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For year's I have worked with all types of construction contractors….everything
from general contractors, to roofers, electricians, commercial
plumbers, HVAC and utility contractors. I have
found that most construction professionals do not know that
they may qualify for a special deduction save them 6% on their
federal income tax every year. What I am talking about is
the Domestic Production Activities Deduction (which
can be deducted using IRS Form 8903). This special deduction
allows many construction contractors to deduct 6% of net income
derived from qualified "production" activities. There are
some limitations, but most construction contractors that do
new construction projects can qualify.
If you would like
to work with a CPA firm that understands the construction
industry and will work hard to make sure you do not pay a
penny more than you owe give us a call at 713-661-1040. At
Trippon & Company CPAs we use our 20+ years of experience
in construction contractor tax to minimize your Federal tax
liability. Call us at 713-661-1040 today and put our experience
at work for you!
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