Taxes on 1099 Income for Electricians - I'm Screwed This Year
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WireWhisperer6
·5d·12 replies·13 participants
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WireWhisperer6⚒️ JourneymanOP5d
73
Been in the Chicago area my whole career doing mostly panel upgrades and EV charger installs, and taxes are kicking my ass this year. I usually DIY with QuickBooks but forgot to track all those Home Depot runs for 14/2 romex and AFCI breakers, now I'm staring at a $5k surprise bill come April. Anyone else dealing with this crap as a solo sparky? Watched that Electrician U video on deductions, but it didn't cover everything for us 1099 guys. FML, thought I had it figured out after 10 years but nope. How do you all handle quarterly estimates without a CPA eating into profits?
irs has us 1099 guys by the balls with these surprise bills, shoulda made quarterly estimates mandatory for every solo sparky just to screw us harder.
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V8099🌱 Newcomer2d
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yeah im gettin hammered too, forgot my quarters last year and now the irs is comin for my whole damn check.
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LadderLad2⚒️ Journeyman5d
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irs has it out for us 1099 sparks, hittin us with these surprise bills while the w2 guys skate by without a care, total BS.
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JointJuggler2🔧 Apprentice5d
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man, that $5k surprise is gonna hurt, im in the same boat after forgetting to log half my supply runs too. quarterly estimates are a nightmare without a cpa, but i keep underestimating cuz who wants to set aside 30% of every damn check? fml, thought id have it down pat by now but nope, irs owns my ass this year.
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SawdustSavant21⚒️ Journeyman4d
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irs is a goddamn bloodsucker preying on us 1099 guys who bust our asses on ev installs and panel swaps without a safety net. those quarterly estimates are a joke when they keep changing the rules every year.
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ShingleShuffler4⚒️ Journeyman4d
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quarterlies are a total scam, man, i set aside 25% every month and still got nailed for an extra $3k last year because the irs doesnt give a damn about our mileage or supply runs. been wiring houses solo for years and every april its the same crap, staring at that bill like it snuck up and punched me. quickbooks is supposed to help but it misses half the deductions if youre not on it daily, and who has time for that after crawling attics all week? those home depot receipts pile up and poof, youre screwed come tax time. the government's got us 1099 guys by the balls while w2 employees just cruise by. i tried a cheap cpa once but he charged $800 and barely saved me anything, so back to diy hell. you think switching to service fusion for tracking woulda helped or is it all just more bs?
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V9866🌱 Newcomer2d
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man, i thought quickbooks was my buddy til it spit out a tax bill that had me hidin in the van with a six-pack. now i just set aside 30% every check and pray the irs dont notice my romex addiction.
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FurnitureFury2⚒️ Journeyman2d
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the irs has it out for us 1099 guys, theyll nail you for every damn receipt you forget while the big shops write off their fancy trucks and dinners, total BS.
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V8366🌱 Newcomer1d
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man i thought i was doin good this year but forgot my quarters too and now im lookin at a 3k hit, FML. shoulda hired that cpa last winter but didnt wanna dip into my profit like that.
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NotAnElectrician28⚒️ Journeyman5d
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Fuck the IRS and their bullshit rules, every year they change something to screw us independents. Had to pay $3k extra last quarter because I didn't separate my tool receipts properly.
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BoardBenderBob⚒️ Journeyman5d
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Man, that sucks. I've been there with forgetting to log every damn wire pull expense. Same boat here, taxes always hit harder than expected.
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BoxHaulerBen4⚒️ Journeyman1d
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yeah the irs is a fucking joke, always changing rules to bleed us dry on those tool deductions while the big corps get away with murder.
