By Mark Ward – “Today’s variety of leasing options couldn’t come at a better time for construction businesses, which have experienced the worst market conditions we’ve seen in years,” reports William Sutton, president and CEO of the Washington-based Equipment Leasing and Finance Association. On the other hand, “This is a bad time for most...
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Money Talk: How builders can survive an audit and minimize the damage
By Mark Battersby – Although the risk of a federal tax audit remains low, thanks to the Internal Revenue Service’s still-secret audit selection process, every rural building business owner and manager has good reason to fear an audit – if, that is, they are not prepared. Data recently released by the IRS revealed that...
Money Talk: Tips on how to compensate yourself correctly
By Mark Battersby – Are you an employee of your rural building business? More importantly, at least to our lawmakers and the Internal Revenue Service, does your business properly compensate you the owner/employee for the services that you provide to the business? A number of factors contribute to the confusion that this simple question...
Money Talk: After tax deadlines, still time for making changes
By Mark E. Battersby Many rural building business owners and managers frequently find themselves caught up in the tax process — often when it is too late to have a real impact on their tax bills. Fortunately, it is not too late to benefit from last year’s transactions on this year’s tax returns. In...
Money Talk: The ABC’s of going LLC
by Mark E. Battersby There is a relatively new business structure on the block. While the S corporation remains the most-used type of small business entity, the Limited Liability Company, or LLC, is increasingly the entity of choice for both new and existing rural building businesses. LLCs are popular entities for operating a construction...