Construction contractors have unique business expenses that can be deducted from their taxes to help lower their taxable income. However, with so many different expenses to keep track of, it can be difficult to know which ones are eligible for deductions. In this blog post, we'll explore the top deductions for construction contractors to help you maximize your savings and grow your business.
As a construction contractor, you know how important it is to keep track of all your expenses. Knowing which expenses are tax-deductible can help you save money and grow your business.
- Deducting expenses related to company vehicles such as fuel, maintenance, and repairs.
- Keep detailed records of the business miles driven for each vehicle to determine the deductible percentage.
Equipment and Tools
- Deducting expenses related to the purchase and maintenance of equipment and tools used for business purposes.
- This includes small hand tools, heavy machinery, and office equipment.
- Deducting premiums for various insurance policies such as liability, worker’s compensation, and property insurance.
Home Office Expenses
- Deducting expenses for a home office that is used exclusively for business purposes.
- This includes a percentage of mortgage or rent, utilities, and other expenses related to the home office
- Deducting expenses for travel related to business activities such as site visits, meetings, and conferences.
- This includes transportation, lodging, and meals.
- Deducting expenses related to employees, such as salaries, wages, benefits, and training costs.
- This includes expenses for independent contractors as well.
As a construction contractor, it's important to take advantage of all the tax deductions available to you. Keeping detailed records of your expenses and working with an experienced accountant can help ensure
Let our team of experienced accountants help you navigate the complex tax code and take advantage of all the tax deductions available to you. Contact us today to learn more about how we can help you grow your business and save money.