Handyman expense tracking | What can a handyman deduct? (Pay less handyman business taxes)

Handyman expense tracking | What can a handyman deduct? (Pay less taxes). Handyman taxes can be very overwhelming but by organizing your expenses and setting up tracking for your deductions you can start winning at the tax game and ultimately pay less taxes as a handyman. Expense tracking as a handyman doesn't have to be complicated, with technology and a little organization you can start to get a handle on handyman business taxes and expenses.
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Video chapters:
00:00 Handyman Expense Tracking Introduction
Handyman taxes can be overwhelming, but organizing expenses helps
Understanding deductions is important
01:23 Handyman Expense Tracking - Documentation
Document large purchases specific to a job
Take pictures of receipts and materials for future reference
02:50 Ad - Sponsored Light
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Not relevant to handyman expense tracking
03:59 Handyman Expense Tracking - Receipts & Apps
Handyman can use company cam to organize receipts and job photos
Home Depot Pro app allows saving receipts connected to specific projects
06:05 Handyman Expense Tracking - Mileage Tracking
Company cam can be used to track mileage with photo receipts
GPS trackers can also be used to record mileage

[@Tablesaw818]

Good info Allen. I’m so blessed to be married to a CPA and it makes my professional life so much easier.

[@handymanjourney]

that is awesome! You are blessed!

[@JohnnyWojtkowski]

Will look into her, thanks Allen!!

[@handymanjourney]

Your so welcome

[@user27278]

Good video Allen ❤

[@handymanjourney]

Thanks brother! I appreciate you being here!💪

[@TylerFoster3810]

Awesome Video Allan keep up the hard work!

[@handymanjourney]

Thanks bro, I am glad this is helpful

[@JohnnyMacAndCheese]

When I do a job and send the invoice on Markate I send just the total amount and material is included in that price plus tax. Example, I charge $500 for a job and it was $200 in materials, I really only clear $300. Am I setting myself up for failure come yearly taxes?

[@handymanjourney]

Not necessarily setting yourself up for failure as long as you document the materials that you use elsewhere, I personally document all of my materials on my estimates and invoices just so it is there and I know what is spent but you can always document this information in your accounting software just like quickbooks. When the expenses come in you can classify those as materials so on your profit and loss statement it shows up there, does that make sense?

[@theamerican4609]

How do you know how much you made in labor vs materials vs taxes, on any given day, week, or month?

[@handymanjourney]

You have to calculate that, using a CRM like markate will help with that and an accounting software like quickbooks