Production is booming, demand is high and you are humming along at full capacity, so you decide to take on more work. Just about the time you think business couldn’t get better … crash! Read on to find out what went wrong?
Author: Kent Beachy
The IRS is taking a more aggressive stance in its efforts to define the difference between what it considers to be business losses versus your hobby losses. If you engage in any type of “for-profit” activity, here are a few things you need to know. Where’s The Profit Motive? Before you go any further, take … Continued
There are many reasons to have a strong balance sheet as a small contractor. Not only is your business one of the largest and most important assets you own, but many third parties such as lenders, sureties, insurance companies and customers may rely on your financial position to make decisions that will ultimately affect your … Continued
Internal controls are processes and procedures designed to ensure that accounting data is properly authorized, recorded and reviewed to ensure its accuracy. These also include controls to ensure that physical assets are properly safeguarded to prevent misappropriation. If you’re a small business owner, you may find that you often face limited accounting staff and are … Continued
Kent Beachy Mar 6, 2014 Internal Revenue Code (IRC) Section 179 allows eligible taxpayers to elect to expense the cost of certain depreciable property in the tax year the property is placed in service. Basically, property that is eligible for the Section 179 deduction privilege includes most depreciable tangible personal property and software used in … Continued
The recent recession and the current recovery have presented businesses with many unique challenges and new opportunities. As a business owner, you may be finding ways to grow in the new economy. Some common strategies and transactions include: Acquiring assets that other companies have abandoned Forming joint ventures to create synergy Buying an existing company … Continued
All too often, contractors see contract schedules as a necessary evil. They’re the things that accountants make you prepare and put in the back of your financial statements.
A construction company’s ability to properly estimate and manage job cost and profitability is a determining factor to its success. Estimate too high and you won’t be doing much work. Estimate too low, on the other hand, and risk leaving money on the table, as well as potentially entering into contracts that could simply be … Continued
Even if your business survived the recession, your property values definitely didn’t. You might think that your property values won’t impact your business until you’re ready to sell. But, did you know that they can affect your ability to refinance your mortgage or continue your line of credit? Beware the Loan to Value Ratio “Many … Continued
Here we are, barely two months since you filed your 2011 taxes. Your 2012 taxes are the furthest thing from your mind. So why should you care about April 15, 2013? It’s never too early to start planning your taxes and personal financial situation for the upcoming year. Starting early will give you more time … Continued