Accounting method matters
Completed-contract method defers income to project completion. Percentage-of-completion recognizes it as the job progresses. For long-duration contracts, method choice materially changes current-year tax.
1099-NEC for subcontractors
Contractors paid any subcontractor $600 or more must issue 1099-NEC by January 31. Missing 1099s create both penalty exposure and lost deduction risk in audit.
Equipment depreciation and Section 179
Trucks, trailers, heavy equipment, and tools qualify for Section 179 expensing up to annual limits plus bonus depreciation. Timing purchases with income spikes is a meaningful tax lever.
Common questions
- Do I need workers' comp if all my labor is subcontractors?
- Florida construction rules are strict. Misclassifying workers as 1099 when they're functionally employees creates serious exposure. We review classifications annually.
Related
Corporation & Partnership Tax Returns
Forms 1120, 1120-S, and 1065 preparation for corporations, S-corps, and partnerships. Multi-state filings handled.
Monthly Bookkeeping
Monthly, quarterly, and annual bookkeeping with a detailed report and balance sheet. QuickBooks-ready files.
Business Tax Planning
S-corp reasonable salary analysis, entity elections, retirement plan structuring, and Section 179 planning for small business owners.