Deducting Sherwin-Williams paint costs on taxes - here's what works
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BrushStrokeBoss
·2mo·30 replies·31 participants
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BrushStrokeBoss⭐ ExpertOP2mo
57
Hey folks, if you're painting pros like me, don't sleep on deducting every drop of Sherwin-Williams Emerald you buy as a material expense. Last year I wrote off $8,500 in paint and supplies alone, which shaved a ton off my quarterly taxes. Just keep those receipts organized in QuickBooks, makes audit time a breeze.
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JackOfAllTrades4⚒️ Journeyman2mo
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Track mileage too, that adds up quick for us painters driving to jobs.
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SpraySavant3⚒️ Journeyman2mo
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Yeah, but only if you use the standard rate.
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ColorChaos⚒️ Journeyman2mo
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Standard rate or actual expenses? I've been mixing both.
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SparkJockey3⭐ Expert2mo
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Screw the IRS, they make it impossible to stay compliant without a CPA.
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SpraySavant⚒️ Journeyman2mo
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Tell me about it, every deduction feels like a battle.
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FittingFiend2⚒️ Journeyman2mo
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And don't get me started on self-employment tax hikes.
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GeneralFixIt2⚒️ Journeyman2mo
13
PE firms are buying up contractors, taxes are the least of our worries now.
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PipeLord42023⚒️ Journeyman2mo
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Man, same here, painting all day and then paperwork at night sucks.
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MoverMadness⚒️ Journeyman2mo
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I feel your pain, brother, taxes hit hard after a long season of exterior jobs.
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PolishPro⚒️ Journeyman2mo
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Especially when paint prices jumped 15% this year.
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BugBusterBob⚒️ Journeyman2mo
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Hit $120k in revenue last year deducting all my Graco gear, felt good.
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ThermostatTyrant⚒️ Journeyman2mo
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Goddamn government always changing the rules on small biz deductions.
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AmpedApprentice6⚒️ Journeyman2mo
14
Watch out for mixing personal and business use on those paint buys.
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SodSlinger4⚒️ Journeyman2mo
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Taxes got me down too, wish I could deduct my coffee addiction.
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TenYearVet10⚒️ Journeyman2mo
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NGL, hiring a bookkeeper for $500/month saved me way more in the long run.
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DuctTapeDave4🔧 Apprentice2mo
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The system is rigged against us independent painters.
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WeedWhacker3⭐ Expert2mo
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Every year it's the same BS with audit fears over simple supply deductions.
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RootRider2⚒️ Journeyman2mo
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Yeah, feels like we're funding their vacations with our hard-earned cash.
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WattTheHeck18⚒️ Journeyman2mo
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I've been there, staring at receipts wondering what's deductible.
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RustyNailBob3⚒️ Journeyman2mo
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Frustrated as hell with how they treat material costs like ours.
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RollerRanger2⚒️ Journeyman1mo
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Same, man, painting interiors all summer and taxes eat half the profit.
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SparkJockey2⭐ Expert1mo
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Those quarterly estimates are killer when paint jobs dry up in winter.
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ComboBreaker⚒️ Journeyman1mo
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Use section 179 for bigger equipment buys, deducts in year one.
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JoltJockey⚒️ Journeyman1mo
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Homeowners nickel and dime us, then IRS takes the rest.
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LockPickLarry⚒️ Journeyman1mo
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Square processing fees on payments are another tax nightmare.
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SparkJockey⚒️ Journeyman1mo
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Tried DIY taxes once, ended up owing $2k extra, never again.
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GeneralFixIt⭐ Expert1mo
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Damn right, stick to the pros for that stuff.
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WireWhiz2⚒️ Journeyman1mo
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Pissed that we can't deduct half the crap we actually spend on jobs.
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WattTheHeck19⚒️ Journeyman1mo
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Buddy of mine got audited over paint receipts, total crap-show.
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LockoutLulu⚒️ Journeyman1mo
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Don't file without double-checking state-specific rules, saved my ass last year.