25 Tax Write-Offs for Oil and Gas Contractors
Is there anything cozier than a well-heated home in the winter? Probably not, but saving money on our taxes sure gives us the warm fuzzies! And as an oil and gas contractor, there’s an easy way for you to lower your tax bill, just by claiming the business expenses you run into every day.
Don’t let these savings burn — use our list of the best write-offs for oil and gas contractors to make sure you’re getting the most out of your taxes. It’s time to watch those savings heat up!
Schedule C, Box 27a
Anything you wear to stay safe on the job is a write-off.
Schedule C, Box 27a
If you belong to a union, go ahead and write off your dues.
Schedule C, Box 27a
If you take courses to learn new skills as a contractor, you can write off what you pay.
Schedule C, Box 11
Write off the fees you pay to contract labor to help you complete projects.
Schedule C, Box 13
Heavy machinery and small tools used to complete projects are considered tax write-offs.
Schedule C, Box 17
Legal fees paid to set up your business or draw up paperwork are deductible.
Schedule C, Box 27a
All conferences and retreats you attend to enhance your writing and network can be written off
Schedule C, Box 11
Freelancers, contractors, or other services that help you run your business are tax-deductible.
Schedule C, Box 27a
Part of your actual phone's cost, monthly phone bill, and any accessories you use for work can be written off.
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If you're using your car for work, can you claim associated costs on your taxes? Yes! Driving between worksites, picking up tools, or attending safety training are all reasons an oil or gas contractor might drive for work. That means you can write off car expenses.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
As a self-employed oil and gas contractor, the costs you incur while trying to grow your business can often be deducted.
For example, if you grab food or drinks with fellow contractors, you can write off the costs.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you travel to an out-of-town oil rig, you claim your travel costs on your taxes.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
If you consistently study safety procedures, plan projects, or communicate with clients from a particular spot in your home, you can deduct home office expenses.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
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