Bookkeeping and Accounting for Pipefitters

As a pipefitter, you may be eligible to claim specific tax deductions related to the cost of your tools and equipment. These can include:

• Cost of purchasing tools and equipment: You can claim the cost of the tools and jobsite equipment you need for your work.
• Casualty losses: If your tools are damaged or stolen, you may be able to deduct the loss.
• Depreciation: You can claim depreciation on your tools and equipment that have a useful life of more than one year.
• Repairs and maintenance: The cost of maintaining your tools and equipment can also be claimed.

It is always advisable to consult with a professional bookkeeper or accountant to understand fully what you can claim as tax deductions.

Tracking and accounting for travel expenses as a Pipefitter is crucial for bookkeeping purposes. This often involves maintaining detailed records of expenditures associated with every job. This may include fuel costs, meals, accommodation, or any other expenses incurred while travelling and working on various job sites.

These travel expenses can be recorded through receipts and invoices which are then categorised appropriately in your bookkeeping system. It's important to note each expense with the associated project or job for accurately tracking costs and profitability. Additionally, these records are necessary for potential tax deductions related to business travel.

Using a cloud-based accounting service like Bench, you can simply upload receipts or record expenses in real-time. Our bookkeepers will ensure all your expenses are accurately accounted for, leaving you more time to focus on your pipefitting projects. If you need further assistance or advice, don’t hesitate to contact us!

Yes, there are certain accounting considerations for pipefitters who operate as independent contractors compared to those employed by companies. Independent contractors are essentially self-employed and are responsible for their own expenses, tax deductions, and potentially, self-employment taxes. This can include costs related to tools, insurance, and additional professional expenses that can be deducted from taxable income.

On the other hand, pipefitters employed directly by a company usually have their taxes withheld from their pay and are not personally responsible for employment tax contributions. Also, they do not typically deduct their professional expenses for tax purposes, as these are ordinarily covered by the employer. Therefore, independent contractors generally have more complex financial administration to manage.

Regardless of your employment status, keeping accurate and organized financial records is crucial. Bench Accounting can provide professional bookkeeping services to help manage these responsibilities effectively.

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.