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Category: Contractors/sub-contractors

June 10, 2022

Important Considerations When Buying Another Construction Firm

Buying another construction firm can be an attractive way to grow your company’s revenue base. A merger or an acquisition can allow you to: Add a new subcontracting specialty, Acquire an experienced labor force to reach new markets, and Deepen your penetration into the market your firm already serves. But there’s more to mergers and acquisitions than agreeing on a purchase price and signing the paperwork. For example, which employees should be made privy to the transaction? And how do… Read more ›

June 10, 2022

Tax Breaks for Becoming a Landlord

Have you always wanted to buy rental property and become a landlord? As you can imagine, putting up with some tenants can be a pain in the neck. But the discomfort can be eased by the valuable tax breaks available to rental property owners. In fact, favorable tax laws are one big reason why so many fortunes have been made in real estate. Another big reason is that leveraging real estate investments with mortgages can multiply profits. But for purposes… Read more ›

May 16, 2022

Should You Diversify Your Investments with Rental Real Estate?

Many people invest in marketable securities, including stocks, bonds, money market funds and real estate investment trusts (REITs). But a less conventional investment option that’s historically paid off for many investors is purchasing a home or condo to rent out to third parties. This alternative may help diversify your existing portfolio and hedge against public market trends. With any investment, there are no guarantees of success, especially if you have a short time horizon. But rental properties may be a… Read more ›

May 3, 2022

Dealing with Construction Disputes: How Should Your Business Proceed?

  If you’re operating a small construction firm, you may be working on a razor-thin margin to stay competitive. That means you can’t afford additional costs or drags on your time without being compensated. All too often, construction firms lose both time and money when they became embroiled in disputes over projects. Worse, a dispute could ultimately damage a firm’s reputation. Fortunately, however, there are several steps you can take that may help avoid potential disputes and quickly resolve any… Read more ›

April 15, 2022

Look Closely at Insurance Policies

When was the last time you reviewed the insurance coverage on your business property? If you have an insurance agent who works closely with your company, you may be accustomed to periodic reviews to keep your insurance up to date. However, if you bought insurance based primarily on price, these reviews might be left up to you. Some business owners learn the hard way that they didn’t buy enough coverage after suffering losses from floods, fires, thefts, vandalism, lightning, hurricanes,… Read more ›

April 15, 2022

Tax Blueprint for the Construction Industry

  The IRS continues to zero in on what it calls the “tax gap” — the amount between the taxes that are voluntarily paid and the amount the tax agency believes is actually due. To this end, the IRS has issued a series of documents to provide better understanding of the tax code. One example is specifically directed at the construction industry. The tax agency emphasizes instances where taxpayers failed to report, or under-reported, income from construction activities. This applies… Read more ›

March 8, 2022

Use Financial Statements to Make a Solid First Impression

  Financial statements are a must-have for any organization. The balance sheet reveals how much its assets and liabilities are worth based on historic costs. The income statement tells investors and lenders how profitably and efficiently the company has performed during the accounting period. The statement of cash flows details sources and uses of cash from operating, investing and financing activities. All this is relevant information for company insiders, as well as for lenders, bonding companies and other stakeholders. Whether… Read more ›

February 11, 2022

Builder’s Risk Insurance: What You Need to Know

  Builder’s risk insurance provides protection for a structure that is damaged during construction. These policies are usually broad. In fact, the coverage is generally extensive enough to include construction equipment and machinery, as well as materials, fixtures and appliances – all vital parts of a completed structure. It can also cover temporary structures, such as office trailers, on a project site. If a loss occurs, the insurance company will pay to repair the damaged property. However, keep in mind… Read more ›

December 7, 2021

Crunching Numbers for Multiple Corporations

  It might be advantageous from a tax standpoint to run a business through multiple entities. For example, a construction company might form a separate company to own and lease its trucks and equipment back to its related entities. Or a corporation might transfer appreciated property to an affiliated corporation in order to limit risk in case it is sued. However, the IRS may look twice at an operation if it includes multiple business entities — especially if recordkeeping and… Read more ›

August 17, 2021

Lowering the Bar on Performance and Payment Bonding

Acquiring or increasing your firm’s bonding capacity can open a whole new market of jobs. It can allow you to take on a multitude of public works projects or larger, more profitable, higher-profile private jobs that require a more hearty bonding capacity than what you, or your agent, are used to. The traditional method of laying out up to 20% of the bond value in cash collateral may be uncalled for if you approach your agent in the right way… Read more ›