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Texas tax laws can be confusing anddifficult to understand sometimes This video series is designed to help youunderstand the information you need to determine your tax responsibilities as acontractor In this video well cover basic terms used in our tax laws andrules Once you have watched this video you can select from one of the differentcontractor tax videos to better understand your tax responsibilities ineach situation or scenario In Texas contractors may be required to collectTexas sales or use tax If you perform new construction or residential repairremodeling andor restoration work you are considered a contractor Or if youperform non-residential repair remodeling and restoration work you areconsidered a taxable service provider In this video the term contractors refersto both contractors and taxable service providers Contractors can include homebuilders general contractors subcontractors developers or specialtytrade contractors such as plumbers HVAC technicians electricians paintersinterior designers and installers such as installers of carports solar panelsfire alarm systems and home theaters are all considered contractors As acontractor you can perform work on different types of real property such as residential or non-residential Residential property is a property thatis either a single-family or multifamily building used as a residence and not asa business Residential property also includes anyproperty that is connected to those buildings such as apartment common areaslaundry rooms for tenants and certain recreational areas such as swimmingpools and basketball courts Non-residential property or commonlyreferred to as commercial property is property without facilities for peopleto live in It also includes buildings and other improvements built into oraffixed to the land Some examples of non-residential property include officebuildings shopping centers industrial parks bridges hotels and motels You canalso perform or provide different types of work or services to each of thesetypes of properties That work includes new construction repairing remodelingrestoration and maintenance You can use different types of contracts to bill orinvoice your customer either lump-sum or separately stated Your taxresponsibilities are different for each one Lump-sum contracts are known asfixed price flat price and turnkey contracts When you bill your customeryou charge them a single amount for labor and incorporated materials insteadof separately itemizing them Separated contracts are known as time and materialscontracts When you bill your customer you separately state the labor andincorporated materials charges Finally well cover the different items you mayuse in completing your work As a contractor you can use incorporatedmaterials consumable items and equipment to complete your construction projectsKnowing how to classify these items will help you understand if you should paysales tax when you purchase these items Incorporated materials are items thatyou...
