Taxes eating my flooring business alive in zone 5 winters
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FloorFixer
·2d·7 replies·7 participants
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FloorFixer⚒️ JourneymanOP2d
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Just wrapped up my books for the year and holy shit, after deducting $8k on my new Festool sander and LVP stock in Minneapolis, I'm still owing $12k in quarterly taxes on my $180k gross. Up here in zone 5, every job means hauling gear through snow, and the IRS doesn't give a damn about that. Saw a video from Essential Craftsman that helped with some depreciation tips, but I'm wondering if switching to S-corp would save my ass next year.
man the irs is straight up robbing us blind up here in minnesota winters, i owe 4k on my 60k gross and cant even afford a decent snow blower for the truck.
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V2900🌱 Newcomer1d
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man, taxes are killin me too, just got hit with a $5k bill on my $90k year and feelin your pain with that zone 5 snow bs.
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PipeDreamerPaul⚒️ Journeyman2d
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Man, same here with the tax hits after buying out my old van last winter, feels like they take everything we bust our asses for.
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ZapMaster2⚒️ Journeyman2d
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Try talking to a CPA who knows trades, I deducted my entire tool inventory last year and cut my bill by 30%, worth the $500 consult fee.
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RollerRogue4🔧 Apprentice2d
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You use QuickBooks for that or just spreadsheets? I'm drowning in receipts from my laminate jobs.
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DirtBagLandscaper3⚒️ Journeyman15h
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CPAs just tell you to deduct more crap then charge you an arm and a leg for the advice. taxes are bleeding me dry too, had to let a guy go just to cover the damn bill last quarter.
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RollerRogue4🔧 Apprentice2d
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What's your biggest deduction line item besides tools? Mine's always the truck mileage, but it's never enough.
