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Are You Overpaying for Workers’ Comp? One of our clients was, until we helped them save over $200,000!

Most construction business owners just accept their Workers’ Comp costs as they are. They don’t question it, they just pay. But what if you didn’t have to?

We recently helped a construction company save over $200,000 on Workers’ Comp simply because they didn’t know they were overpaying. They weren’t doing anything wrong, they just didn’t have the right guidance.

That’s where experience matters. With over 50 years in the construction industry, we understand bookkeeping, payroll, financial health, and tax strategies inside and out. We know where businesses lose money and, more importantly, where they can save big.

If you’re in construction and haven’t had an expert review your Workers’ Comp, you’re probably overpaying.

Let’s talk. A quick review could mean tens or even hundreds of thousands of dollars back in your pocket.

Breaking News!

IRS makes free tax return program permanent and is asking all states to join in 2025.

The IRS will permanently implement its free electronic tax filing system starting in 2025, expanding on a successful pilot from the 2024 tax season. This initiative invites all 50 states plus the District of Columbia to participate, allowing taxpayers to file both federal and state returns at no cost.

Over 140,000 taxpayers utilized the system during the pilot, claiming over $90 million in refunds. The program, supported by funding from the Inflation Reduction Act, aims to simplify and reduce the cost of tax filing for Americans.

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Find out if you are making any of these financial mistakes in your construction business now!

Get a FREE copy of my eBook today 👇

https://www.claudiagloriacfo.com/7mistakes

The S Corporation election deadline for LLCs and C Corporations is March 15, 2023. So, if you’re considering changing your limited liability company or C Corporation tax treatment from its default status to an S Corp, time is of the essence! Read Entire Article in the comments.

What Every Construction Business Must Know About 1099s...

Every year when tax time rolls around, many business owners wonder whether they must send 1099s to their vendors.

To help construction business owners understand the circumstances under which the IRS requires issuing 1099 forms, here is your basic “must-know” information.

Many freelance professionals and independent contractors operate as Limited Liability Companies (LLCs). The requirements for when a business should send a 1099 form to an LLC vary, as does the 1099 form to send.

Generally speaking, this is when LLCs should or should not receive a 1099:

When a single-member LLC is taxed as a Sole Proprietorship or a multi-member LLC is taxed as a Partnership, any business that pays the LLC $600 or more for services in the year must send it a 1099-NEC (Nonemployee Compensation) form.

If a business has sold $5,000 or more of consumer products to an LLC for resale, it may send Form 1099-NEC or 1099-MISC.

If an LLC is taxed as an S Corporation or a C Corporation, no 1099 is necessary under most circumstances.