Developing a Tax Plan for 2018

Tax planning is imperative if your business has new or planned construction projects for the next year. Successful tax planning requires a keen interest in the details of your business, as well as a proactive approach to available federal and state tax incentives. Fortunately, construction firms can potentially qualify for many tax incentives. The following three incentives might be worth a closer look as you plan for 2018.

Lightening the Load

Several years ago we started using PlanGrid (a cloud-based system) and we now use it on every job. Our project managers upload plans/specs, reports and schedules on their particular projects, and the mobile app syncs with online document management software, allowing us to access all our files from anywhere that has WiFi.

 

Prior to PlanGrid, the PM’s tendency was to pile every printed version of the plans into the car before heading to the job site. Superintendents had all this info stacked in job trailer, taking up space and confusing folks trying to determine the most current set. Now everything they need is filed neatly on the iPad. I asked them to share a few advantages of this paperless system:

 

• Plans are always updated and in once place, and all users can have access.
• Specifications, geotechnical/environmental reports, submittals and product data are easily accessible.
• Current plans can be layered over previous versions to see the changes easily.
• Hyperlinks and photos can be attached to the exact location, along with redline comments, for a clear explanation of issues and updates.
• Keyword searchable.
• For site walks with owners and architects, we can tag the exact location of the problem.

Beyond the data for the project itself, we can also access every drawing for every project that the company and has worked on in the last couple of years. As one PM eloquently said, “And I can do all of this while standing in the mud at a job site.” Priceless. Maybe something to consider for others in the real estate business.

 

The post Lightening the Load appeared first on Stewart Perry.

Innovations Spurs Productivity Gains

Whether you are a veteran business owner or a newbie, now is more important than ever to understand emerging compact equipment technologies. If you have not researched or previously purchased compact loaders or excavators, you may be surprised at the amount of innovation and smart technologies available in today’s machines. Depth guidance systems for compact excavators, grading systems for compact loaders and continued refinements to the instrument panels are three technologies that have helped make these machines considerably more and productive.

Thoughts Shared

On Thursday evening, I was invited to a dinner with Raphael Bostic at the Birmingham Branch of the Atlanta Federal Reserve. In June, Raphael took over the reins as president of the Federal Reserve Bank of Atlanta, after a professorship at USC and distinguished career.

As Raphael began his remarks, he offered an antidotal story about teaching a class at USC. A portion of his students were listening to his talk and the rest were either focused on smart phones or wished they were elsewhere. Raphael contrasted this to speaking at his first FOMC this summer where every governor listened intently to what he had to say, as they did with one another.

I was impressed with his openness and transparency as he talked about his job goals, ambitions and the initiatives he would like to put in place for the region. A few thoughts shared:

• We will be investigating how housing is contributing to or hampering people’s quality of life.
• Meeting the Reserve’s “dual mandate” of low unemployment and 2% inflation is an ongoing challenge, as it’s easier to do one or the other, a balancing act. We are at historic unemployment lows, and yet there’s not upward wage pressure and rising prices.
• As employment evolves, our education system will need to reciprocate. The example he gave was the driverless tractor-trailer, which will impact 3 million truck drivers. The bottom line we need to reimagine from fear to hope, and work on mismatches in schools.
• Irma was a wind-driven hurricane, resulting in a faster recovery, and Harvey was primarily a rain event, which is harder to recover from. The Fed believes it will impact the 3rd quarter GDP anywhere from ½ -1%. We should be back to normal by the fourth quarter.

While these are changing times–full of fear, world disruption and a zillion other things–our parents and grandparents during the Depression and a World War would have gladly changed places with us.

{Image Source} 

The post Thoughts Shared appeared first on Stewart Perry.

What the Fed Sees On the Horizon

On Thursday evening, I was invited to a dinner with Raphael Bostic at the Birmingham Branch of the Atlanta Federal Reserve. In June, Raphael took over the reins as president of the Federal Reserve Bank of Atlanta, after a professorship at USC and distinguished career.

As Raphael began his remarks, he offered an antidotal story about teaching a class at USC. A portion of his students were listening to his talk and the rest were either focused on smart phones or wished they were elsewhere. Raphael contrasted this to speaking at his first FOMC this summer where every governor listened intently to what he had to say, as they did with one another.

I was impressed with his openness and transparency as he talked about his job goals, ambitions and the initiatives he would like to put in place for the region. A few thoughts shared:

• We will be investigating how housing is contributing to or hampering people’s quality of life.
• Meeting the Reserve’s “dual mandate” of low unemployment and 2% inflation is an ongoing challenge, as it’s easier to do one or the other, a balancing act. We are at historic unemployment lows, and yet there’s not upward wage pressure and rising prices.
• As employment evolves, our education system will need to reciprocate. The example he gave was the driverless tractor-trailer, which will impact 3 million truck drivers. The bottom line we need to reimagine from fear to hope, and work on mismatches in schools.
• Irma was a wind-driven hurricane, resulting in a faster recovery, and Harvey was primarily a rain event, which is harder to recover from. The Fed believes it will impact the 3rd quarter GDP anywhere from ½ -1%. We should be back to normal by the fourth quarter.

While these are changing times–full of fear, world disruption and a zillion other things–our parents and grandparents during the Depression and a World War would have gladly changed places with us.

{Image Source} 

Why Making Your Own Brine Makes Sense & Cents

The process of fighting winter’s wrath has changed considerably over the years. Though the basic goal remains of removing snow after it has fallen and ice after it has formed, it is how this is accomplished that has become much more sophisticated. Consider the application of liquid brine.

What the Latest Rental Forecast Means to Your Business

The latest quarterly update to the 5-year forecast for equipment rental industry revenues released by the American Rental Association (ARA) continues to call for steady gains through 2021. How does the late July outlook—a quarterly update of the ARA Rental Market Monitor by IHS Markit, the business information provider that compiles the data and analysis in partnership with ARA and Rental Management—apply to contractors across the spectrum of United States nonresidential construction sectors?

Better Building in 3-D

With augmented and virtual reality, drones and a host of other tech solutions becoming synonymous with the modern construction landscape, it’s easy to feel overwhelmed with options. 3-D printing has been a buzzword in the industry for a while now, but a new use for the technology is taking the architecture, engineering and construction AEC industries by storm: 3-D printed project models.

What Area of Risk Has Most Affected the Industry this Year?

Glenn Trout

President & CEO
VelocityEHS

As an EHS guy, I believe the biggest risk in construction continues to be people and their safety.

5 Ways to Add Value to Your Home

If you're planning to sell your home in the future, or you just want to make your house the best it can be, home improvements can be worthwhile and very satisfying – but it’s important that you plan them carefully.

Some improvements offer a better return on your investment, while others might not add any value to your home at all. If renovations are poorly chosen or poorly executed, they could even make your property harder to sell.

That's why you need to think about your budget and do your research before you embark on any renovation project. To help you get started, here are five tried-and-tested home improvements that could work for you, starting from basic touch-ups all the way to elaborate and costly renovations.

1. Touch up minor defects
Sometimes, a small job can make a big difference. Keeping your home in good condition through regular maintenance will prevent it from deteriorating, saving you the cost of expensive repairs. A well-maintained home can also be more appealing to buyers, who won't have to worry about fixing it up before they move in.

Peeling paint, loose flooring or cracked tiles, faulty door handles and dripping taps are all minor defects that aren't expensive to fix. Even a fresh coat of paint can go a long way towards helping your home sell for the price you want.

2. Add kerb appeal and tidy your garden
Even before they get to your front door, potential buyers might have already made up their minds based on the kerb appeal of your property. Your front garden and driveway are important for making the right first impression on visitors, but they're often forgotten in the rush to renovate the building itself.

Mowing your lawn, repainting fences and checking that paving slabs are free from cracks and weeds all boost your home's kerb appeal and help you to make the positive impression you want. Don't neglect the back garden either!

3. Modernise your kitchen
Many people consider the kitchen to be the heart of the home, so this should be a key area to focus on if you're planning more extensive remodelling.

Even if you live in an older property, your kitchen should still look modern so your buyers can trust that it's energy-efficient, a safe place to prepare food and perhaps even a place to entertain guests.

A new coat of paint on the walls and the cabinets could be all that's needed to make your kitchen look as good as new, but you should still look into replacing old appliances, especially if they're more than 10 years old, and consider the functional design of the room.

4. Add an extra room, bathroom or deck space
One of the biggest upgrades you can make to a property is adding a whole new room.

Usually, this involves converting an unused loft or basement into new living space – a child's bedroom, a mini apartment for an elderly relative or tenant, a bar or a games room. Or you can physically expand your home by adding decking or building a patio, so you'll have an outdoor dining and entertaining area in the summer.

If your home only has one bathroom, adding a second bathroom can offer the biggest return on investment. Areas under stairs and utility rooms can be suitable for a small bathroom, but if you want to include a shower or a bath, you may need to sacrifice part of your bedroom space to create an en-suite.

5. Insulate
The value insulation adds to your home cannot be overstated. Today, this is considered an absolute necessity by many homebuyers. In fact, not having insulation can create the perception of an unhealthy home.

With the EECA Energywise programme often subsidising the cost of insulation, there’s no reason not to insulate your property.

This is particularly important if your potential buyer is considering purchasing the home as an investment property to rent out, as all tenanted properties are legally required to be insulated by July 1, 2019.

Source: 5 ways to add value to your home