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Back office support can make or break your construction company and that’s where we come in. We can do you the most good by bringing order to your chaotic contractors bookkeeping mess! Most of our clients come to us because they believed they needed someone to straighten up their contractors bookkeeping services system, help them get current or quarterly payroll tax filings, sales tax returns and a variety of other tax issues. That is only the tip of the iceberg! 

The real value in working with us is not just getting you out of trouble now but keeping you out of trouble in the future so that you can focus your time and energy where it will do you the most good…acquiring profitable and pleasant customers and clients and satisfying their needs. 

 

Warm Regards,

Randal DeHart | Premier Contractors Accountant

 

This is one more example of how Fast Easy Accounting is helping construction company owners just like you put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

 

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

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Dec 29, 2017

This Podcast Is Episode Number 0249, And It Will Be About Contractor Are You Ready For A Very Happy New Year?

The year has almost come to an end. Just a handful of things left to do. The term “Burning The Midnight Oil” comes to mind. Some things need to be done and date stamped on or before December 31 of each year or it does not count for the current year.

Payroll – Did you take any personal payroll (S-Corp) If not, it may impact your personal deductions. 
IRA – 401K Making those final payments before midnight on December 31. (Do not wait until 11:59 PM)
Some plans allow you to make payments until April 15th (double check the dates– do not assume) 
End of the year income - Getting one last customer invoice out and receiving the payment     
Last minute purchases to count on 2017 taxes (expenses or larger item which qualifies for depreciation)

January 1 – is the time that the reset button on company financials, payroll tax threshold, expenses, and income start over at Zero. Do you have deductibles that reset or annual caps?      

Tax Accountants will be demand explaining how the new changes will impact of and every one of us.  
Many changes are coming at the Federal level with the new tax plan passes. Reading the highlights of the new tax plan, we can expect the IRS to be busy in the next few weeks rolling out the new tax rates and how it is applied to the Federal Withholding on your paychecks. Within the pages of the various tax codes that might cause changes in the 2017 tax software. Congress picks whether any tax increase or decrease impacts yesterday, today or tomorrow. Tax accountants keep on top of changes.    

Do not expect to be able to file your annual taxes on January 1, 2018.   

IRS Statement on 2018 Filing Season Start Date. The IRS has released a statement regarding the first official day to file taxes in 2018. “The IRS Statement on 2018 Filing Season Start Date is basically that there is still no official date. Due to all of the current legislature going on regarding tax laws, there is no official start date for 2017 Tax Season.”

Most common State changes are tied to minimum wage rates and employee benefits (example PTO, Sick Pay, Vacation Pay, other employee benefits). Individual cities can be different than the rest of the state (Seattle). Recommend using a 3rd Party Payroll Service with an HR Component to keep in compliance.     

Hint For a Pre-New Year’s Day Activity 
This is one of the Not So Fun aspects of running a business. You Are The Boss! Buck Stops Here! In addition to doing all the Fun Stuff (meeting your clients). Employees in general (maybe not yours) will start asking for their W2 on January 1st (or before) thinking that they can immediately file. 

Some employees might be planning to use a service to file their tax return and receive a “tax refund loan” so they will have their money instantly. To avoid hearing employees ask over and over – it will be less time consuming to send out the W-2 forms sooner rather than later. 
   
Create W-2 and Pass Them Out As Soon As Possible – Remember To Keep A Copy
W-2’s and 1099’s have a deadline of January 31st to be mailed out to your employees and 1099 contractors. Be proactive and send out W-9’s now; thereby asking for Federal Tax ID or Social Security Number now. IRS Form W-9 https://www.irs.gov/pub/irs-pdf/fw9.pdf. Check the IRS site for 2018 W4. 

Some employees will move and forget to notify you of their new address change until after they have made the appointment to see their Tax Accountant and discovered their W-2 has not arrived.  

Think About Your Company Tax Filing Status
I recommend changing from a Sole Prop to an S-Corp. Setting up an S-Corp is done with the Secretary of State in your state. Note, a few states only accept forms from a third party service. 

If you are currently an LLC – my recommendation is still to become an S-Corp. If not, change your tax filing status to be treated as an S-Corp. The form needed from the IRS is a Form 2553. https://www.irs.gov/pub/irs-pdf/f2553.pdf 

Unlike many State Agencies, the IRS does not charge to file their forms. You are asking the IRS to change how your company is being treated. Why is this important? Because the IRS will only accept the form for the current year in January – February (pushing the deadline to March 15th is risky) otherwise the approval will be for the next year (meaning starting in January 2019) instead of January 2018.

Quick Tip: Late Penalties to State and Federal Government Agencies are increasing, and they are looking back at filing dates of past returns for additional fees.  Very expensive to borrow money from the government.  In case you need it; it never hurts to ask for a payment plan.  

Rule of Thumb When Asking: Be Nice, Be Polite, Ask for a payment plan to be extended for as long as possible and with payments as low as possible. Sometimes no matter how you ask – the person you are talking is not helpful, but usually, if it is within the rules they will. Cash Flow - Every little bit helps! 

For many contractors the last few years has been a challenge just to stay in business. For Construction Contractors – the margins are so thin trying that trying to be competitive and to be profitable at the same time, and contractors have felt like they are acting as a Non-Profit without any of the tax benefits. 
Every business has challenges; it comes with being in business. Think Positive – Tomorrow will be better. 

  1. Now you are ready to have fun and create your New Year’s Resolution
  2. Pat Yourself On The Back – Job Well Done
  3. Stash Your Magic Wand In The Closet
  4. Put Your Feet Up On The Couch
  5. Spoil Yourself With Lot of Food
  6. Buy Your Favorite Ice Cream
  7. Eat More Chocolate
  8. Read The Paper
  9. Take A Nap
  10. Watch TV
  11. Be Happy
  12. Laugh
  13. Live 

Yes – I know you also have a list of Business Resolutions.  
Construction Accounting and Bookkeeping issues will not go away all by themselves. 

Check out FastEasyAccountingStore.com or Chat with me about a Customized Proposal. 

Now is the perfect time to clean up your Accounting for 2017, make changes for a better 2018.

New Year’s Resolution – One tiny change in your process that will help you grow your Construction Contracting Company.  
We are ready to help “A Little or A Lot” with any of those accounting issues when you are ready. 
Tomorrow is a new day, and once you, me, we have rested, the challenges will be easier to manage.

Again, Best Wishes To Everyone.
Have a Very Happy New Year
Welcome 2018

Helping Contractors around the world is one of the reasons we added the FastEasyAccountingStore.com
Follow our blogs, listen to Contractor Success M.A.P. Podcast. We Appreciate Our Visitors, Listeners, and Subscribers. – Thank You!!

Please feel free to download all the Free Forms and Resources that you find useful for your business.  

We are here to Help “A Little or A Lot” depending on your needs.

About The Author:

Sharie DeHart, Fast Easy Accounting Client Support Specialisthttps://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping

Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com

Contractor Bookkeeping Services All Across The USA Including Alaska And Hawaii

I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person.

We Remove Contractor's Unique Paperwork Frustrations

We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!

That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating the Podcast  www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.

You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!

I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast

This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

Contractor Bookkeeping Done For You!

Construction Accounting Specialists At Fast Easy Accounting 206-361-3950

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

This guide will help you learn what to look for in outsourced construction accounting.

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services.
Bye for now until our next episode here on the Contractors Success MAP Podcast.


Enjoy your day.  
 
Sharie

About The Author:

Sharie DeHart, Fast Easy Accounting Client Support Specialisthttps://www.fasteasyaccounting.com/free-one-hour-consultation-bookkeeping

Sharie DeHart, QPA is the co-founder of Business Consulting And Accounting in Lynnwood Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on how to manage the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. http://www.fasteasyaccounting.com/sharie-dehart/ 206-361-3950 or sharie@fasteasyaccounting.com

Our Workflow Removes Your Paperwork Frustrations

For Contractors Who Prefer

To Do Your Bookkeeping

Fast Easy Accounting Do-It-Yourself
Construction Accounting Store Is Open

QuickBooks Setup Templates, Chart of Accounts and Item Lists for Construction Contractors

Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways:

#1 EZ Step Interview inside QuickBooks Setup
#2 Asked Their Tax Accountant To Setup QuickBooks
#3 They Attended A How To Setup QuickBooks Class Or Seminar

And QuickBooks Does Not Work The Way They Want It Too!

The Answer:

#1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company

#2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company

 

QuickBooks Set Up For Contractors And QuickBooks Chart Of Accounts For Contractors

Short List Of Construction Contractors We Serve

Asphalt ContractorAsphalt Contractor Brand New ContractorBrand New ContractorBrick And Stone ContractorBrick And Stone ContractorCabinet Installation ContractorCabinet Installation ContractorCarpentry ContractorCarpentry ContractorCarpet And Tile ContractorCarpet And Tile ContractorCommercial Tenant Improvement ContractorCommercial Tenant Improvement ContractorConcrete ContractorConcrete ContractorConstruction EmployeesConstruction EmployeesConstruction ManagerConstruction ManagerConstruction Support SpecialistConstruction Support SpecialistCustom Deck ContractorCustom Deck ContractorCustom Home BuilderCustom Home BuilderDemolition ContractorDemolition ContractorDrywall ContractorDrywall ContractorElectrical ContractorElectrical ContractorEmerging ContractorEmerging ContractorExcavation ContractorExcavation ContractorFinish Millwork ContractorFinish Millwork ContractorFlipper House ContractorFlipper House ContractorFlooring ContractorFlooring ContractorFoundation ContractorFoundation ContractorFraming ContractorFraming ContractorGeneral ContractorGeneral ContractorGlass Installation ContractorGlass Installation ContractorGutter ContractorGutter ContractorHandyman ContractorHandyman ContractorHot Tub ContractorHot Tub ContractorHVAC ContractorHVAC ContractorInsulation ContractorInsulation ContractorInterior Designer ContractorInterior Designer ContractorLand Development ContractorLand Development ContractorLandscape ContractorLandscape ContractorLawn And Yard Maintenance ContractorLawn And Yard Maintenance ContractorMasonry ContractorMasonry ContractorMold Remediation ContractorMold Remediation ContractorMoss Removal ContractorMoss Removal ContractorPainting ContractorPainting ContractorPlaster ContractorPlaster ContractorPlaster And Stucco ContractorPlaster And Stucco ContractorPlumbing ContractorPlumbing ContractorPressure Washing ContractorPressure Washing ContractorRemodel ContractorRemodel ContractorRenovation ContractorRenovation ContractorRestoration ContractorRestoration ContractorRoofing ContractorRoofing ContractorSiding ContractorSiding ContractorSpec Home BuilderSpec Home BuilderSpecialty ContractorSpecialty ContractorStone Mason ContractorStone Mason ContractorStucco ContractorStucco ContractorSubcontractorSubcontractorSwimming Pool ContractorSwimming Pool ContractorSwimming Pool And Hot Tub ContractorSwimming Pool And Hot Tub ContractorTile And Carpet ContractorTile And Carpet ContractorTrade ContractorTrade ContractorTree ContractorTree ContractorUnderground ContractorUnderground ContractorUtility ContractorUtility ContractorWaterproofing ContractorWaterproofing ContractorWindow ContractorWindow Contractor

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up TemplatesSolopreneurQuickBooks Chart Of AccountsFree StuffQuickBooks Item Lists TemplatesConsulting


We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

 

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates   Solopreneur

QuickBooks Chart Of Accounts     Free Stuff

QuickBooks Item Lists Templates     Consulting

 

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

QuickBooks Chart Of Accounts Set Up General.png

If you are a blogger, who writes about construction we would like to hear from you.

https://www.fasteasyaccounting.com/guestblogger

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Contractor_Are_You_Ready_For_A_Very_Happy_New_Year