Owning your own construction business provides the opportunity for numerous deductions, but you also need to make sure you don’t become a target of the IRS. In order to prevent that from happening to your business, it is vital to keep good records of your business expenses. By understanding the types of expenses that create a deduction (Deductions help you lower your tax burden) and how to properly document the expenses, you will be able to significantly reduce your tax bill and keep more of your hard-earned money in your pocket.
Here is a typical list of expenses and tax deductions in a construction business that you must keep in mind and remind your CPA or tax preparer to claim them for you:
Being organized today can keep you away from a lot of problems tomorrow. When it comes to claiming self-employed deductions, it’s essential to have all of your expenses recorded, especially when it comes to a potential audit. Nowadays, it is quite affordable to hire a book-keeper who can track and organize your expenses throughout the year, so you can save yourself some time and focus your attention where it’s needed most. Give us a call for FREE CONSULTATION, We are here to serve you.