This course will satisfy 4 hours of continuing education required for contractor license renewal in Alabama. The course will cover all things tax and tax accounting for the construction industry.
First, we will have an overview of project management, including discussions on how to manage labor costs and inventory, tips for making and keeping to a schedule, and coordinating with everyone involved in a project for smooth completion.
Next, we will explore everything from what qualifies as a business according to the IRS to helpful tips for an effective bidding process. We explore the cost savings associated with efficient project management, as well as ways to maximize time management skills using the Eisenhower Matrix.
We will then examine personal income tax filing requirements for sole proprietors as well as how to calculate and file estimated tax payments. This course demonstrates different business structures along with their tax pros and cons. We will then have an in-depth examination of employees, including employee classification, how to calculate wage tax, FUTA, Medicare and other common withholding deductions.
Next, we will look at the most common deductions and tax credits available for construction business owners as well as how the 2017 Tax Cuts and Jobs Acts changed tax rates for small and large businesses. We move on to the business accounting process, including but not limited to cash basis and accrual basis accounting methods used in the construction business for tax and financial reporting.
We will then learn how to calculate depreciation using four different methods and how to utilize Enterprise Resource Planning (ERP) software to compile, create and track financial reports.
Finally, since the heart of a business is its employees, we will compare retirement plan options for employers and employees including profit-sharing plans, as well as a helpful comparison of plans and their tax benefits.
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- Approved By: Alabama Home Builder Licensure Board
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