All construction contractors are not the same.
The construction industry is faced with many unique tax structures. Likewise, the IRS classifies construction contractors by the type of work they do.
Contractors are required to report a Principal Business or Professional Activity code and description when filing a tax return.
The IRS has also identified several issues that may cause problems for the owners of small construction businesses. These issues include:
- Accounting Methods
- Capitalization of Indirect Costs to Long-Term Contracts
- Independent Contractor or Employee Classification
As the owner of a construction business, your primary concern is running the business.
- Let the tax professionals at Bayshore CPA’s. P.A. worry about your accounting methods, capitalization of indirect costs, worker classifications, as well as other requirements and changes to the tax code that affect your industry.
You just take care of your construction contracts.
Bayshore CPA’s, P.A. is experienced in dealing with various accounting aspects of the construction industry and are equipped to ensure you are receiving all your qualified deductions.
The tax professionals will also help you avoid tax gaps by ensuring you are paying the right amount of taxes you owe, no more or no less.
- This avoids bigger tax problems down the road.
At Bayshore CPA’s, P.A. we understand the workings of the construction industry as well as the associated tax laws, some specific to the construction industry, that could help you save money.
- One of our partners has been a licensed general contractor for more than 20 years and has helped many clients in the construction industry, from plumbing and painting contractors to residential builders and developers, resolve tax problems as well as organize and manage their businesses.
Knowledge of the inside workings of the construction industry can make all the difference in resolving any tax controversy to your advantage.
Your peace of mind is our motivation. We offer services for:
- Filing back taxes
- Compiling required financial records
- Releasing tax liens and levies
- Ending wage garnishment
- Preparing Offers in Compromise
- Negotiating Installment Agreements
- Tax penalty abatement
- Resolving payroll tax problems
- IRS tax audit representation
- Home office qualifications and methods
- Determining other qualified deductions
Trust your business to the people at Bayshore CPA’s, P.A. who know the construction industry and the tax laws that govern it.
Call our office now located in Mooresville, NC at 704-660-9317 to schedule your consultation.