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Five IRS Audit Mistakes To Avoid

Building Savvy

Five IRS Audit Mistakes To Avoid
The IRS audits about 1 million taxpayers each year. While the agency is understaffed, that doesn’t mean you’ll slip through the cracks. IRS software automates the selection process now by flagging returns that show abnormalities: Perhaps the return deviates from what’s normally filed, or it’s been linked to a family member, investor, or business partner who is being audited. Also, the more money you make, the more likely you are to be audited.

Small Contractor Tax Relief: Do You Qualify?

Building Savvy

Small Contractor Tax Relief: Do You Qualify?
If you’re a small business contractor with annual gross receipts averaging $25 million or less in the past three-year period, the recent tax changes may have given you a valuable leg up. The small contractor exemption threshold has increased for the first time since 1986, allowing more building contractors to pick the accounting option that works best for certain long-term contracts, inventory expenses, and other capitalized costs.

Passing Down Your Family Business

Building Savvy

Passing Down Your Family Business
If it’s the latter, emotions can further complicate matters. Family business owners are often caught without a safety net when the sons or daughters they always envisioned running the business one day are either unwilling or unable to do so.

Retiring and Your Taxes

Building Savvy

Retiring and Your Taxes
If you’re planning on retiring soon, congratulations! Enjoy and celebrate, but also take some time to understand how retiring right now will influence your future tax returns.

Don't Overlook The R&D Tax Deduction

Building Savvy

Don't Overlook The R&D Tax Deduction
Maybe you’ve been challenged to build stronger, lighter, faster, or more environmentally friendly, energy efficient, or automation-enabled. Perhaps the architectural design of the home is unique and requires outside-the-box building techniques or materials. Or maybe you’re building near an Interstate and have a new idea for sound-proofing.

Your Tax Structure May Need a Remodel

Building Savvy

  • 5 February 2019
  • Author: Alexander Carr
  • Number of views: 0
  • 0 Comments
Your Tax Structure May Need a Remodel

While the decision shouldn’t be taken lightly and could incur significant costs, reviewing your options should be something you do on a regular basis, similar to performing regular maintenance on a vehicle, so it continues to run smoothly. Even seemingly small changes could signify a tax structure modification is in order.

Exit Planning And Your Taxes

Building Savvy

Exit Planning And Your Taxes
Are you considering selling your business this year? What about in five years or in 10 years? Believe it or not, it can take a decade of solid planning to exit a business on top, at least when it comes to saving taxes. Business owners who skip exit planning often lose to the IRS more than half of the total amount paid for the sale.

End of Year Tax Savings

Building Savvy

End of Year Tax Savings

There are unique tax-saving opportunities only available before year’s end. For just a moment, set down your pumpkin spice latte and roll up your sleeves. The following tips could truly make this the most wonderful time of the year when it comes to tax savings.

Immediate Deductions: New Tax Savings for Business Purchases

Building Savvy

Immediate Deductions: New Tax Savings for Business Purchases
There’s never been a better time to purchase equipment and other assets for your business, at least as far as the IRS is concerned. That’s because both Section 179 deductions and the new bonus depreciation deductions have been greatly expanded under the Tax Cuts and Jobs Act of 2017. The move could result in immediate and complete tax savings on purchases and improvements your business needs to thrive.

Yes! Your Taxes Can Wait

Building Savvy

  • 11 September 2018
  • Author: Alexander Carr
  • Number of views: 0
  • 0 Comments
Yes! Your Taxes Can Wait

Hidden in the massive new tax code is a tiny change allowing more builders to defer a substantial amount of taxes. The change has to do with the special accounting methods allowed for certain contractors. Overlook it, and you could be throwing money away. 

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