Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 0357, And It's About Annual Tax Return Pointers For Construction Contractors Preparing for tax season is a year-round endeavor. Well-organized small businesses are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information.   Tip number one for construction company owners is to update financials every month, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place.    Second - The Profit And Loss Balance Sheet is what Tax Accountants use.   The numbers on these reports offer a summary snapshot of your business. They are referred to and reviewed over and over by banks and others.   Below is a copy of the "Schedule C” it is the standardized format from the Internal Revenue Service.  Besides the bottom number, what does it tell you? I suspect minimal information. Why? Because the Internal Revenue Service has rules/regulations/restrictions about their forms and a