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Tax Deduction Tracker for Contractors

Organize business tax deductions and estimate tax savings for electrical contracting businesses with comprehensive expense tracking.

Tax Year

Federal Tax Bracket

State Tax Rate

Texas: 0%, CA: 13.3%, NY: 8.82%

IRS Mileage Rate

$0.67/mile

2025 Standard Rate

Total Deductions

$0

Tax Savings

$0
Federal: $0 + State: $0

Effective Rate

0%
Money saved per dollar spent

Vehicle & Transportation

Business Mileage
Miles driven for business purposes
$0.67 per mile
Miles
Vehicle Expenses
Gas, maintenance, insurance (if not using mileage)
Amount
Truck/Van Expenses
Work vehicle operating costs
Amount
Vehicle Lease/Payments
Business portion of vehicle payments
Amount

Tools & Equipment

Tools & Equipment
Hand tools, power tools, test equipment
Amount
Safety Gear & PPE
Hard hats, safety glasses, boots, gloves
Amount
Uniforms & Work Clothing
Work shirts, pants, branded clothing
Amount
Equipment Repairs
Tool and equipment maintenance/repair
Amount

Home Office & Workspace

Home Office Expenses
Dedicated office space in home
Amount
Shop/Warehouse Rent
Business space rental costs
Amount
Business Utilities
Electricity, internet, phone (business portion)
Amount

Materials & Supplies

Job Site Supplies
Wire nuts, tape, consumables not billed to customer
Amount
Office Supplies
Paper, ink, forms, business cards
Amount
Software & Subscriptions
Accounting software, trade apps, VoltSpec
Amount

Professional Development

Continuing Education
Classes, seminars, training courses
Amount
Licenses & Permits
Electrical license, contractor license, permits
Amount
Professional Memberships
Trade associations, union dues
Amount
Trade Publications
Magazines, books, reference materials
Amount

Insurance & Benefits

Health Insurance
Self-employed health insurance premiums
Amount
Business Insurance
Liability, bonding, workers comp
Amount
Retirement Contributions
SEP-IRA, Solo 401k contributions
Amount

Marketing & Business Development

Advertising & Marketing
Website, ads, business promotion
Amount
Business Meals
Client meetings, business lunches (50% deductible)
Amount
Networking & Events
Trade shows, business events, chamber membership
Amount

Other Business Expenses

Bank Fees
Business account fees, credit card processing
Amount
Legal & Accounting
Attorney fees, tax preparation, bookkeeping
Amount
Business Travel
Hotels, flights for business purposes
Amount

Custom Deductions

Add Custom Deduction

No custom deductions added yet

Actions

Tax Tips for Contractors

Vehicle Expenses

Choose either mileage OR actual expenses, not both. Mileage is often simpler.

Home Office

Simplified method: $5 per sq ft up to 300 sq ft ($1,500 max).

Equipment Depreciation

Section 179 allows immediate deduction of equipment purchases up to $1.16M.

Self-Employment Tax

Don't forget the additional 15.3% SE tax on net earnings. These deductions help!

Record Keeping

Keep receipts for 7 years. Use apps or spreadsheets to track throughout the year.

Important Disclaimer
This tool provides estimates only and is not tax advice. Consult a qualified tax professional or accountant for specific guidance on your tax situation.