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You're a contractor, you know your trade, and you're good at it. But what about the unique financial and legal concerns of running a construction business? Do you have the right tools for dealing with money and the law? Attorney Jim Kramon provides all the information you need to turn your hard work into greater financial security. You'll painlessly learn how to:
Smart Business for Contractors: A Guide to Money and the Law, includes how to bill and collect on your invoices, what you should always include in your contracts, and creative new ways of dealing with contract disputes. Learn how to keep your customers happy so they’ll hand you referrals, how best to handle subcontractors, and how to find a good accountant. You’ll learn the pros and cons of incorporating, how to handle tax issues such as what you can and can’t deduct, and what you’re allowed to depreciate, and how to plan the future of your company. Reading Smart Business for Contractors: A Guide to Money and the Law is like getting good advice from a construction lawyer –- at a fraction of the cost. The Author: Jim Kramon is a managing partner of the Kramon & Graham, a 20-person law firm in Baltimore, Maryland, that routinely represents small contractors and tradespeople. TABLE OF CONTENTS: CHAPTER 1 - Money Matters: Pricing, Billing, Collecting 5 How to Price Your Work 6 Using the Hourly Rate Approach 7 Keeping Track of Expenses 16 Billing and Collecting Payments for Your Work 17 CHAPTER 2 - Putting It in Writing: Contracts and Beyond 26 Estimates and Contracts 26 Following through after the Contract 35 Contract Disputes 38 CHAPTER 3 - Running and Growing Your Business 45 Setting Up Your Office 46 Working Smart 49 Getting Help 58 Growing Your Business 61 CHAPTER 4 - Managing the Paper Chase 66 Getting Motivated 66 What is a Record? 68 What Records to Keep and How to Keep Them 71 When It’s Time to Use the Records 77 Getting Help with Record Keeping 80 CHAPTER 5 - Drawing the Line: Business vs.Personal Finances 82 Legal Reasons for separating Business and Personal Finances 83 Good-Sense Reasons for Separating Business and Personal Finances 86 Methods for Separating Business and Personal Finances 89 CHAPTER 6 - Sizing Up Your Options: Corporations, Partnerships, Employees 93 Look to the Future First 94 Should I Incorporate? 95 Business Expansion: Employees, Job Sharing, Subcontractors 102 Taking on a Partner 106 Hiring a Lawyer 109 CHAPTER 7 - Taxes: Plain and Simple 113 Tax Estimating and Reporting Requirements 115 For the Do-It-Yourselfers 120 Tax-Related Issues for Contractors 121 Selecting the Right Accountant 123 CHAPTER 8 - Insurance: Money Well Spent 128 Types of Insurance 129 Insurance to Protect Your Business 130 Insurance for Employees 137 Including Insurance Costs in Your Prices 140 Filing Claims 142 Working with an Agent or Broker 143 CHAPTER 9 - Medical Insurance: How to Live with It 146 Basic Medical Coverage 147 Group Medical Coverage 148 Types of Medical Insurance Plans 151 Selecting the Right Medical Insurance 154 Medical Insurance and Taxes 159 Making the Best Use of Your Health Care Coverage 160 CHAPTER 10 - Disability: Anticipating the Solution 164 Disability: A Clear and Present Danger 165 Disability Insurance 165 Other Solutions for Dealing with Disability 172 CHAPTER 11 - Retirement Planning: Never Too Early 178 Getting Started 178 Defining Your Objectives 179 Estimating Your Future Expenses 181 Retirement Income: Putting Together the Pieces 181 Balancing Income with Expenses 193 Medical Care during Retirement 194 Retirement and Estate Planning 195 Glossary 197 Index 201 Includes: Book By: Jim Kramon Published by: Taunton Press ISBN: 1-56158-411-8 204 Pages, 8-1/2 x 11 |
