Estimated Tax Planning for Construction Company - In the video above I go over estimated tax planning for construction companies. If you are a contractor making less than $10,000,000 per year in revenue, you most likely file your taxes using the Completed Contract Method. If you make more than $10,000,000 in revenue, there are regulations that require you use the Percentage of Completion Method, which is not as beneficial from a tax standpoint.The Completed Contract Method allows you not to … [Read more...] about Estimated Tax Planning for Construction Company
Bookkeeping for Contractors
Cash Flow Projection for Contractors
I go over cash flow projection for contractors in this video. The cash flow statement is a historical statement. The cash flow projection is what you think your cash flow is going to be in months or years to come.Cash flow projection is a very important report but of course, by its nature, very speculative. But the more you do it, the easier it gets to spot trends so that you can create a very accurate report.Some contractors might think that this report is not necessary for their … [Read more...] about Cash Flow Projection for Contractors
Recording Construction in Progress in QuickBooks for Development Property
In this video, I want to go over accounting for a property that you own and are developing yourself. In this example, you are buying the land and developing the property yourself rather than constructing a building on the property for another developer. I will show you how to account for the construction in progress in QuickBooks.If you've watched any of my other videos, you know that when you are building a property for somebody else, you put it on the Profit and Loss statement, in direct … [Read more...] about Recording Construction in Progress in QuickBooks for Development Property
Cost Codes for Construction Companies
Cost codes are a convenient bookkeeping tool for construction companies. They are also very useful for job costing and help you keep track of everything in a spreadsheet. In this video, I go over a few different types of cost codes you can use for your construction company and give real life examples of some of the cost code categories and cost items used by commercial and residential builders.The order of the cost codes follows along with the timeline of a build. For a commercial … [Read more...] about Cost Codes for Construction Companies
