Tax Planning Houston & Houston Tax Accounting for Construction Contractors

http://www.taxcpahouston.com/ Tax Planning & Tax accounting tips for general contractors by Houston Tax CPA Jim Trippon. Trippon & Co. CPAs have over 25 plus years of experience in tax preparation and tax accounting for construcstion contractors of all types.

This weeks tip is on how to use little known tax deductions to save on tax. You see most businesses (and industries) have special tax deductions that can save serious money. The key is to work with a CPA who looks for every opportunity to legally save you tax. This week we look at deductions for construction contractors.

For years I have worked with all types of construction contractors.everything from general contractors, to roofers, electricians, commercial plumbers, HVAC and utility contractors.

I have found that most construction professionals dont even know that they may qualify for a special deduction save them 6% on their federal income tax every year. What I am talking about is the Domestic Production Activities Deduction (which can be deducted using IRS Form 8903). This special deduction allows many construction contractors to deduct 6% of net income derived from qualified production activities. There are some limitations, but most construction contractors that do new construction projects can qualify.

If you would like to work with a CPA firm that understands the construction industry and will work hard to make sure you do not pay a penny more than you owe give us a call at 713-661-1040. At Trippon & Company CPAs we use our 20+ years of experience in construction contractor tax to minimize your Federal tax liability. Call us at 713-661-1040 today and put our experience at work for you!

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