23 tax write offs for general contractors in the oil and gas industry đ˘ď¸
If you work as a project manager, consultant, or site inspector in the oil and gas industry, you're probably being paid as a 1099 contractor. That means you're considered a small business owner by the IRS. Make sure to claim tax write offs so that you're not overpaying the government and giving away your hard-earned money at the end of the year!
Deduct any gear you and your team need for safety on the work place like boots and helmets
Your education is important for your job! Write off any tuition fees you had to pay.
Hammer, ruler, pencils; Anything you need to get the job done, write it off!
Your regular dues to participate in a union in your field can be written off.
If you've had to set up an LLC or have other legal fees for work, that's tax deductible.
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Conferences and classes that help you keep up with the industry are tax deductible.
If you employ people that help yourâbusiness, that's tax deductible!
Your monthly phone bills are expensive! Good thing the cost is partially deductible.
If you use your phone for work (who doesn't?) then it's partially deductible.
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Gas is expensive! A portion of your gas station fill ups are tax-deductible.
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
Car insurance, roadside assistance, registration costs, etc. are all tax-deductible.
Parking for a meeting downtown or other work trip is tax-deductible!
A toll while driving to or from a work destination is tax-deductible!
If you drive your own vehicle, you can write off the annual depreciation of its value!
A desk, chairs, lamps, and other home office necessities are all tax write offs.
Your Wi-Fi bill is a tax write off. You need internet to do your job!
Whether rental or homeowner insurance, you can write off a portion as part of home office.
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
It'd be hard to work in an office without running water, huh? You water bill counts.
Whether you pay rent or own your home, a portion of those expenses are tax deductible.
If you discuss work with a coworker, client, or even a friend, it's a write-off!
Planes, trains, and car rentals are all work-related travel costs that can be written off.
When you travel for work, lodging expenses like hotel rooms and Airbnbs are write-offs.
When you're traveling for work, all meals are tax-deductible. Even takeout!
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