Holistic Tax Planning for Construction Professionals: Maximizing Business and Personal Tax Efficiency

Session Goals:

Actionable tax-saving strategies for both business and personal finances while finalizing this year’s taxes and planning ahead to reduce future tax burdens.

Key Points:

Leveraging Business Deductions and Credits: Explore industry-specific deductions for construction professionals (e.g., equipment depreciation, vehicle expenses, travel costs) and applicable tax credits, such as those for energy-efficient practices and employee training.

Optimizing Personal Income Strategies: Discuss structuring owner compensation (salary vs. distributions) to manage personal tax liability effectively, including tips on minimizing self-employment taxes and utilizing Qualified Business Income (QBI) deductions where applicable.

Strategic Timing of Expenditures: Cover the advantages of timing capital expenditures to maximize tax benefits in peak revenue years, and outline the benefits of deferring income or accelerating deductions based on cash flow and business cycles.

Retirement Planning and Tax-Advantaged Accounts: Present personal retirement account options that reduce taxable income, such as Solo 401(k)s, SEP IRAs, and HSAs, tailored to construction owners and key employees.

Year-Round Tax Planning and Documentation: Emphasize maintaining organized records for both business and personal expenses throughout the year, highlighting the value of quarterly reviews and year-end strategies to minimize liabilities effectively.

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