The IRS Deductions Blog

Posts Tagged ‘tradesperson’s tools tax deduction’

Question: Tax Question about a right off?

My hubby is a mechanic, and had to buy literally $9,000 in tools for his job. My Q. is can we right them off without having to bypass the standard deduction, because we don’t have enough to right off to reach the limit to make it worth it to us. So is there any other way to right them off?

Answer: The easiest way is to use an on-line tax program. Enter all your information including the tool expense. The program figures it out for you and will use standard or Itemized Deductions which ever gets you the bigger refund. Also, you can see how much you are getting back before you pay.

I like this one because it donates part of your fee to charity.

http://www.internet-taxprep.com/wichitasouth

or

http://www.internet-taxprep.com/hopeworldwide

Don’t use turbotax, they get your numbers wrong.

Items on Amazon Right Now for Tools Tax Deduction:

J.K. Lasser’s Your Income Tax 2012: For Preparing Your 2011 Tax Return $14.11 This guide offers easy-to-follow, expert advice and guidance on planning and filing your taxes. It covers some of the most important tax topics, from what you must report as income and strategies that will save you on taxes to how much tax you actually owe and what deductions you can claim….

J.K. Lasser’s Your Income Tax Professional 2012 $50.90 America’s number one tax guide for professionalsJ.K. Lasser’s Your Income Tax, Professional Edition 2012 is an essential guide for tax professionals. Filled with easy-to-use tax planning tips and strategies, this comprehensive guide arms you with the information needed to maximize your clients’ tax savings.Completely updated with all the latest tax law changes, this guide makes preparing 2011 tax …

J.K. Lasser’s Your Income Tax 2011: For Preparing Your 2010 Tax Return $19.95 America’s number one bestselling and most trusted tax guide offers the best balance of thoroughness, organization, and usability. For over half a century, more than 39 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2011 includes all the outstanding f…

Automatic Mileage Logger For years independent business owners have relied solely on pen, paper and sheer will to deduct mileage at the end of every tax year. As the government raises mileage rates, now at $.505, it’s becoming more and more appealing for micro business owners to keep legitimate mileage log books. You of course know what increases in mileage tax rates mean…increased IRS audit scrutiny. Until recently …

An appeal to help light the darkness. [Adventures in Ethics and Science]

In the last few days, I’ve gotten a bunch of emails reminding me that the window for tax-deductible charitable giving for the year is closing. So, as 2009 winds down, I want to make an appeal to those readers lucky enough to have a bit of money for discretionary spending. Last year I wrote : [T]o the extent that we can, we can shake our tiny checkbooks and try to bring a bit more light to the …

World’s Greatest Small Business Tax Tool