Takeoff is vital for creating accurate estimates and bids — after all, it’s the step where you measure, count, and list quantities of materials based
Tax Deductions You Can Claim as a General Contractor
- Legal Fees – Payments for setting up an LLC are tax deductible.
- Building Supplies and Small Tools – Pencils, rulers, hammers, and all items to get the job done can be written off.
- Heavy Machinery and Large Tools – You can deduct the depreciation of heavy machinery, ladders, and all other large tools.
- Labor Costs – People helping your business and in your payroll, this labor is tax deductible.
- Online and Print Advertising – Money spent promoting your business on social sites and print media is tax deductible expenditure.
- Safety Wear and Uniforms – If your team uses safety gear such as boots and helmets at your place of work, then all are tax deductible expenses.
- Subscriptions – All subscriptions to any form of medium relevant to your construction business is also a tax deductible expense.
- Car-related Expenses – If you drive to get supplies, meet clients, or even drive between sites, you can file gas costs as tax deductible expenses.
- Working from Home – If you have a dedicated work station within your home, you can file claims for home office deductions.
- Eating Out – If you conduct any work-related conversation with clients in a restaurant, the IRS views such as a tax deductible expense. Additionally, if you travel over 100 miles or 2 hours by car to meet a client or attend a construction site, you can file a tax deductible expense.