any mechanics itemized there tools?

[rockabillyrat]

i am a mechanic and i have never done this. nor do i think ive spent enough on tools in one year to deduct them. i was just wondering if any one has done this. i talked to the guy when doing my taxes and he said that i might not be able to even if i did spend enough money in tools over the year. whats up with that? any one got some input to help me out. im going to buy the tools any way, i need them (about 20k worth) all for work. kinda doing and overhaul on some of my tools and going to credit a new snap on box. been saving for a while. just seeing if i can get some cash back next year for this.

 

[Sniper]

We have the same kind of a farce here as well. A mechanic can't claim a deduction for tools....but a business can. Even if it's the exact same item. So what happens if you were to become a business? If you start a business as a 'sole proprietor' you can then claim all expenses. By working on contract you may also have to do billing and collect tax where required. When employed by someone else under contract you would likely need to buy insurance, pay compensation, and unemployment insurance, and most likely, state and federal tax etc. Not something to be entered into lightly. All this stuff requires a pile of time to complete, and stay on top of everyday. Any tool deductions are soon offset and lost by the cost of all the other requirements, unless your really running a true business where a lot more comes into play to make it worth while.

Still, 20 thou is a lot of money for the average guy to put out. Check on cost of insurance for theft, fire etc. and inventory your tools, take pictures and have receipts to back it all up, just in case. Forget deductions, and quietly cry yourself to sleep. Ain't being a mechanic grand??

 

[Tripper]

any one got some input to help me out. im going to buy the tools any way, i need them (about 20k worth) all for work. kinda doing and overhaul on some of my tools and going to credit a new snap on box. been saving for a while. just seeing if i can get some cash back next year for this.

Dude... if I spent that much on something required for business... I dang sure find a way to write that off!!!

BoB

 

[Gregster]

you can claim your uniforms , belts , shoes or anything that would not normaly be used for yourself but for work

 

[PA41]

Thats what a CPA is for. The guy has saved me a bundle compared to a regular tax guy, even if he costs 2-3 times as much. I know in farming you get to count almost anything used --even 'toys'..

I used to do my own taxes, but started getting fines. I got a CPA, and he does almost the same stuff I was doing, but they are spooked by his creds or something, and don't mess with him, and I don't get autided anymore.

Get a good tax guy invovlved.

PA41

 

[rockabillyrat]

this year i plan to keep track of every dollar i spend for work and try to get some back.

PA41 i will look into some one to help me out like you said. may be a good way to get some of this back.

 

[CR55]

Rockabillyrat, Get a certified CPA to do your taxes, not just someone who says they can do them...The money spent on a good CPA will return to you in a short period. I used an accountant from a large corporation here in Delaware, known by a few to be good at his job, he ended up costing me $15,000 that I owed the IRS due to his inability. I found a CPA and he helped me out until I retired from the business I owned. I saved a bunch with his company...[cl.......CR

 

[speedypete]

I do not know about were you live but I am an auto tech and I write off my tools every year. Anything required for your job that is not supplied but your employer is a tax write off. I have been writing off tools, boots, uniforms for 10 years now
P.S. I have a tool problem[cl

 

[eyesore]

I used to do my own taxes, but started getting fines. I got a CPA, and he does almost the same stuff I was doing, but they are spooked by his creds or something, and don't mess with him, and I don't get autided anymore.

The reason is, a real CPA will only file a return on the up and up & can get their ticket yanked for knowingly helping you cheat. And they are typically required to deal with Uncle or explain if there's a problem.

ISore

 

[Gearhead10]

The CPA that does my taxes told me to claim anything I can for work expenses, esp tools. I claim any tools, clothes, boots even cell phone & milage for classes & runnin for parts(if I use my own vehicle). I never seem to get to my required amount for deductions but it does help reduce what I have to pay into state.