Tax season is here so now is the time to drag out all those receipts from you’ve been keeping. We often scramble to pull together the documentation we need. Each item you purchase throughout the year may be tax-deductible, so you keep the paperwork. As you grab your documents and head to your accountant, why not make an appointment to see your Mississippi contractor insurance broker as well? Like your accountant, they work hard to ensure you have the right policies to keep you protected. They will be happy to sit down and evaluate your coverage.
Common Tax Deductions to Remember
It’s easy to forget what you can deduct since it isn’t your area of expertise. That’s what your accountant helps with. You can make their life a little easier by keeping tidier records, especially for these four common tax deductions:
- Mileage: The most common tax deduction may be the mileage you note as you travel between job sites. Did you know there are some other work-related travels you may be able to take? Consider these three additional times it pays to take down mileage:
- Traveling from one work site or location to another
- Traveling to meet with clients
- Traveling to buy tools, equipment, and materials for your construction jobs
It’s always good to speak with your accountant on what you can deduct since each situation is different.
- Tools of Your Trade: You pay good money to buy tools that keep you in business. Some kinds can be expensed immediately. For others, it may be better to let them depreciate over an extended period for the best tax results. Always remember to keep your receipts and keep good records. Here are a few items to record:
- Expenses for your vehicles
- Any advertising or marketing expenses
- Salaries paid for your subcontractors and employees
- Your supplies and materials
- All your tools. This includes those that last about a year and those you will have for several years. The list may consist of cement mixers, compressors, ladders, buildings, real estate, or heavy machinery.
- Safety Attire: A big part of your job is taking care to remain safe. You buy hard hats, boots, and tool belts. You may even purchase trade-specific shirts, pants, and vests.
- Professional and Organizational Fees: Networking and enhancing your skills are part of your business. They help you stay current and make new job contacts. Keep track of the fees to pay to join a professional organization, obtain additional training or special licensing.
Protect Your Business with Contractors Insurance in Mississippi
Make the most of tax season by using it as a time to get your business finances in order and scheduling a call to meet with your Hawsey Insurance broker. We will look over your existing coverage, assess for gaps, and provide you with a tailored package. Look to us for general liability, worker’s compensation, commercial auto, and other specialized lines of insurance. Protection for your company begins today with one call!
Call Hawsey Insurance at (601) 856-7707 for a contractor’s insurance quote for your Mississippi business. Feel free to contact us online. You can also make an appointment at one of our offices in Madison, Jackson, and Southaven, MS.