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Can You “Trump” the IRS Under the President-Elect’s Proposed Tax Plan?

Mon, Dec 19th 2016
President-elect Donald Trump’s agenda places tax changes as a high priority item. Some of the proposed changes are a radical departure from where the tax code stands now and will significantly impact both individuals and businesses. Keep in mind that the proposals outlined below are just that – proposals. They will probably change in substance and scope as they make their way through Congress. Simple and Low - Tax Brackets and Rates Right now, everyone pays taxes on their ordinary income under... Read More »

Why the Social Security COLA Adjustment Doesn’t Work

Mon, Dec 12th 2016
In October, the Social Security Administration released the annual cost of living adjustment (COLA) update for Social Security benefits for 2017. The average monthly increase next year for retirees is about $5; $6 a month for a senior couple who are both receiving benefits. The SSA determines the annual adjustment based on the increase in inflation over the past two years, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers. Specifically, between the third... Read More »

Pros and Cons of Renting Equipment

Mon, Dec 5th 2016
Careful management of equipment needs is critical if contractors are to remain profitable and competitive. Part of that process involves deciding whether to buy or rent construction equipment. Before making a decision, you may wish to consider the following factors. Look at the Costs of Buying Equipment The health of your cash flow should be a major consideration before you buy equipment. Since buying equipment involves dipping into your cash reserves or line of credit, you'll want to analyze... Read More »

Developments in Tax and Business

Mon, Nov 7th 2016
Construction Salary Survey Results The 2015 Construction Craft Salary Survey conducted by the National Center for Construction Education and Research found that project managers earned an average annual salary of $88,675, while project supervisors earned $77,917. Average annual salaries for commercial carpenters, commercial electricians, and masons were $53,664, $57,741, and $54,860, respectively. Dangerous Roads Thirty-nine percent of highway contractors reported that motor vehicles crashed... Read More »

Teach Your Kids to Use Credit Cards Responsibly

Mon, Oct 31st 2016
No doubt you have shared the adage "if it sounds too good to be true, it probably is" with your children.  That caution is wise, especially when teaching your kids how to use credit cards responsibly, because misuse of credit can have a long-term impact on financial health.  The main lesson you want to impart: While credit cards can be very useful financial tools, the borrowed money is not "free."  Here are two opportunities to share that lesson. When choosing a card.  Show your kids the entire... Read More »

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