What categories can I write off as a Stone Mason? Taxes?
First year doing taxes as an Independent contractor. I have a box of receipts, a truck, tools etc. Any direction or advice for doing taxes appreciated.
- Pepper, PhDLv 61 month ago
Categories are easy. Download a Schedule C from IRS.gov and they are listed.
Most business expenses are deductible but no one can tell you specifically without knowing your expenses.
You can either read the instructions for Schedule C, which will tell you most of what you need to know, or pay a professional.
- 1 month ago
All business expenses. Not the truck unless you basically use it only for business, but you could deduct miles if you kept a log.
- Max HooplaLv 71 month ago
Are you an independent contractor or an employee who is being misclassified as an independent contractor. This kind of question is posted frequently in the forum. There are a lot of employers who like to cheat employees by calling them independents and a lot of workers who are too stupid to know the difference until they see their tax bill. If you have a tax pro doing your return, ask him or her for an opinion and check out IRS Form SS-8.
- R KLv 71 month ago
you can write off fees for business licenses, cost of tools, vehicle used for work, any costs you incur to run and keep the business going is a write off. just keep all receipts
for what you spend.
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- A.J.Lv 71 month ago
As an independent contractor Stone Mason, consider the value of the truck and receipt amounts. You are advised to have the help of a tax accountant professional, or find appropriate tax software.
You have double FICA (Social Security and Medicare), and could have potential of writing off travel and tools and all supplies, and maybe truck depreciation, or maybe depreciation for storage/home office. Your clothing has special wear characteristics.
I certainly do not know enough, except to say a professional helps.
Maybe ask other people in your field, but most could be doing it wrong.
- Wayne ZLv 71 month ago
You are allowed to deduct any "ordinary" and "necessary" expenses for your business.
However, the chances of you getting this correct on your own are rather slim.
See a professional.