1,450 plain-English guides on us tax, each one ending in what to do next.
A contractor's guide to setting up construction bookkeeping: chart of accounts, cash vs. accrual method, job costing fundamentals, and common mistakes.
US TaxConstruction income is lumpy. Here's how contractors calculate quarterly estimated taxes, meet the safe harbor, and avoid underpayment penalties.
US TaxMost contractors run the business side from home. Here's how the home office deduction works for construction businesses, including which method saves more.
US TaxSales tax on construction is a mess. Some states tax materials at purchase, others tax the installed price. Here's how it works and where the exemptions are.
US TaxA GC who pays subcontractors $600 or more must file 1099-NEC. Here's the full compliance process: W-9 collection, TIN matching, deadlines, and penalties.
US TaxConstruction CPA fees range from $1,500 to $10,000+ for tax returns, $500 to $2,000/month for bookkeeping, and $5,000 to $30,000+ for audited financials.
US TaxNonprofit audit fees range from $5,000 to $25,000 for a standard financial statement audit, $10,000 to $40,000+ for a Single Audit, and $1,000 to $5,000 for Form 990 preparation.
US TaxEverything a new contractor needs to set up the tax side of the business: EIN, entity choice, licensing, insurance, bookkeeping, and first-year deductions.
US TaxAppliance repair businesses deduct diagnostic tools ($500-$3,000), replacement parts inventory. Major deductions for appliance repair businesses: Tools.
US TaxAppliance repair parts are 15-30% of revenue and fully deductible (either as COGS or supplies).
US TaxAppliance repair businesses are NOT SSTBs and qualify for the full QBI deduction. The S-Corp election saves $3,000-$7,000/year at $90,000+ net profit.
US TaxAppliance repair businesses have stable year-round demand (appliances break in every season). Set aside 25-30% of net profit quarterly.
US TaxAppliance repair is one of the least seasonal trades (appliances break year-round). Monthly revenue variance is typically 85-115% of average.
US TaxATM machines are depreciable assets ($2,000-$8,000 each, 7-year MACRS eligible for bonus depreciation). ATM business deductions: ATM machines (depreciable.
US TaxATM operation is NOT a specified service trade or business (SSTB). S-Corp election makes sense at $55,000-$65,000 in net profit.
US TaxATM businesses are minimally seasonal (5-15% variance). Machine purchases create large Year 1 depreciation deductions that reduce or eliminate estimated.
US TaxAuto body shop deductions center on parts and materials (35-45% of revenue), paint booth and frame machine depreciation, and facility costs.
US TaxAuto body shops are NOT SSTBs, so the QBI deduction applies at all income levels. Parts and materials cost 35-45% of revenue (the largest variable cost).
US TaxAuto body shops have mild seasonality (winter and spring are slightly busier due to weather-related accidents). Insurance/DRP work provides steady volume.
US TaxAuto body shops can deduct paint booths ($40,000-$150,000, Section 179), frame machines, paint and materials, parts costs, garagekeepers insurance.
US TaxAuto body shops are NOT SSTBs and qualify for the full QBI deduction. The S-Corp election saves $5,000-$12,000/year at $120,000+ net profit.
US TaxAuto body shop revenue is relatively steady (accidents happen year-round) but insurance payment cycles create 30-45 day cash flow delays.
US TaxAuto repair shops deduct parts and materials as cost of goods sold, tools under Section 179 or de minimis safe harbor.
US TaxAuto repair shops are not SSTBs, making the full QBI deduction available at any income level.