article thumbnail

New Contractor Business Start Up

Contractor Bookkeeping

Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation.

article thumbnail

Unique Tips To Reduce Construction Company Start Up Stress

Contractor Bookkeeping

Tax Advantages For LLC or a Sub S - The profit or loss from your business is passed through to the owners as normal income. Since the LLC or Sub S does not pay state or federal income tax (as separate business entities), you may be able to save money over a Sole Proprietorship; no double taxation.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

We Reduce Construction Company Start Up Stress

Contractor Bookkeeping

Tax Advantages For LLC or a Sub S - If you do not setup your corporation correctly the profit or loss from your business will be passed through to the owners as normal income. All large income and expenses go through one account and keep the debit card in your personal safe. Partnerships Are The Only Ships - Designed to sink.

article thumbnail

A Practical Guide to Construction Accounting Software

Autodesk Construction Cloud

Knowing the implications of when and how to accrue income and expenses across multi-year projects is an art in itself. . Overhead costs can fluctuate month to month based on workers’ compensation, subcontractors, insurance, training, and more. Don’t forget to include insurance, worker’s compensation, and taxes into the figure.

article thumbnail

Contractors Need Reports Not Bookkeeping

Contractor Bookkeeping

Back In The “Old Days” a set of scales was used – one side for income and other for expenses. I keep losing money on change orders can you help stop the money leaks? We have a process for managing change orders. Getting signed change orders can make a huge impact on the bottom line.

article thumbnail

Contractors Want Reports Not Bookkeeping

Contractor Bookkeeping

Back In The “Old Days” a set of scales was used – one side for income and other for expenses. I keep losing money on change orders can you help stop the money leaks? We have a process for managing change orders. Getting signed change orders can make a huge impact on the bottom line.