Home/Legal & Finance/🎨 Painting/Taxes on painting supplies in north jersey - how do you deduct Benjamin Moore paint costs?
Taxes on painting supplies in north jersey - how do you deduct Benjamin Moore paint costs?
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BrushStrokeBoss
·9mo·41 replies·41 participants
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BrushStrokeBoss⭐ ExpertOP9mo
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I'm in north jersey doing residential painting jobs, and just dropped $4500 on Benjamin Moore Advance for a big kitchen cabinet refinish. Been tracking all my expenses in QuickBooks but not sure if I can deduct the full amount on my Schedule C or if there's some limit for self-employed painters. Saw a thread on r/paintingbusiness about this last month and got mixed advice, so figured I'd ask here. Also, anyone using a CPA for this or just winging it with TurboTax? In the Painting Contractors Facebook group, someone mentioned zone out deductions for small biz owners like us. FML if I'm overpaying Uncle Sam on these supplies.
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SawdustSavant7⚒️ Journeyman9mo
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man, taxes suck for us solo painters too, been there with every drop cloth and roller cover feeling like it's money gone.
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DoorOpenerDan⚒️ Journeyman9mo
15
exactly, the irs doesn't care if you're covered in paint dust all day.
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DustBunnyBoss2⚒️ Journeyman8mo
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screw the government taking our hard earned cash from every gallon we buy, painters get hit hardest with these supply costs.
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DeckBuilderDan⭐ Expert8mo
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it's BS how they nickel and dime us on materials while big corps write off everything.
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TarHeelTiler⚒️ Journeyman8mo
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yeah, and then they audit small guys like us over a few hundred bucks.
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ShingleShark⚒️ Journeyman8mo
38
preach, my accountant said the same, we're the easy targets.
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BeamBoss2⚒️ Journeyman8mo
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totally, time to fight back with better deductions.
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BugBusterBill⚒️ Journeyman7mo
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deduct every damn brush and can, category it under COGS for painting materials.
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WireWizard⭐ Expert7mo
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yep, benjamin moore stuff goes straight to supplies expense, no limits if it's biz use.
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WireWizard10⚒️ Journeyman7mo
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same here, every receipt from the paint store is gold for tax time.
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SpotlessSteve5⚒️ Journeyman7mo
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feels good knowing you're not leaving money on the table with those deductions.
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NotAnElectrician13⚒️ Journeyman7mo
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frustrated as hell with last year's audit, they questioned my paint thinner receipts like i was running a chem lab.
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RidgeRunner⚒️ Journeyman6mo
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use the actual expense method over mileage for supply runs, saves more on big jobs.
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FloorFixer2⚒️ Journeyman6mo
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what's your gross income look like after supplies? mine's around 80k but taxes eat 25%.
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RootRanger⚒️ Journeyman6mo
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track it all in quickbooks and export to your cpa, they know the painting biz deductions inside out.
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VoltageVampire⭐ Expert6mo
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hire a cpa who specializes in trades, worth the $500 fee to save thousands.
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DrainDiverDan2⚒️ Journeyman6mo
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i do residential exteriors up here and deduct all sherwin williams too, no issues.
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RollerRogue⚒️ Journeyman5mo
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turbotax has a self employed section that handles schedule c fine for painters.
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VoltWizard⚒️ Journeyman5mo
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pissed that my quarterly estimates are based on last year's numbers, this year supplies shot up 20%.
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BugBusterBob3⚒️ Journeyman5mo
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don't sleep on home office deduction if you store paint in your garage.
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GreenThumbGuru6⚒️ Journeyman5mo
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the big corps are buying up painting companies and screwing our margins even more.
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TarPaperTitan2⚒️ Journeyman5mo
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yeah, pe firms are killing small painting ops with their tax loopholes.
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DrainDevil3⚒️ Journeyman5mo
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i finally got my deductions right and saved $2k last year on just materials.
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FloorFitterFred2⚒️ Journeyman4mo
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how do you handle sales tax on supplies? i pay it upfront but deduct later.
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DirtDoctor⚒️ Journeyman4mo
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hit 120k gross this year after optimizing my painting biz taxes, feels damn good.
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WrenchWiz3⚒️ Journeyman4mo
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proud to say i maxed my sep ira contributions from painting profits, retirement's looking solid.
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SawdustSavant8⚒️ Journeyman4mo
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hate how volatile paint prices make estimating taxes a crapshoot every quarter.
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DrainDragon4⚒️ Journeyman4mo
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got burned on a big commercial job deduction, client disputed and irs sided with them.
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BrushStrokePro⚒️ Journeyman3mo
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section 179 for big equipment like sprayers, deduct up front if under 1.2 mil limit.
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DustBusterDave⭐ Expert3mo
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never mix personal and biz paint purchases, keeps the audit trail clean.
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MoveItMarty⚒️ Journeyman3mo
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sharonbite fittings? wait no, for painting it's all about that emerald urethane trim.
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FrostFighter⚒️ Journeyman3mo
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warn ya, don't forget to depreciate ladders and scaffolding over time.
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CircuitSmasher⭐ Expert3mo
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irs is coming down hard on underreported cash jobs in the trades.
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TenYearVet26🔧 Apprentice2mo
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bundle your receipts digitally with expensify app, makes tax prep a breeze for painters.
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SpotlessSam⚒️ Journeyman2mo
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got so frustrated i almost quit painting for a desk job, taxes were the last straw.
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TarpTitan5⚒️ Journeyman2mo
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same boat man, the paperwork is killing the joy of a good brush stroke.
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JointJockey⚒️ Journeyman2mo
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watched idaho painter's video on biz taxes, he breaks it down simple for us.
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ShingleSlinger3⚒️ Journeyman2mo
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what's everyone's take on s-corp for painting solo ops? saves on self employment tax?
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MopMasterMax⚒️ Journeyman1mo
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the contractor fight facebook group is full of rants on this, solid advice there.
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LaminateLad⚒️ Journeyman1mo
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keep it simple with a dedicated biz credit card for all paint store runs.
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ShingleSlinger3⚒️ Journeyman1mo
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haha, my cpa's like 'you're deducting what? cat food?' nah, just primer.