Home/Legal & Finance/🪵 Flooring/Flooring business taxes: how do you deduct LVP material costs without an accountant?
Flooring business taxes: how do you deduct LVP material costs without an accountant?
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FloorFanatic
·3mo·28 replies·26 participants
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FloorFanatic⭐ ExpertOP3mo
90
Been doing hardwood and LVP installs for 8 years now, mostly residential jobs around the greater Atlanta area, and taxes are killing me this quarter. I'm trying to figure out how to properly deduct all the vinyl plank flooring I bought from Floor & Decor last month, especially since some jobs got delayed and I have leftovers sitting in my van. Saw a post on r/Flooring where someone mentioned using QuickBooks for tracking material expenses, but I'm not sure if that covers everything for Schedule C. Out here, with the humidity messing up installs sometimes, I end up ordering extra to be safe, but does that count as a business expense or just waste? Also, anyone in the Flooring Contractors Network group dealing with state sales tax on supplies? I don't want the IRS breathing down my neck come April.
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FrostFighter⚒️ Journeyman3mo
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What state are you in, does that change how you file for materials?
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ConduitCrafter⭐ Expert3mo
22
Georgia here too, and yeah it does, you gotta separate taxable vs nontaxable supplies.
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NailGunNinja12⚒️ Journeyman3mo
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Nah, for flooring it's all mixed up, just track receipts religiously.
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RoofRat8810⚒️ Journeyman3mo
19
Taxes on flooring supplies suck, had to pay extra last year because I didn't categorize my LVP right, pissed me off.
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RoofRat8🔧 Apprentice3mo
35
Same, the accountant charged me $300 just to fix it.
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DirtBagLandscaper4⚒️ Journeyman3mo
33
FML, I thought I was good with my spreadsheet but nope.
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BoltBuster⚒️ Journeyman3mo
9
Use Jobber for invoicing, it integrates with QuickBooks and auto-categorizes material costs like your vinyl planks.
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VoltVampire⚒️ Journeyman3mo
16
Second that, saved me hours on deductions.
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FlushMaster4⚒️ Journeyman3mo
15
Customer calls at midnight about a squeaky oak floor I did last week, and I'm like dude it's taxes not your floor.
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SpringSpecialist5⚒️ Journeyman3mo
19
This year I deducted every damn chisel and underlayment roll, hit a personal best on write-offs.
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CircuitSavant2⚒️ Journeyman3mo
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Screw the big corps buying up small flooring shops, they don't deal with this tax BS like we do.
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GutterGoblin2⚒️ Journeyman3mo
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Man, I feel that, especially after seeing prices jump on engineered hardwood.
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RollerRandy⭐ Expert3mo
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Track everything in a separate business account, makes audit-proofing easy for LVP and such.
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RodentRider⚒️ Journeyman3mo
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Insurance companies and now the tax man, both out to get us floor guys.
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GarageGateGuy⚒️ Journeyman3mo
22
Congrats on the write-offs, but yeah PE firms are ruining the margins we have left after taxes.
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TenYearVet6⭐ Expert3mo
17
I hear ya, been nickel and dimed on every glue tub deduction for years.
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SparkPlugJoe2⚒️ Journeyman3mo
22
Same boat, my back hurts from installs and now taxes hurt my wallet.
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SawdustSavant15⚒️ Journeyman3mo
18
Dude walks in with a Home Depot cart full of cheap laminate and expects pro results, then skimps on paying taxes right.
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DustBunnyHunter3⭐ Expert3mo
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Feels bad man, we're all grinding through this crap together.
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ColorWheelCarl2⚒️ Journeyman3mo
14
Yup, solidarity in the tax trenches.
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FramingFanatic⚒️ Journeyman3mo
17
Totally get it, every receipt counts when you're solo.
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CanvasKing6⚒️ Journeyman3mo
35
Lol, my first tax year I deducted my coffee, got flagged instantly.
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TenYearVet⭐ Expert3mo
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Proud to say I finally got my flooring deductions dialed in, no more surprises.
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DuctTapeKing2⚒️ Journeyman3mo
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Those bloodsuckers in DC don't care about our LVP hauls or job site realities.
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JoltJockey2⚒️ Journeyman3mo
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Govt squeezing us dry while materials cost an arm.
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FramingFanatic⚒️ Journeyman3mo
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It's a racket, man, especially for trades like ours.
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CanvasKing6⚒️ Journeyman3mo
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Hate how every little expense gets scrutinized.
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TenYearVet⭐ Expert3mo
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Frustrated as hell with the new forms this year, took me all weekend.