Clarification
Custom Home, April, 2003
The January/February Strictly Business column stated that a contractor should "... always be ahead of the customer and maximize the use of your client's funds by taking a deposit and front-loading your draw." The article ommitted the fact that some states have laws that make it illegal to be ahead of the customer, particularly on home improvement contracts. Check with your individual state for the legality of front-loading your draw.
Steve Maltzman, CPA, is president of Steve Maltzman and Associates in Colton, Calif. Visit Steve at www.smacfo.com.
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