Accountants for contractors, Marlandale LLC Bookkeeping, Payroll, Tax and Technology, understands the complexity roofers face when it comes to taxes and bookkeeping. Contractors have very unique tax implications. And having an accountant that fully understands and has experience working with them is essential.
Accountants for Contractors Help Pay Less in Taxes
At Marlandale LLC Bookkeeping, Payroll, Tax and Technology, clients know they are getting every tax break available. And, hiring an experienced accountant or CPA firm can be one of the best decisions a contractor can make. However, finding an accountant or accounting firm that has the experience needed to understand the complexities of the contracting business is key. There are many deductions that are often associated with the wrong deduction type. So, contractors can actually pay much more in tax due to simple bookkeeping mistakes.
Here are some of the most common errors associated with contractors:
- Not properly identifying cost of good sold
- Inaccurately logging materials
- Failure in depreciating new equipment properly
- Overlooking tax credits
- Missing deductions, such as the domestic production activity deduction
- Classifying employees incorrectly
An Experienced Contractor Understands the Complex Tax Laws
An experienced accountant understands the many complex tax laws. And, laws change every year and it is difficult to keep up. So, contractors who hire an experienced accountant often save hundreds, even thousands of dollars each year in taxes. A good accountant can easily be justified in tax savings. And, with an experienced CPA in your corner, you can rest assured you are in compliance with local and federal laws.