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Articles, tips and tricks to help small businesses thrive financially.

Tax Tip for Roofers: Maximize Retirement Contributions for Tax Savings

There are various retirement account options, such as SEP IRA, Solo 401(k), Traditional IRA, Roth IRA, and 401(k) for Employees, to optimize tax savings. By contributing to these accounts, roofers can reduce their current tax liability and ensure long-term financial stability.

Tax Tip for Roofers: Understand and Leverage Section 179 Deduction

Section 179 deduction allows roofers to deduct the full cost of qualifying equipment and software purchased during the tax year, thereby lowering their taxable income. Utilizing the Section 179 deduction can help roofing businesses invest more confidently, optimize tax planning, and make the most of available credits.

Tax Tip for Roofers: Keep Detailed Records of Business Expenses

By tracking costs such as tools, equipment, materials, and employee wages, roofers can claim eligible deductions and lower their taxable income.