As a professional painter, there are several specific expenses you can deduct on your tax returns.

• Materials: Paints, brushes, ladders, tarps, and other equipment necessary for your painting jobs can be deducted.
• Vehicle Expenses: If you use your vehicle for your painting business, you can deduct expenses like gas, oil changes, repairs, and even depreciation.
• Insurance: Any insurance premiums that you pay for coverage on your business can be deducted.
• Home Office: If you use a portion of your home exclusively for your painting business, you may be able to deduct part of your rent or mortgage, as well as utilities.
• Marketing and Advertising: Money spent on business cards, website design, online ads, and other advertising can be deducted.
• Professional Development: If you take classes or purchase books to improve your painting skills or business knowledge, those costs can be deducted.

Please consult with a tax professional or bookkeeper to make sure you are taking advantage of all possible deductions.

Keeping track of income and expenses in the painting industry for simplified bookkeeping can be made easier by following a few steps:

• Income Tracking: Ensure all income from clients, sales, and contracts are recorded correctly. This includes details about the client, project specifics, the amount received, and the payment date. Digital invoicing and accounting software can automate this process.
• Expense Tracking: Keep records of all business expenses. This includes the cost of painting supplies, equipment rental or purchase, business insurance, advertising costs, and vehicle expenses. Each receipt should include details on the payee, expense category, amount, and date.
• Regular Reconciliation: Regularly, usually monthly, compare your business bank statements and credit card statements with your income and expense records to ensure everything matches up.
• Use Accounting Software: There are many reliable accounting software options that can streamline this process. They allow you to link bank accounts, automate expense tracking, provide digital invoices, and produce necessary financial reports.

Seeking professional bookkeeping services from firms like Bench Accounting can further ensure the accuracy and efficiency of your painting business bookkeeping process.

Accounting for a painting business can vastly differ based on whether you work as a freelancer or own a company.

Freelancer: As a freelancer, you're generally considered as self-employed. This means you would have to manage all business expenses and revenues independently. You'll need to track your income, business costs (supplies, travel, etc.), and save a portion of your earnings for taxes as they're not automatically deducted. You should also be keeping track of your expenses meticulously for tax deductions.

Painting Company Owner: If you own a painting company, your accounting might be more complicated due to a greater number of financial transactions. This could include employee salaries, business licenses, insurance costs, materials and equipment costs, office expenses etc. You will also need to keep track of more complicated things like incorporating your business, payroll taxes, VAT taxes, and more.

Regardless of your business structure, a bookkeeper can help keep your finances in order. A bookkeeper will track of all your expenses and income, manage your invoices, help with your tax preparation and more financial tasks that help you focus more on painting.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.