All posts in Construction

Construction Industry Accounting & CPA Services in Houston TX

For years we have worked with all types of construction contractors… everything from commercial and residential general contractors, to subs like roofers, electricians, commercial plumbers, HVAC and utility contractors. You could say it’s in our blood.

You see, our founder’s (Jim Trippon CPA) father was a custom homebuilder, and Jim grew up pounding nails. In fact Jim could install 3 tab shingles and roof flashing before he ever got his first drivers license, let alone before he went to college to become a CPA.

We have found that very few CPAs have a passion for the construction industry. Most don’t even know that many of their contractor clients qualify for a special deduction to save them 6% on their federal income tax every year.

What we’re 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.

There has never been a more crucial time for construction contractors to pay more attention to their tax preparation and tax accounting details. By reducing their tax liability, construction contractors can protect themselves against increasing taxes and income assessments by the IRS. Here are a few tips on how to effectively reduce your tax liability in the construction industry.

Maximize capital asset deductions. Recent tax laws have increased the fixed asset cost expense up to $250,000 for construction contractors. Construction contractors can take advantage of this deduction as long as less than $800,000 of the company’s assets are in service within the given year.

Capital Gains & Dividend tax rate increases. Under the current law, expect it to change with the new presidential administration, capital gains and dividend are taxed at 15%. This issue is something that you will definitely want to consult with your tax CPA. These tax rates are under close watch Congress and the presidential administration.

Tax Rebate. Most of the economic stimulus checks have been delivered. However, there are additional funds that may be available. The economic stimulus checks were actually an advance on the 2008 tax liabilities. The amount of each person’s check was based on income from 2007 & 2008. So if there was significant changes in income there may be additional rebate funds that are available.

Depreciation Deductions. Investments in equipment can be partially deducted in the first year of use. Contractors are allowed to deduct of the cost investments made in a calendar year during the first year of use. Construction contractors can then depreciate the remaining half of the asset purchase over its normal useful life.

Beware of the “Kiddie Tax.” Since most construction contracting companies are family owned and operated, the kiddie tax has been extended to require excess unearned income of full-time students under 24 years of age, to be taxed as marginal income at the parent’s current tax rate. This may not apply if the student’s earnings equal of their support. You will definitely want to consult with your tax CPA regarding retirement planning options and monetary gifts to avoid increasing your tax liability on dependents over 18 years of age.

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 30 years of experience in construction industry to minimize your Federal tax liability. Call us at 713-661-1040 and put our experience at work for you TODAY!

Construction industry has been witnessing many changes with the innovations in the production processes as well as production equipment. The growing need for construction and commercial activities has compelled research engineers to make the production process more efficient. Aluminum welding, aluminum fabrication, parts repairs are all terms commonly applied in commercial and industrial manufacturing businesses. By making use of these modern processes, construction companies have innovated improvements in the production methods making them more efficient and cost-effective. Metal fabricators are able to transform raw material into products, tools and machinery easily and with greater precision.

All industrial and commercial concerns rely on aluminum fabrication and concrete cutting for all kinds of construction activities. These days, with the advancement in technology, aluminum fabrication is assisted with computer aided machinery and robotics for an improved performance and lower wastage. The fabrication services have become more complex and require more sophistication because of the enormity of construction activities.

For high quality aluminum fabrication, it is required that the professionals are fully trained and reliable. This is because of the high level of concentration and attention required in the process to ensure accuracy. Preparation of equipment is the first consideration to be made. The next step requires the selection and application of the most suitable technique for welding. Careful inspection of the process is also very important to ensure the job is flawless.

The fabrication is a method of cutting, shaping and transforming a material into a product. There are various fabrication methods and materials. The choice of the material and method depends on the product purpose, appearance and of course the budget. Aluminum is generally a preferred choice for various reasons. It is a lightweight and ductile metal. It has the following advantages over other materials used for welding, cutting, forming, lathing, milling and other such activities:

It is heat resistant:

The metal has a typically higher melting point and is less likely to degrade under extreme temperatures.

It is a strong and sturdy material:

Aluminum is much harder and durable than some of the other counterparts such as plastic.

It offers more versatility:

Aluminum can be used quite efficiently for a wide range of processes including casting, welding, soldering and forging.

It is cost-effective:

Aluminum is a relatively economical option especially for large construction jobs.

Aluminum, with the afore-mentioned benefits, is indeed a metal of choice in most companies for many construction jobs. A lot of industrial and construction companies make extensive use of aluminum fabrication and pipe fabrication for the many benefits it offers.

Summary: An informative article about Construction and Building Site Accidents and Safety at the workplace

Safety on work sites is essential, not only for the sound health of employees, but also for the smooth working of the company. It is the duty of the employer to take care of the safety and health issues of its employees that may hamper them at their work place. Legally speaking, it is also necessary on the part of the employer to report incidents or accidents at the workplace and also pay the employee a contractual or a legal sick pay in case the employee is entitled for the same or if they need some time off from work because of some accident at the workplace. Working in office is still quite a safer option, but for those who are employed in construction firms, the risk for construction and building site accidents are even more.

Work-related diseases, accidents and incidents should all be reported by the employer to the Incident Contact Centre of the Health and Safety Executive (HSE). Death, disease, injuries and incidents, both major and minor, if it hampers the normal working of employees is entitled to be reported for sure. A risk assessment program should be conducted by the employer so as to see what precautions and changes are required in order to ensure safety on work sites for both visitors and employees. It is also a good idea for the employers to maintain an accident book that records all accident and injuries suffered by employees at the workplace for providing the claims for the benefit of employees. This also can help the employer track down the main cause of major accidents and reduce their possibility in future by taking various preventive measures for them.

There are personal injury compensation claims that can be asked for construction and building site accidents in case the employee succeeds in providing enough evidences to prove the cause of the accident to be the negligence of the employer. These claims helps an employee get a monetary compensation for the source of income if lost by them in future due to the accident at the workplace, expenses for the treatment of injuries and other such monetary issues that relate to the accident.

Hence, safety on work sites is the right of employees and the employer is entitled to provide it, so as to avoid unnecessary accidents and compensation claims by employees in future. Therefore, it is important for everyone to be aware of all such rights so as to stand for it at the time of need.

About the Author:

Ian Hass is owner of Excalibur Solicitors, an experienced UK law firm specialising in all forms of Compensation. Excalibur Solicitors handles claims for Accident Types including Whiplash Injury, Construction and Building Site Accidents and Accidents at Work compensation claims.

Working at construction sites can be dangerous. Serious accidents can happen, regardless of the strict safety standards that most construction companies may follow. Apart from the workers on the site, hazardous conditions can also injure passers-by. If you have been injured in a construction accident, approaching accident at construction sites solicitors can help you get compensation. They can pursue compensation from those responsible for the conditions that caused the injuries. Accident at construction, industry and building may occur due to various reasons.

If the architect at the construction site was responsible for the injuries, you can make a claim. If the injury has resulted t the workplace, the employers are liable to provide compensation for the losses suffered. Bystanders injured in construction accidents can also get compensated for injuries suffered. There are various causes of construction accidents:

Slip and falls
Roofing accidents
Defective equipment
Falling objects
Electrical accidents
Fires and explosions
Scaffolding accidents
Being struck by operating equipment
Sick Building Syndrome

These injuries When construction accidents occur, they are often caused by the negligence of those responsible for the safety of the site, including contractors, site supervisors, and property owners. Construction companies need to do their job by having sites checked by safety inspectors for potentially hazardous materials, surfaces, and equipment. There are many different areas of law that construction accidents may be covered under, depending on the circumstances involved. Seeking help from a team of injury claims solicitors can help get compensation fast.

If you are working on a construction site or other location where building work is taking place, there may be numerous dangers lurking out. If you have met with an accident due to improper safety measures, you can make a claim. Building site accident is not uncommon these days. Huge number of machineries and workers are involved at the construction sites. If you have been injured in a building or construction site accident in the last three years, you are entitled to compensation.

The concerned authorities must follow adequate safety measures, to prevent any untoward incident at the construction site. It is obligatory on part of the employer for reporting accidents or incidents happening at the workplace. In case, an accident occurs at the workplace, the employer must provide an employee with some legal sick-pay or else contractual pay in cases wherein the employee is lawfully permitted for the same. Many workers have suffered injuries while working in factories due to unsafe working conditions. Heavy machinery, scaffolding, and fire can often lead to numerous injuries such as toxic exposure, head injuries, whiplash and broken bones. If you or anyone known to you has suffered injuries while working in a factory, you can make factory accident compensation.

Construction is the lifeline of modern economy. The defined goal and target in it, can be attained using great equipments with higher success rate and accuracy. The greatest civilization of the past has reached their peak using tool and equipments of different types. Now with the advancement of the technology, it has become much easier for mankind to reach the peak of modern civilization. The construction equipment suppliers are the one who provide this equipment to the builder and the construction worker, so that the work can be completed timely.

Construction Equipments Supplier deals in different kind of equipments used during construction of a project take place. These equipments may include simple tools to the most complex tool available in todays time. Some of the examples of such tool are the trucks, material transport vehicles, cranes, bulldozers etc. Most of the equipment are generally given on contact basis and are generally return back to the supplier after the completion of the project. However there are options available were these can be given to the construction company completely.

Construction Equipments Supplier deals in various types of equipment, a list of some of the crucial equipments and their usage is given below.

Cranes: This is specially designed machine which are used to transfer material faster from low lying areas to the higher areas. The crane is a generally used to outperform the human beings by transferring things at faster pace. Generally a crane is used to carry material like huge concrete mixes, fragile materials like glass or granite bars to higher locations in the uncompleted buildings. Please note that a crane is huge construction instrument and hence need especially experienced operator.

Bulldozer: The Construction Equipments Supplier provides bulldozer as per the need of the clients. The bulldozer is a special equipment which help in leveling ground and also cleaning huge debris of waste materials. Bulldozer is a must for all construction firm and help in getting advantage over human labor force.

Others: Apart from this two major equipment there are other important equipments without which the construction sector would be incomplete. Some of such equipments are specially designed elevator. These elevators are used at the site of construction and are specially designed to provide faster completion to the transport works and raw materials from one place to another. Some of the other important equipment that Construction Equipments Supplier provides remains equally important for the construction to get better output.

One should ensure that the equipments that the supplier provides should be well validated and examined. If the criteria are not meet the clients have full rights to reject the contract of product delivery. The supplier should also ensure that the product quality is maintained and a thorough check is made before the delivery of the product is made. The supplier should also check that is the equipment should be return back in working condition in case there is equipment return contact.