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Construction and contracting businesses face cash flow timing mismatches, complex job cost tracking, and aggressive IRS scrutiny on worker classification, all on top of NJ's demanding tax environment.
Construction and contracting is one of the most financially complex industries for small business owners. Revenue recognition timing, job cost accounting, equipment depreciation, subcontractor management, and worker classification all create tax challenges that most general CPAs are not equipped to handle.
NJ general contractors, subcontractors, home improvement companies, and specialty trade contractors all deal with the same core challenge: construction has unique cash flow dynamics, and understanding them is essential to keeping more of what you build.
Monaco CPA covers construction and contracting tax preparation, planning, and compliance for solo tradespeople through multi-crew subcontractors.
Personal Review
Start with the contact form. Share the basics and expect a response within 1–2 business days with a clear next step.
Get StartedView PricingPercentage-of-completion vs. completed-contract revenue recognition
Job cost tracking by project for accurate profitability analysis
Equipment depreciation planning (Section 179, bonus depreciation)
Worker classification risk for subcontractors and day laborers
Bonding and prevailing wage compliance accounting
Managing retainage receivables and their tax treatment
Quarterly estimated taxes based on project completion timing
Vehicle expense tracking for crews and owner-operators
Home improvement contractor licensing and NJ tax compliance
Entity structure planning to limit personal liability and minimize taxes
NJ depreciation limits: NJ caps Section 179 at $25,000 (vs. the federal $2,560,000 for 2026) and does not allow bonus depreciation, creating a significant federal/NJ gap on equipment-heavy purchases
Tax preparation, planning, and compliance services tailored to your industry.
Schedule C, S-Corp (Form 1120-S), and partnership (Form 1065) returns for construction businesses of all sizes.
Section 179 and bonus depreciation strategies for heavy equipment, vehicles, and tools, coordinated with your cash flow needs.
Review of your subcontractor arrangements against IRS and NJ DOL standards to identify and reduce misclassification risk.
QuickBooks job costing configuration to track revenue and costs by project. Essential for profitability visibility and tax accuracy.
Project-based income projection and quarterly estimated tax calculations that reflect your contract pipeline.
LLC vs. S-Corp analysis for NJ contractors, including self-employment tax savings, NJ CBT implications, and liability protection.
Free Tool
No fixed income threshold decides the election. Use the free calculator to screen sole prop SE taxes vs. S-Corp payroll taxes, including NJ compliance costs - then model the full return before electing.
Screen Your S-Corp NumbersHave a different question about construction tax or accounting? Send Greg a message - all inquiries are answered within 1-2 business days.
An S-Corp election can change the payroll-tax result by splitting income between W-2 wages (subject to FICA) and distributions (not subject to FICA), but no income threshold decides it: compliance costs, the QBI reduction, reasonable compensation, and NJ CBT effects can offset the gross payroll-tax difference at any profit level. The right answer comes from modeling your specific income and overhead - for many contractors a sole proprietorship or single-member LLC remains the simpler, cheaper structure.
Yes. Under Section 179, you can deduct up to $2,560,000 of qualifying equipment in 2026. The OBBBA permanently restored 100% bonus depreciation for property acquired after January 19, 2025. Heavy vehicles over 6,000 lbs GVW have separate limits. Planning when to make equipment purchases can meaningfully shift taxable income between years.
In NJ, the ABC test (stricter than the federal standard) presumes all workers are employees unless you can prove all three ABC prongs. Misclassification exposes you to back unemployment contributions, disability insurance payments, penalties up to $5,000 per worker, and potential criminal liability. The NJ DOL actively audits construction businesses.
Retainage (a portion of contract payment withheld until project completion) is typically not taxable until it is earned under your accounting method. For cash-basis contractors, retainage is income when received. For accrual-basis contractors, retainage is income when earned (typically when the work is substantially complete and the right to receive is fixed).
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Tax advice disclaimer: This material is for general educational information only and is not legal, tax, or accounting advice for your specific facts. A CPA-client relationship is formed only through a signed engagement letter.