Could your construction business qualify for an energy-efficient tax deduction?
Section 179D of the Internal Revenue Code allows a deduction for the cost of energy-efficient improvements to new or existing commercial buildings, as well as certain residential rental buildings. Originally a temporary incentive that was renewed several times, the tax … Read more…
An insurance policy glossary for construction business owners
Every type of business needs at least a few insurance policies. Construction companies, however, tend to need many of them. After all, there are so many risks to guard against. Precisely which types of coverage your company needs will depend … Read more…
Check your construction company’s vital signs with KPIs
When you go to the doctor, the first thing the medical staff likely does is check vital signs such as your temperature and blood pressure. They do so because, if any of these measurements are outside the norms, the doctor … Read more…
Use proactive measures to manage materials and labor costs
High inflation and rising interest rates are still affecting many businesses. For construction company owners, this means you’ll need to continue paying close attention to materials and labor costs. Keeping these dollar amounts in line calls for ongoing proactive measures. … Read more…
Your construction company may be able to claim the fuel tax credit
The federal fuel tax credit recently made the news when it was referenced on the IRS’s most recent “Dirty Dozen” list of tax scams. However, the false fuel-tax-credit scam involves dishonest third parties telling individuals that they may qualify for … Read more…
Beefing up benefits may save tax dollars for construction businesses
Construction companies continue to find themselves embroiled in a protracted battle for skilled labor. One fundamental way to recruit the best talent and retain valued employees is by offering competitive compensation and benefits. Let’s focus on the latter, which may … Read more…
11 ways your construction company can avoid accounting mistakes
One of the not-so-secret ways to run a profitable construction business is to follow sound accounting practices. Mistakes in financial reporting can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills and underfunded payroll. Here are … Read more…
Manage your construction business … and your wealth
Many contractors prioritize business financial management over personal wealth management. It’s an easy trap to fall into given how competitive the construction industry can be. Let’s discuss some ways to manage your wealth while you run your business. Separate the … Read more…
Contractors must clear a high bar to claim disruption damages
It’s not unusual for a construction contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the slowdown, such as increased bond or insurance premiums, extra … Read more…
Placing a high value on a construction business valuation
If you own or co-own a construction business, it’s likely your most valuable asset. But the question is, just how valuable is it? This is something you’ll need to contemplate regularly throughout your tenure because the answer will change. The … Read more…
