Taxes killing my electrical business - how do you deduct panel upgrades and tool wear?
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V8493
·16h·1 reply·2 participants
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V8493🔧 ApprenticeOP16h
69
Man, taxes are a nightmare for us sparkies. I've been running my one-man show for 8 years now, and every year I end up overpaying because I don't know all the deductions for stuff like QO panel installs or the constant replacement of my Klein wire strippers. Last tax season I missed out on writing off the mileage for those late-night service calls to flip breakers on old fuse boxes. Saw a post on r/electricians where someone mentioned using QuickBooks to track it better, but I'm still using a damn spreadsheet. Anyone got tips for separating business expenses on those Southwire cables and Fluke testers? Also, heard in the Electricians Network Facebook group that S-corp setup helps with self-employment taxes, but is it worth the hassle for a small operation? FML, I just want to keep more of my earnings.
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SparkPlugGuy2⚒️ Journeyman15h
0
Same here brother, taxes suck the life out of good work. I started depreciating my service van and tools over 5 years and it saved me a ton last year.