FREQUENTLY ASKED QUESTIONS

Tax Season

When is the Last Date to File Taxes?


Tax filing date for Individuals: April 15, 2020 Tax filing date for Self Employed (1099) or Single Member LLCs: April 15, 2020 Tax filing date for Partnerships: March 15, 2020 Tax filing date for S Corporations: March 15, 2020 Tax filing date for C Corporations: April 15, 2020




What is the standard deduction for 2019?


Standard Deduction for Individual (Single): $12,200 Standard Deduction for Head of Household: $18,350 Standard Deduction for Married Filing Jointly (MSJ): $24,400 Standard Deduction forMarried Filing Separately (MFS): $12,200




When does Tax Season start 2019?


TBA




Where's my Tax Refund?


1) Go to www.irs.gov 2) Click "Refunds" 3) Click "Check My Refund Status" 4) Enter your Social Security Number 5) Check your Filing Status 6) Enter your Refund Amount from Page 2 of the Form 1040 Line 20a




What are Estimated Tax Payments?


Estimated tax is federal or state taxes (if applicable) owed to the IRS or your state on income that you did not pay tax on all year. This income includes self-employment (business) income, interest income, dividends, rental income, alimony, and unemployment income. Generally, you must pay at least 90% of the taxes you expect to owe for the year if not, you will pay an estimated tax penalty.




How do I Pay Estimated Taxes to the IRS?


1) Go to www.irs.gov 2) Click on "Pay" 3) On the next screen click "Pay by Bank Account" or "Pay by Debit Card or Credit Card" 4) Follow the steps once you decide on your payment method.




Do you Pay Taxes on Social Security Income?


If you are filing single and your combined income (adjusted gross income) is between $25,000 and $34,000, half of your social security may be taxed. If your combined income is more than $34,000 eighty-five percent of your social security may be taxed. If you are filing married filing jointly and your combined income (adjusted gross income) is between $32,000 and $44,000, half of your social security may be taxed. If your combined income is more than $44,000 eighty-five percent of your social security may be taxed. If you are filing married filing separately more than likely, your social security income will be taxed.




Who Pays Gift Tax?


The person who gives the gift pays the gift tax. The gift-giver must file a gift tax return if they offer a gift worth more than $15,000 to one person in one tax year. Most people won't pay a gift tax because they have to give over $11.4 million in their lifetime before they ever spend a dime on gifts. So, what is a gift by IRS definition? You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.





S-Corporation


Independent Contractor


Individual Taxpayer


LLC


Self Employment


QuickBooks Online


Construction

What are the best accounting methods for construction companies?


The completed contract method and the percentage of completion method are the best accounting methods to help reduce taxes for construction companies.




What is the importance of job costing projects?


Job costing helps you see the true project profitability. It will help you increase profits on similar projects in the future by evaluating historical job costing reports.




What is the best way to schedule your construction project?


All construction companies should use a project management software to help them schedule projects and track project progress.




What are the top reasons construction companies fail?


a. Not collecting timely payments from customers. b. Poor or no accounting records. c. Poor or no marketing. d. Inability to secure bonding. e. Slow payments to subcontractors and vendors.




When should construction owners think about selling or turning over the business?


This should be planned from day one. A lot of construction companies end up fading away when the owner gets tired unless he or she has a plan. You should be in constant communication with your accountant, financial advisor, and attorney. All four of you need to work together to put together a rock solid succession plan.





ABOUT G+F

GETTING STARTED

CONSTRUCTION COMPANY

SERVICES

CONSTRUCTION COMPANY

RESOURCES

CONTACT US

Tel. 561-247-0754

7750 Okeechobee Blvd.

Ste 4-372

West Palm Beach, FL 33411

FOLLOW US

  • Instagram
  • Black Facebook Icon
  • LinkedIn
  • Black Vimeo Icon
  • YouTube

TELL US

G+F is a tax and accounting firm that specializes in construction accounting. It was founded by Timothy Wingate Jr. in May 2016. G+F is a 100% virtual firm that allows it to serve construction companies across the United States. We focus on project profitability, advanced construction tax planning, strategic advisory services, and resolving tax debts with the IRS.

© 2020 by G+F Business & Financial Consulting LLC

Terms and Conditions and Privacy Policy