Tax info

[POINTER94]

I bought a garmin street pilot to help me get around in my territory which includes all of Michigan and Indiana. I can't write off this item on my expense report and it is about $1000.00. Can I deduct this from my taxes?<br /><br />You will not be help liable for anything based on your advise.

 

[Drowned Rat]

Re: Tax info

Pointer, if it's used solely for work then you can, but usually not the full value in one year. Not sure how it works, but if you use TurboTax or something like that, it promps you to enter it and it calculates it correctly.

 

[POINTER94]

Re: Tax info

Thanks DR. I only use it for work in that I know my way around wisconsin, but michigan and indiana are all screwed up! <br /><br />Besides what kind of an idiot PAYS to have a womans (womans voice) tell him how to drive. It just seems wrong..............

 

[EZLoader]

Re: Tax info

Unreimbursed Employee Expenses - Tools Used in Your Work (Per IRS Website): <br /><br />Generally, you can deduct amounts you spend for tools used in your work if the tools wear out and are thrown away within 1 year from the date of purchase. You can depreciate the cost of tools that have a useful life substantially beyond the tax year. For more information about depreciation, see IRS Publication 946. <br /><br />Note- If you're self employed and not an employee) you can elect to deduct certain equipment purchases each year up to a annual limited amount.

 

[springhead]

Re: Tax info

Do you use 1040 with itimized deductions, <br />example: line 37 on 1040 $70000.00<br />2% of that is $1400.00<br />$1000.00 for tools.<br />subtract 1400.00 from 1000.00<br />cant 1400 is more than 1000<br />no deduction there.<br />All deductions such as union dues, medical exspenses, tools, work cloths, ect, are all dependent on how much money you make a year.