Five things contractors need to know about taxes
Play • 25 min

It's time to talk about taxes. This week we're tackling five important things every contractor should know about taxes. We'll offer some general advice, address common tax mistakes we've seen contractors make, and dispel some pervasive tax myths.

Topics we cover in this episode include:

  • How having your business structured in the wrong type of entity can affect your taxes
  • The difference between deferring and avoiding taxes
  • The importance of understanding your accounting method for tax purposes
  • How to use the accounting method you're set up under
  • What the Credit Card Rule is and how it can affect your deductions


LINKS

Visit the episode page at https://contractorsuccessforum.com/taxes for more details and a transcript of the show.

Find all episodes and related links at ContractorSuccessForum.com.

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Rob Williams, Profit Strategist | IronGateESS.com
Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | McWins.com

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