D&M Construction Industry Newsletter

June 2023

Nicholas L. Shires, CPA

Deducting Business Travel Expenses

There is often much confusion surrounding the tax deductibility of travel expenses within the construction industry. This confusion has only increased since the COVID-19 pandemic and the increase in remote work. In this article, I will review what expenses are deductible and what records you and your construction business should be keeping.

How Much Business Interest Expense Can You Deduct?

If there’s one thing that every construction company owner enjoys, it’s a healthy tax deduction. However, the Tax Cuts and Jobs Act set forth a limitation on business interest expense deductions. This article explains how small businesses can qualify for an exemption, how the limitation is calculated and how some companies can opt out altogether.

Ways To Insulate Your Construction Company Against Rising Costs

Sky-high labor and materials costs are still a chill on many construction companies’ profitability. To monitor and optimally respond to rising contract costs and market changes, contractors need a plan. Contractors, click here for eight ways you can insulate your construction company against the higher cost of doing business.

How Construction Business Owners Can Prepare for an IRS Audit

No one likes the prospect of an IRS audit, and this certainly includes construction business owners. But there are ways to always be ready and to ease the pressure if it does happen. This article looks at how construction business owners can stay prepared for an audit and respond appropriately if one comes to pass.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. We are highly respected among construction leaders, and we are actively involved with our construction clients and the many organizations affecting their businesses. We go beyond our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Because of our comprehensive familiarity with all aspects of construction, we’re able to assist you in business planning and long-term goals, all while resolving your daily operational needs to maximize cash flow.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

220 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.