| Nis13 |
| How do you guys write off your tools on income text? Is there a specific format? |
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| ross |
| Umm if you are a aprprentice te gov. lets you right them off.... but if your not... then one way around it is to have your employer buy them through there company account..... then take the money for them off your check before taxes kinda thing... im not 100% on what is needed to be done for it to all be 100% legal but thats how i do it. |
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| chris f |
| So, as a journeyman i cant writ off my tools? |
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| SilverNeonRacer |
You can.. but you have to depreciate them. You can't write 100% off in one year, I think you have to do it over 3 or so. It really depends.
The easiest way to write them off is to get them on a payment plan or to lease them... then you can write off 100% of the payments, then when the lease is over you can write off 100% of the buy out. Or so I'm told. |
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| 03dc5 |
| When I did my taxes last year with Quicktax there is a portion where it asks if i had any employment expenses. I replied "yes" and was then given options to specify my type of employment. (Automotive apprentice). I than list all my purchases. To make any kind of difference it needs to be at least 5% of your gross income. They don't make you send in your receipts but recommend you have them in case of audit. |
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| chris f |
| well i have spent over 20k on tools this year, i would like to write off some of it. |
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| Eclipsed |
| Yeah it really depends on what exactly you do and what you are buying. There are also limits as to how much you can write off |
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