{"id":461,"date":"2015-07-03T14:25:50","date_gmt":"2015-07-03T18:25:50","guid":{"rendered":"http:\/\/blog.etax.com\/?p=461"},"modified":"2015-06-30T14:26:57","modified_gmt":"2015-06-30T18:26:57","slug":"constructing-deductions-to-save-at-tax-time","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2015\/07\/03\/constructing-deductions-to-save-at-tax-time\/","title":{"rendered":"Constructing Deductions to Save at Tax Time"},"content":{"rendered":"

Construction workers are a vital part of the employment industry. Without you, our lives would be much different. Our roads, buildings, homes, and other structures would be in a state of disrepair. However, the job can lead to a few out of pocket expenses for worker, which they can deduct at tax time to save a little bit of money.<\/p>\n

As an employee of a company, you will get a Form W-2, Wage and Tax Statement, from your employer. In the event that you get payments from construction jobs that arise outside your normal business, those payments are considered self-employment income, and accounted for on a Schedule C, Profit or Loss from Business. You must report all self-employment income, either by yourself or through a Form 1099-MISC from those you provided services for. Net income over $400 are subject to self-employment tax expense, and you may need to make estimated tax payments<\/a> to cover the sum you owe as reported on Schedule C.<\/p>\n

Whether you are self-employed or employed by a company you may be able to reduce your tax liability by claiming work related expenses as deductions. Employees deduct expenses on a Schedule A, Itemized Deductions, while self-employed construction workers look to a Schedule C to deduct expenses. Some things that you may be able to deduct:<\/p>\n