NAICS code: 332000
It must be a laborious and hectic job to manufacture and shape iron. You will often have to work at dangerous sites and you have to balance yourself a lot. You come back home tired with no energy left to do your taxes. Here is something that will relieve your stress. Did you know that as an independent ironworker, you can write off some of your business expenses?
Whether it’s equipment expenses or purchases related to protective gear, you can write them off on taxes. You just have to fill out the IRS form and reduce your tax bills.
We have put together a list of the most common write-offs for ironworkers that you can use to deduct your expenses.
🔥Welding tools
Write it off using: Schedule C, Box 22
Welding equipment and other tools you need to work as an independent ironworker can be deducted from your taxes.
⚡Protective gear
Write it off using: Schedule C, Box 22
Anything you use to stay safe at the job is a tax write-off. The safety gear, mask, gloves, and goggles you wear while power washing is tax deductible.
🤝Contracted help
Write it off using: Schedule C, Box 11
When you hire other people to help you finish a job, you can write these off on taxes.
📉Equipment depreciation
Write it off using: Schedule C, Box 13
Every year you can cut the depreciation amount on equipment such as cameras and lenses.
🧰Equipment repairs
Write it off using: Schedule C, Box 21
When your machinery needs to be repaired or needs a service, you can deduct the money from your taxes.
🧑🎓Trade school tuition
Write it off using: Schedule C, Box 27a
When you take any new course to learn new skills or learn more about your industry, you can write off the expense you pay.