Machinists know that, in order for something to work properly, all the different parts need to be operating in harmony. The same is true when it comes to filing your taxes. But one often overlooked component for independent machinists is write-offs.
Too often, these valuable parts get left out, jamming up the whole system and resulting in an overflow of extra money going to the IRS. Luckily, we’ve put together a full blueprint of all the best write-offs you’re entitled to as a machinist. All that’s left is to assemble your savings!
Schedule C, Box 13
Heavy machinery and small tools used to complete projects are considered tax write-offs.
Schedule C, Box 13
Each year you can deduct the depreciation on equipment like your cameras and lenses.
Schedule C, Box 21
Any maintenance or repairs needed for your equipment to operate are fully deductible
Schedule C, Box 27a
Any uniforms you're required to wear on the job are considered tax-deductible.
Schedule C, Box 23
Fees to get or renew your license to perform your work are fully deductible.
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 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 17
Do you pay a professional to audit your financial records and take care of your tax planning? Their fees are a write-off.
Schedule C, Box 11
Write off the fees you pay to contract labor to help you complete projects.
If you drive for your work as a machinist, like to visit a job site, attend a course, or pick up tools, you can write off a portion of vehicle-related expenses on your taxes.
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.
According to the IRS, grabbing dinner with fellow machinists or construction workers to discuss a project you're working on counts as a business expense. So you can write off the cost of your meal!
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you fly, drive, or train to attend an out-of-town job site or manufacturing conference, feel free to write off your travel expenses.
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!
As a machinist, much of your work likely takes place at various job sites. However, if you take care of administrative tasks from a designated desk or workspace at home, such as doing industry research or client development, you can write off a portion of your 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!
