taxes and your tools

[shockwave]

For those that make a living by using your tools how much of your tools do you right off every year

I mostly just use my truck accounts

 

[Fordman7795]

For those that make a living by using your tools how much of your tools do you right off every year

I mostly just use my truck accounts

You should write off every tool you bought last year

 

[Brownsfan]

I found it was never enough to make a differance. But when I owned my own shop then EVERYTHING was deducted. Plus I would have to own up to the actual prices and amount bought would have to be disclosed to my accountant(wife).

 

[Thumper68]

I write off all my tools, some of the larger ones $1000+ I will depreciate over a few years.

 

[Jrussell86]

I don't know what your situation is but if you have 1099 income this may work for you. My accountant takes them off as a business expense that way I take the standard deduction on my W2 income and deduct tools and such on the 1099 income. Like I said depends on your situation but it's probably worth talking to a real accountant over an H&R Block type deal. I think mine cost about $150 to get done with a real accountant. I keep receipts for everything.

 

[jeffmoss26]

I have a side business doing computer repair and low voltage wiring. I write off the tools that I use for that business.