Section 179 Deduction: List of Vehicles & Tools That Qualify
If you’re a contractor looking to save some serious cash on your taxes, this one is for you! The Section 179 deduction is about to become your new best friend. This tax provision lets you deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. Yes, you read […]
Write Off Your Vehicle for Taxes: How to Guide
Learn how to write off your vehicle for taxes. Discover eligible expenses, calculation methods, and tips to maximize your deductions while staying compliant. Are you a business owner or self-employed individual looking to save some money on your taxes? There’s a lot of information out there about what you can and can’t do when it […]
How to Pay Yourself as an S-Corp Owner
One of the most crucial decisions you’ll face as a business owner is determining how to pay yourself as an S-Corp. It’s not as simple as writing yourself a check whenever you need money – there are specific rules, regulations, and tax implications to consider. Let’s dive into everything you need to know about S-Corp […]
1099 vs W2: What Contractors Need to Know About Hiring
The age old debate among contractors: what is the difference between 1099 vs W2 employees?We have seen so much bad advice online (contractor groups on Facebook, we’re looking at you), so we had to write a blog about it to clear up the confusion. Here’s the thing: understanding the difference between 1099 and W2 workers […]
BOI Reports: Your ‘How to’ Guide to Filing
Hey, business owner! I’m sure you’ve heard about BOI Reports for several months & you probably have a ton of questions. After all, it’s brand new and the information out there is confusing. Below, we’ll tell you everything you need to know about BOI reports and how to file them on your own before the […]
Cash Vs Accrual Accounting for Construction Businesses
Understanding Cash vs Accrual Accounting: The Basics At its core, the debate between Cash vs Accrual Accounting centers around when you recognize (or ‘count’) revenue and expenses in your financial records. Let’s get into it: Cash Method Accounting Under the cash method, you record revenue and expenses when cash actually changes hands. This means: For […]
1099s: Everything Contractors Need to Know
Gain essential knowledge about 1099 forms for contractors and construction professionals. Learn who gets a 1099, when 1099s are due, how 1099s work & the different types of 1099s.
As a contractor, roofer, or business owner in the trades and construction industry, understanding the intricacies of 1099 forms is crucial for maintaining compliance with IRS regulations. This guide will break down everything you need to know about 1099s in a clear, concise manner that’s relevant to your field.
