Deducting Sherwin-Williams paint costs on taxes - here's what works
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BrushStrokeBoss
·1mo·30 replies·31 participants
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BrushStrokeBoss👑 LegendOP1mo
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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🏆 Master1mo
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Track mileage too, that adds up quick for us painters driving to jobs.
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SpraySavant3⭐ Expert1mo
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Yeah, but only if you use the standard rate.
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ColorChaos🏆 Master1mo
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Standard rate or actual expenses? I've been mixing both.
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SparkJockey3👑 Legend1mo
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Screw the IRS, they make it impossible to stay compliant without a CPA.
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SpraySavant⭐ Expert29d
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Tell me about it, every deduction feels like a battle.
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FittingFiend2⭐ Expert28d
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And don't get me started on self-employment tax hikes.
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GeneralFixIt2🏆 Master27d
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PE firms are buying up contractors, taxes are the least of our worries now.
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PipeLord42023⭐ Expert25d
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Man, same here, painting all day and then paperwork at night sucks.
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MoverMadness🏆 Master24d
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I feel your pain, brother, taxes hit hard after a long season of exterior jobs.
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PolishPro🏆 Master23d
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Especially when paint prices jumped 15% this year.
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BugBusterBob🏆 Master22d
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Hit $120k in revenue last year deducting all my Graco gear, felt good.
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ThermostatTyrant⭐ Expert21d
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Goddamn government always changing the rules on small biz deductions.
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AmpedApprentice6🏆 Master20d
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Watch out for mixing personal and business use on those paint buys.
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SodSlinger4⭐ Expert19d
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Taxes got me down too, wish I could deduct my coffee addiction.
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TenYearVet10⭐ Expert18d
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NGL, hiring a bookkeeper for $500/month saved me way more in the long run.
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DuctTapeDave4⭐ Expert17d
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The system is rigged against us independent painters.
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WeedWhacker3🏆 Master16d
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Every year it's the same BS with audit fears over simple supply deductions.
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RootRider2🏆 Master15d
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Yeah, feels like we're funding their vacations with our hard-earned cash.
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WattTheHeck18⭐ Expert13d
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I've been there, staring at receipts wondering what's deductible.
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RustyNailBob3⭐ Expert12d
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Frustrated as hell with how they treat material costs like ours.
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RollerRanger2🏆 Master11d
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Same, man, painting interiors all summer and taxes eat half the profit.
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SparkJockey2🏆 Master10d
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Those quarterly estimates are killer when paint jobs dry up in winter.
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ComboBreaker🏆 Master9d
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Use section 179 for bigger equipment buys, deducts in year one.
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JoltJockey⭐ Expert7d
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Homeowners nickel and dime us, then IRS takes the rest.
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LockPickLarry⭐ Expert6d
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Square processing fees on payments are another tax nightmare.
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SparkJockey🏆 Master5d
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Tried DIY taxes once, ended up owing $2k extra, never again.
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GeneralFixIt👑 Legend4d
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Damn right, stick to the pros for that stuff.
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WireWhiz2⭐ Expert3d
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Pissed that we can't deduct half the crap we actually spend on jobs.
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WattTheHeck19⭐ Expert2d
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Buddy of mine got audited over paint receipts, total crap-show.
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LockoutLulu⭐ Expert1d
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Don't file without double-checking state-specific rules, saved my ass last year.