Home/Legal & Finance/🔧 Plumbing/Taxes on tool write-offs: Why you idiots are missing out on deducting your Ridgid SeeSnakes
Taxes on tool write-offs: Why you idiots are missing out on deducting your Ridgid SeeSnakes
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NotAnElectrician
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NotAnElectrician🏆 MasterOP5d
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Look, I've been plumbing for over a decade and every year I see guys in Plumbers United group bitching about their tax bills because they don't know shit about Section 179 deductions for equipment like my Ridgid SeeSnake that I use for every damn drain job. You can write off the full cost of that beast in the year you buy it instead of depreciating over five years, but half these solo ops treat it like a personal expense and get screwed by the IRS. I ran my books through QuickBooks last season and knocked off thousands just from tools and my service van mods. Don't sleep on mileage either, every trip to a snake job or Ferguson pickup counts if you log it right. Guy in r/Plumbing posted about getting audited last month, turns out he forgot to separate business PEX inventory from his garage stock. Wake up and talk to a CPA who knows trades, not some generalist. It's controversial as hell but I say max out those deductions before the rules tighten up again.