Bookkeeping and Tax Preparation
BOOKKEEPING AND TAX PREPARATION FOR CONTRACTORS
Contractor bookkeeping and tax preparation work best when one team handles both. We keep your books job-costed and current every month, then prepare your business and personal returns from those same numbers, so deductions are not missed and nothing is rushed at tax time.
We work with commercial subcontractors and general contractors across the US. Our virtual firm uses QuickBooks Online and construction job management software, so you never have to leave the jobsite or office.
We meet with every client virtually via zoom call to determine the specific needs of your business, and what personal goals we can help you achieve. Payless Taxes offers a FREE 30-minute consultation to review your situation and to explore how we might be able to help you!
WHAT WE OFFER
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Monthly contractor bookkeeping
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Job costing and WIP schedules
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Business tax returns (Form 1120-S and Form 1065)
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Owners' personal returns (Form 1040)
CONTRACTOR BOOKKEEPING
Bookkeeping for contractors is different from bookkeeping for other businesses. Every bill, payroll entry, and invoice has to land on the right job, retainage has to be tracked on both sides of the balance sheet, and your books have to match your WIP schedule. We set up a construction chart of accounts and close your books on time every month. What we handle:
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Construction chart of accounts setup
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Job costing by job and cost code
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Bank and credit card reconciliations
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Retainage and over and under billings
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Catch-up and cleanup
TAX PREPARATION FOR CONTRACTORS
We prepare S corporation and partnership returns and K-1s for construction companies, apply the right accounting method for long-term contracts, and make sure the deductions you earned during the year show up on the return. Common areas we handle:
S corporation returns (Form 1120-S)
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Partnership returns (Form 1065) and K-1s
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Tax accounting methods
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Equipment depreciation and Section 179
1099 and payroll tax filings
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Multi-state filings
Because we keep your books, your return is built from numbers we already know. That means fewer surprises, a faster filing, and tax planning that starts months before your deadline.
PERSONAL RETURNS FOR CONTRACTOR OWNERS
Your personal return is where your K-1 income, distributions, and estimated payments come together. We prepare it alongside your business return so nothing falls through the cracks. Let us know if any of these apply to you:
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K-1 income from your company
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Quarterly estimated taxes
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Rental properties or real estate investments
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Retirement plan contributions
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Multi-state income
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Charitable giving
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Taxation, preparation and planning
ENTITY REVIEW AND RESTRUCTURING
Has your company outgrown its original structure? As contractors grow, the entity that made sense at startup can start costing you in taxes or complicate your bonding. We review your current setup and explain your options, from S corporation elections to holding companies for equipment and real estate, so you can choose the structure that fits where your company is going.
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Entity and S corporation election review
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Reasonable compensation analysis
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Holding companies for equipment and real estate
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Owner buy-ins and succession planning
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Tax projections for each option
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Coordination with your attorney, CPA, and bond agent
We put together a clear recommendation so you can make the change with confidence:
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A review of your current structure, growth plans, and bonding goals
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Tax projections comparing each option so you can see the savings
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A 30-minute walkthrough with our tax team so you know exactly what to do next