General contractors tax write-offs
Varies
What Can General Contractors Write Off?
Short answer: The biggest write-offs for general contractors are truck, tools, subcontractors, insurance, licensing, and equipment.
Report income and expenses on Schedule C. Profit is hit with 15.3% self-employment tax plus income tax, so set aside 25-30% and pay quarterly estimates.
Records to keep: Keep receipts, 1099s and platform tax summaries, a mileage log, and a note of the business purpose.
General contractors tax write-offs
Varies
Contractors / Construction / Trades
The biggest write-offs for general contractors are truck, tools, subcontractors, insurance, licensing, and equipment.
Business justification
The biggest write-offs for general contractors are truck, tools, subcontractors, insurance, licensing, and equipment. Report income and expenses on Schedule C. Profit is hit with 15.3% self-employment tax plus income tax, so set aside 25-30% and pay quarterly estimates.
Category
- Write-Offs by Profession