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Tax Tips: Use the Right Construction Codes
Many NAHB members own more than one construction-related enterprise.
When completing your tax return, it is important to properly classify the business that provided your principal source of income. These codes for the Principal Business or Professional Activity classify sole proprietorships by the type of activity they are engaged in to facilitate the administration of the Internal Revenue Code.
These six-digit codes are based on the North American Industry Classification System (NAICS).
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Line A of Form 1040 Schedules C and C-EZ requires a Principal Business or Professional Activity description to be entered. Select the category (from the six-digit codes) that best describes your primary business activity within the construction industry.
If you owned more than one business, you must complete a separate Schedule C or Schedule C-EZ for each business.
For a complete listing of the NAICS six-digit codes and IRS instructions for Schedule C, click here. (This link is for NAHB members only.)
NAHB Has More Than 170 Resources to Help You Run Your Business More Profitably
Go to NAHB's Business Management Tools Web pages for instant access to more than 170 timesaving, moneymaking and cost-cutting business resources to help you run your business more profitably. Get guidance on accounting and financial management, business strategy, computers and information technology, customer service, human resources and more.
Resources are added weekly, so bookmark www.nahb.org/biztools to go directly to these vital business management resources.
Local and state home builders associations can link directly to www.nahb.org/biztools from their Web site and give their members instant access to these resources. It will make your HBA's Web site the place to go for the information and guidance that members need to succeed.
Subscribe to NAHB’s Business of Building e/Source
NAHB’s Business of Building e/Source is your monthly electronic guide to the hot issues and emerging trends in home building business management. You’ll find practical advice, tricks of the trade and sound business guidance — all delivered monthly, straight to your desktop, in a quick and easy-to-read format. Business of Building e/Source is available free to NAHB members and their employees. To subscribe, click here on the members only side of www.nahb.org.
BuilderBooks.com Offers More Than 250 Books That Help You Build Your Business
BuilderBooks.com is your source for training and education products for the building industry. The official bookstore for NAHB, BuilderBooks.com offers award-winning publications, software, brochures and more available in both English and Spanish.
To view these publications online, click here, or call 800-223-2665.
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