The Building Code Plan, prepare, profit: Top tax tips every builder should know
Jan 30, 2025
In this insightful conversation, Karine Woodman, the Founder and CEO of 24hr Bookkeeper, and Michelle Vesel, a process implementation specialist, dive into crucial tax strategies for builders. They discuss navigating tax challenges while emphasizing the importance of organized bookkeeping. The guests advocate for outsourcing financial tasks to experts, allowing builders to focus on their core business. They also share tips on job costing, monthly accounting, and utilizing technology for streamlined financial management, ultimately aiming to enhance profitability for construction companies.
AI Snips
Chapters
Transcript
Episode notes
New Year Financial Planning
- Reflect on 2024's financial pain points to avoid repeating them.
- Systemize processes and adapt to software changes, like Buildertrend's updates.
Tax Season Preparation
- Start organizing 1099s, W-9s, and subcontractor agreements early.
- Reflect on processes to reduce future tax season stress.
Strategic Bookkeeping
- Bookkeeping involves more than just presenting numbers; it requires interpretation and strategic planning.
- Tagging every expense to a project is crucial for budget management and profitability.