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EXPERT TAX STRATEGY

Leveraging deep knowledge and experience in tax laws, we develop strategies that align with individual or business goals, ensuring compliance while minimizing liabilities.

This proactive approach not only addresses current tax obligations but also anticipates future changes, positioning clients for long-term financial success.

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Leveraging Monika Hengesbach's Enrolled Agent status and NTPI Fellow designation, along with her three decades of experience serving over 1,000 clients, she provides superior tax advice, IRS representation, and resolves complex tax issues with proven expertise and reliability.

Offering personalized, concierge-level tax services means that Decision Financial goes beyond the standard approach to tax management by providing highly tailored services that cater to the unique financial landscapes of each client. This approach involves a deep understanding of each client’s personal and business financial goals, enabling the firm to offer solutions that are specifically designed to optimize tax outcomes and enhance financial health.

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We prioritize clients' unique needs and goals, ensuring personalized tax strategies and solutions through collaborative planning and open communication. This philosophy fosters strong, trusting relationships, with every action tailored to achieve the best outcomes for clients, emphasizing respect, transparency, and empowerment.

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Contractor Reviewing blueprint in unfinished home

4 Ways Architects and Contractors Can Save Money in a Down Economy

July 04, 20242 min read

According to the Center for American Progress,

"Jobs are down 38 percent since 2006 in residential construction alone. Further, more than 90 percent of contractors in the construction industry are small businesses – another hard-hit segment of the economy."

What do we do first when revenues decrease? We cut costs! Here are some tax planning tips to help you save money:

1. Did you choose the right structure? You can operate your construction business as a sole proprietorship, a partnership, a regular corporation, or an S Corporation. The form you choose directly impacts the amount of tax you pay.

2.Maximize Net Operating Losses (NOL). An NOL from one year can reduce taxable income in another year. It can be carried back to a prior year, resulting in a tax refund. If the NOL wasn't completely used in the two years before it occurred, the remainder can be carried forward and applied against taxable income for up to 20 years.

3. Utilize the bonus depreciation. On February 1st, President Obama released his 2011 budget, which included extending bonus first-year depreciation to apply to property placed in service in 2010. This means you can write off 50% of the purchase price of any equipment placed in service in 2010.

4. Hire a new employee. While it may seem challenging when "jobs are down 38 percent since 2006," it's still true that "you need to spend money to make money." The Government is offering a tax credit up to $5,000 for new workers added in 2010. Additionally, for employees not working more than 40 hours during the 60-day period ending on the start date, the wages are exempt from the 6.2 percent employer portion of Social Security tax.

To identify and implement the tax strategies best suited to your situation, please contact us.

ContractorsBuildersTradesmenTrades peopletax strategytax planning
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535 Silicon Dr. Ste. 101

Southlake, TX 76092

Office: 817-268-9352

[email protected]