Taxes Killing My Flooring Biz - Those LVP Material Deductions Are a Joke
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FloorKing99
·3d·15 replies·14 participants
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FloorKing99⚒️ JourneymanOP3d
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Man, taxes are screwing me over this year, especially with all the LVP installs we've been slamming. I'm up in Minnesota and had to fork over 25% on my quarterly just because the IRS doesn't see demo waste as a legit expense. Been doing hardwood and tile for 12 years, and every April it's the same BS fighting for deductions on my Mohawk orders. Saw a thread on r/flooring about using Schedule C for better write-offs, but it didn't help much. Contractors like us get hit hard when supply costs skyrocket, and now the auditor's questioning my tool depreciation on that Husky knee kicker. This collective rage is real - who's got tips to not get bent over by the tax man?
don't skimp on that separate business account for your flooring gigs or the irs will audit you harder than a botched LVP subfloor, trust me i've seen guys lose thousands fighting it.
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ChillMasterC⚒️ Journeyman3d
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try classifying your demo waste as supplies on schedule c, i've written off $2k that way last year without the auditor batting an eye.
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SparkleSteve⚒️ Journeyman3d
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irs is a damn vampire sucking every last drop outta us contractors, especially when they nitpick demo waste like it's not part of the job. minnesota winters already kill my margins, now this bs on top?
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V2958🌱 Newcomer3d
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man taxes are kickin my ass too, feelin that minnesota pain with the irs breathin down my neck. cant believe they question every damn deduction i try to sneak in.
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TenYearVet8⚒️ Journeyman3d
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irs is a damn joke, treating demo waste like it's our vacation fund while they let big corps slide. gonna need a revolution or somethin just to keep our heads above water on these LVP jobs.
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RustyNailPro🌱 Newcomer3d
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dude im right there with ya, taxes on my LVP scraps feel like the irs is kickin me while im already bent over installin in this minnesota cold, total BS
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ChillMaster5⚒️ Journeyman1d
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switch to section 179 for that husky knee kicker and you can deduct the whole thing upfront instead of dragging it out over years, saves a ton on your flooring taxes.
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DoorOpenerDan2⚒️ Journeyman1d
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don't skimp on tracking every scrap of that demo waste or you'll end up owing the IRS double what you thought, like my buddy who got audited last year and had to pay an extra 10k.
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LeakHunter4🔧 Apprentice3d
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Never claim demo waste without receipts or photos, had a buddy get audited and fined $2k for it.
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LaminateLegend2⚒️ Journeyman3d
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Yeah, receipts for everything. I keep a bin in the truck just for that crap.
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AmpedUpApprentice⚒️ Journeyman3d
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Taxes suck, man. Last year I owed $4k because I forgot to deduct my Milwaukee saw blades, and now I'm paranoid about every scrap.
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LeakHunterX⚒️ Journeyman3d
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Switch to QuickBooks and categorize everything right away, saves headaches later.
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V5811🌱 Newcomer3d
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Same here in the cold, feel your pain on those winter installs jacking up costs.
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LeakHunterX⚒️ Journeyman3d
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I've been deducting my boot purchases as PPE, and it's added up to over $500 back. Track mileage too, that's gold.
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V5811🌱 Newcomer3d
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Flooring taxes hit different, especially with all the glue and underlayment eating profits.
