Tax Season Is Around the Corner – Get Ready Now!

November 25, 2020 Blog

Helpful Suggestions from Your Contractors Insurance Brokers at the Business Insurance Company

Because we delayed tax filing to July 15, 2020, it seems like we just finished tax season. Who wants to think about the next one already? Avoid getting sidelined with last-minute record gathering by starting the process now. Your accountant will love you since the next filing season looks to be exceedingly different because of the Paycheck Protection Program (PPP).

As you tidy up your bookkeeping in anticipation of a visit with your tax preparer, why not schedule an appointment with your broker for, contractor insurance? The Business Insurance Center team will gladly review your current policies, discuss your goals, and look for gaps in coverage. We will then create a tailored coverage plan that aims to help you meet your objectives for 2021.

4 Common Tax Deductions

We aim to help you get ready for filing your 2020 taxes. Sometimes, there are items we don’t consider when gathering records for our accountants and tax preparers. Each contractor business is different so be sure to confirm all information with your tax advisor. In the meantime, here are some common tax deductions for self-employed contractors:

  1. Mileage: Each time you travel from one job site to another, you should record the mileage. Did you know that you ought to keep track of other work-related travel? Here are three additional times you may want to note:
    • Traveling from one work location to another
    • Traveling to meet clients
    • Traveling to buy tools and materials for a construction job

    There are a few ways the IRS allows you to deduct mileage. Ask your accountant about your specific situation for best results.

  1. Trade Tools: You have some tools that you may deduct immediately. Others may need to be depreciated over a more extended period. In either case, keep up with receipts and record the following expenses:
    • Vehicle expenses
    • Advertising and marketing
    • Salaries for both subcontractors and employees
    • Supplies and materials
    • Tools, both those that will only last about a year and others that you will keep for several years, such as cement mixers, compressors, ladders, buildings, real estate, or other heavy machinery
  2. Safety Attire: This category includes your hard hats, boots, and tool belts, as well as other clothing specific to your trade.
  3. Fees: As a business owner, you want to keep your ear to the ground continually. Doing so may require joining a professional organization, getting additional training, or obtaining special licenses. They may be tax-deductible.

Protect Your Business for Many Tax Seasons with Contractors Insurance

Save the most money in your taxes and your insurance when you consult professionals. Talk with your tax preparer about the tax deductions that you can take advantage of. Then, head to your Business Insurance Center broker to discuss the best contractor’s insurance policy to save you money while giving you the right coverage. Our years of experience give us a foot up on assisting you. Take advantage of our knowledge and call us today.

Request a quote online or call and speak with a knowledgeable and experienced broker at The Business Insurance Center about obtaining general and specialized contractors insurance. We have a 24/7 call center to serve you and an online Live Chat o

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