Title: 10 Tax Deductions Contractors Miss (and Bonus Strategies!)

Don't forget to download so you don't miss these game changing deductions!

Summary: Steven Young shares the top 10 tax deductions contractors often miss, plus two bonus strategies to save even more. Learn how to track expenses, avoid common mistakes, and maximize your write-offs before year-end. Perfect for contractors looking to keep more of their hard-earned money.

Host: Steven Young, Savvy or Surrender Podcast

[00:00] Introduction

• Why contractors overpay taxes
• Overview of 10 deductions and bonus strategies

[00:19] Meet Your Host

• Steven Young introduces the episode and its focus on maximizing deductions

[01:37] Deduction #1: Tools & Equipment

• What qualifies as deductible tools and equipment
• Safe harbor rule for items under $2,500
• Section 179 and bonus depreciation
• Common mistakes: missing receipts, cash purchases

[05:11] Deduction #2: Mileage vs. Actual Vehicle Expenses

• Standard mileage vs. actual expenses
• When to use each method
• Tracking mileage: QuickBooks app, MileIQ

[09:18] Deduction #3: Uniforms & Safety Gear

• What clothing and gear is deductible
• Importance of capturing receipts

[11:19] Deduction #4: Job Supplies & Materials

• Commonly missed supplies (pipes, wire, nails, etc.)
• Tracking materials used on jobs

[12:21] Deduction #5: Subcontractor Payments

• Importance of W-9s and 1099s
• Audit triggers and best practices

[14:31] Deduction #6: Cell Phone & Internet

• Calculating business use percentage
• Deducting software and cloud services

[16:46] Deduction #7: Business Insurance

• Types of insurance you can deduct
• Tips for audits and tracking insurance codes

[23:45] Deduction #8: Education, Licensing & Training

• Deducting courses, seminars, and coaching

[24:52] Deduction #9: Home Office & Storage Space

• Rules for home office deduction
• Including garage and storage areas

[28:07] Deduction #10: Meals, Travel & Overnight Jobs

• What qualifies for 50% vs. 100% deduction
• Using per diem rates

[29:35] Bonus Strategy #1: Board Meetings

• How to write off meals and meetings with proper documentation

[31:19] Bonus Strategy #2: The Augusta Rule

• Renting your home to your business for meetings/events

[32:55] Year-End Wrap-Up

• Importance of having your books in order
• Call to action: Schedule a discovery call at meetwithsavvy.com

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