0398: How To Avoid Overpaying Your Construction Business Tax

<h1 style="text-align: center;"><span style= "color: #0000ff;"><strong>This Podcast Is Episode Number 0398, And It's About How To Avoid Overpaying Your Construction Business Tax</strong></span></h1> <p><span data-preserver-spaces="true">Contractors want to maintain control without making any changes. "Keep doing the same thing but expecting a different result." </span></p> <p><span data-preserver-spaces="true">Throwing the receipts in a shoebox (behind or under the seat in the truck) is the favorite way to deal with paperwork. This is "Under Managing" and frustrates everyone around them who is playing "Where's Waldo?</span><span data-preserver-spaces="true">" Job costing is nonexistent; bills are usually paid late, customers are unbilled, lost, and forgotten.</span></p> <p><span data-preserver-spaces="true">On the other hand, micromanaging every detail is an over-reaction from years of doing as little bookkeeping as possible to prepare the tax return. Knowing what to do, however, will stop you from making a big mess of it.</span></p> <p><span data-preserver-spaces="true">Year-end phone conversations are usually out of frustration. </span></p> <p><span style="color: #0600ff;"><strong>Contractors will call and say:</strong></span></p> <ul> <li><span data-preserver-spaces="true">I can't get any reports</span></li> <li><span data-preserver-spaces="true">I don't like the reports I am getting</span></li> <li><span data-preserver-spaces="true">My tax accountant is not answering all of my questions</span></li> <li><span data-preserver-spaces="true">How can I improve my business?</span></li> </ul> <p><span style="color: #0600ff;"><strong>In-house bookkeepers will call and say:</strong></span></p> <ul> <li><span data-preserver-spaces="true">Bookkeepers inherit the "CRAP" from everyone who worked in QuickBooks before they arrived and are expected to produce useful reports.</span></li> <li><span data-preserver-spaces="true">Bookkeepers are expected to use:</span></li> <li style="list-style: none; display: inline;"> <ul> <li>