Tax deductions give construction firms more opportunities
March 22, 2013
Executives at many firms are unaware when it is the right time to make investments in technology such as construction software in the cloud to enable staff members to collaborate on projects. According to a recent article from Fox Business that took insights from Deborah Sweeney, CEO of MyCorporation.com, there's no time like the present.
"Big things have happened already for the fiscal year that will have a huge impact on SMBs and employees both day to day and at the end of the year," Sweeney told the news source.
Small construction firms looking for big ways to grow might want to consider using 2013 as a jumping off point for prosperity. Below are a few reasons why Sweeney believes the 2012 and 2013 tax deductions can give companies the ability strike now if they are trying to get ahead of their competition.
Section 179: Deduction for capital equipment
Construction firms that need to purpose new hardware, software and several other materials can use this deduction to make life easier. The limit has been raised to $500,000 for the 2013 tax year, and is being retroactively increased to that level for the 2012 tax year. With these high deductions, owners at small construction firms must take advantage of.
Tax credit for qualified expenditures
Many small construction firms want to find the best resources that can help them land projects and meet the needs of their customers. But what may come as a shock to some, these research and experiment investments can often help businesses land a tax credit. Construction companies interested in the credit can check the White House's web site for more information.
Sweeney explained firms may qualify for certain tax credits if they conducted research to improve business methodology, or other similar experimentation that generated social returns.
Deduction for bringing on veterans or the impoverished
The government is constantly making efforts to help veterans lands jobs and give members of the impoverished an opportunity to improve their situations. Now smaller construction firms can receive tax deductions for adding these workers to their workforce. According to Sweeney, companies that want to receive this deduction should "cast a wider net" when searching for new employees.