CDABP TRAININGS
January or February , you might as well buy it in December and get your 2024 deduction . But don ’ t buy stuff just because you ’ re trying to save taxes purely . Doesn ’ t make sense . Always do things for good business purposes , not for tax purposes .”
He also went over strategies for managing cash flow and taxable income differences , underscoring the need to align tax decisions with business strategies .
Additionally , Glenn delved into relationships within the construction ecosystem , noting that internal team collaboration is critical . He suggested weekly or bi-weekly project meetings to encourage communication , share best practices , and address issues proactively -- ultimately improving performance and reducing risk . Externally , from CPAs and bond agents to underwriters and legal counsel , Glenn advised contractors to work with experts who understand the unique challenges of the construction industry .
Underlining how vital communication is , he said , “ Get your bond agent , CPA , bond company , and banker on the line and spend 45 minutes to an hour going through the year that just passed and the year ahead . Touch base and get questions asked and answered . Go through any of your large underbillings .”
He closed with insights , encouraging contractors to recognize the broader impact of their businesses on employees and their families , while stressing the importance of resilience and proactive planning in a competitive industry . The informative presentation highlighted the foundational role financial wellness and preparation play in business success and growth potential . Watch the webinar online .
In addition to webinars like those summarized above , the LA Regional CDABP offers a variety of other services , available at no cost , to assist small , local , and diverse contractors in accessing public works contracts and in building their business capacities . For more information on the CDABP , go online to www . LAConDev . com .
SPRING 2025 LA CONTRACTOR CONNECTION - 23