As an independent or self-employed plumber, expenses can pile up quickly when purchasing plumbing materials and tools. Avoid paying thousands of dollars on your taxes by tracking these common expenses for plumbers.
All expenses related to the design and marketing of your business are tax deductible such as online ads, billboards, and business cards.
Service fees paid to the bank through your business bank account related to operating your business are tax deductible.
You can deduct the insurance cost related to your trade or business. For example, liability, credit, and loss insurance are tax deductible.
Wages you pay to contractors and consultants are tax deductible.
Legal fees from your accountant or attorney directly related to operating your business are tax deductible.
Work-related expenses for licenses and membership organizations are generally tax deductible.
If you use your phone for work, the purchase and monthly bill are tax deductible.
Accessories for your work phone, such as USB charging cables, are tax deductible.
Fees for conferences, seminars, and professional events are tax deductible.
Supplies you buy for the office and materials used for work are tax deductible (paper, printer ink, wood, nails, etc.).
Standard business equipment and tools used for work are tax deductible.
Work clothes are tax deductible if they’re only for work and aren't suitable anywhere else (safety gear, theatrical costumes, etc.).
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Running a plumbing business from your home can have quite a few expenses. If you have a dedicated space used only for business purposes like administrative or management activities, track these home office deductions! It can be a little room or even a desk in the corner works!
Expenses related to maintaining and improving your office space are tax deductible. For example, floor repairs or repainting the office room walls.
You can deduct necessary furniture and equipment used to run your business.
A part of your house rent is tax deductible if it’s used only for business purposes.
Business expenses for electricity, water, heating, waste, and internet are all tax deductible.
The cost of running your business’ website is tax deductible. This includes website hosting and domain fees.
You’re most likely driving from client to client or a worksite as an independent plumber. With the cost of gas rising, it’s important to claim mileage deductions to offset the costs. Here are some expenses you can track if you want to use the actual car expense deduction instead of the standard mileage deduction.
Gas for your business vehicle is tax deductible.
License and registration fees required to drive your business vehicle are tax deductible.
Business-related parking and toll fees are both tax-deductible expenses. However, parking fees paid to park at your workplace are not deductible.
Roadside assistance expenses are tax deductible. If you have a roadside assistance plan, it’s tax-deductible if your insurance plan doesn’t include it.
The insurance cost for your business vehicle is tax deductible.
Repairs and costs to maintain your business vehicle are tax deductible.
Sometimes plumbing projects require you to travel out of town where places to rest, such as hotels or Airbnb rentals, become necessary. Track these business travel expenses when traveling away from home for work!
You can deduct half the cost of meals with clients and meals purchased while out of town on business trips.
Transportation and accommodation expenses when traveling for work are tax deductible.
The cost of staying at hotels and rental properties (like Airbnb) is tax deductible.