NAICS code: 541380
It is exhausting to run tests, wait for the results, and scrub down so much. Many Beakers. When you’re a lab technician, sometimes it feels as if you’re stuck on an endless wheel – a very expensive endless wheel. The good news is that if you work as an independent contractor, there is good news to share with you. If you purchase work-related goods, such as testing supplies, data analysis software, and more, you may actually be able to save money on your taxes as a result.
It is crucial to note that when you write off those expenses at the end of the year, your taxable income is lowered, reducing how much you have to shell out in taxes. There is no better way to guarantee your hard-earned money doesn’t turn into steam and float away from you than to raise the boiling point of your taxes!
We have put together a list of the most common write-offs for lab technicians that you can use to deduct your expenses.
🥼Upkeep of lab coats
Write it off using: Schedule C, Box 27a
You can deduct the cost of a lab coat you wear at work, as well as the cost of cleaning or altering it.
⚡Gear for protection
Write it off using: Schedule C, Box 22
If you wear safety gear when working on an electrical system, such as gloves and goggles, you can deduct it.
🖥️ Software for analytics
Write it off using: Schedule C, Box 18
Paying for analytics platforms should be written off as subscriptions and licensing fees.
🧪 Supplies for testing
Write it off using: Schedule C, Box 22
The cost of any chemicals, tools, or equipment you use to run lab tests can be deducted from your tax return.
🔬 Tools and equipment for the lab
Write it off using: Schedule C, Box 22
A lot of equipment you use in the lab, such as Petri dishes, microscopes, and electronic devices, are deductible.
🔬 Education and training
Write it off using: Schedule C, Box 27a
You can deduct the cost of the classes you take after obtaining your license to enhance your skills.
📜 Licensing and certification
Write it off using: Schedule C, Box 23
The fees associated with any certifications or licenses that must be obtained can be deducted.