantages of profit-sharing and pension plans, special tax shelters for builders, how investments can reduce your tax liability, accounting methods that are best for contractors, how to keep records that meet IRS requirements, and the best filing method for your company. Includes a checklist of deductions you should take and a list of what income is deductible and what is not.
This practical working manual has clear examples, diagrams and checklists that can reduce the taxes your construction company has to pay. If your accountant and tax advisor don't specialize in tax strategies for construction contractors, you need this new reference.