4 min read
Key Rules for Home Office Deductions
Do you work from home all or part of the time? If you're self-employed and meet certain requirements, you can write off...
The construction industry is unique and challenging, offering rewarding successes and devastating failures. Because of this, business owners and contractors must constantly be aware of the ever-changing conditions. The industry requires considerable short-term and long-range planning–not only for the actual construction process but also in meeting the company’s goals for bonding, adequate bank financing and taxes. Effective collaboration in these areas can help enhance your profitability.
SSB understands that the construction industry requires specialized knowledge, technology and expertise.
Our team of trained strategic advisors will work with you to identify your needs and develop a plan that will help you and your business succeed in this uniquely challenging industry.
Recommendations to improve working capital to help increase bonding and financing capacities
Analysis of bidding procedures
Preparation of budgets and projections
Financial statements according to present industry standards
Coordination of business and personal tax planning
Multistate issues—nexus, sales and use tax, franchise, income and other taxes
Structuring of business entities
Equipment leasing company considerations
Business continuation/succession planning
Analysis of potential acquisitions and mergers
Estate planning
Construction accounting involves the specialized accounting practices used in the construction industry. It involves tracking and managing project costs, revenue recognition, job costing, progress billing, financial reporting and compliance with industry-specific accounting standards.
Construction accounting is crucial for accurate financial reporting, proper project cost allocation and compliance with industry regulations. It helps construction companies track project profitability, manage cash flow, make informed financial decisions, maintain financial stability and obtain bonding and credit.
Construction accounting differs from general accounting due to the unique aspects of the construction industry. It involves job costing, work in progress schedules, revenue recognition based on project progress, contract billings, change orders and specialized financial reporting formats. Construction accounting also addresses industry-specific regulations and tax requirements.
4 min read
Mar 14, 2024by Kayla A. Emanuelson
Do you work from home all or part of the time? If you're self-employed and meet certain requirements, you can write off...
3 min read
Mar 12, 2024by Eric E. Ehrenberg
C corporation ownersoften need to take cash out of the business to pay personal expenses or to shield excess cash from...
3 min read
Mar 6, 2024by Andrew G. Klapac
The head of household (HOH) federal tax filing status is often misunderstood by taxpayers who might qualify, including...
5 min read
Mar 4, 2024by Nicole M. Ramson
For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is...
4 min read
Feb 29, 2024by Samuel D. Fries
Employees, self-employed individuals and employers all pay the Social Security tax, and the bite the Social Security...
4 min read
Feb 27, 2024by Moira M. Fair
If you own a small business and have children in high school, technical school or college, you might want to ask them...
8 min read
Feb 22, 2024by Nico P. Saborse
The qualified business income (QBI) deduction is available to eligible individuals through 2025. After that, it's...
2 min read
Feb 20, 2024by Bryant J. Croach
Access to capital and funding are among the most pressing concerns that CFOs face today. With traditional bank loans...
4 min read
Feb 16, 2024by Eric E. Ehrenberg
Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be...
4 min read
Mar 14, 2024
Do you work from home all or part of the time? If you're self-employed and meet certain requirements, you can write off...
3 min read
Mar 12, 2024
C corporation ownersoften need to take cash out of the business to pay personal expenses or to shield excess cash from...