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Thread: Any tax gurus on the forum?

  1. #1
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    Any tax gurus on the forum?

    Hey Guys,

    I was wondering if I'm able to write off any tools that I purchase? I'm not a contractor I work for a cement plant as an employee. I've just racked up a bit of dough in my personal tools and was wondering if I can write them off.

    Any input is appreciated.

  2. #2
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    We are not cpa's so any advice you get here should be suspect. IMO, call a cpa. My thoughts are you can't take your tools off as an employee but what the heck do I know..
    They say I shot a man named Gray and took his wife to Italy
    She inherited a million bucks and when she died it came to me
    I can't help it if I'm lucky



  3. #3
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    Quote Originally Posted by Dennis Alwon View Post
    We are not cpa's so any advice you get here should be suspect. IMO, call a cpa. My thoughts are you can't take your tools off as an employee but what the heck do I know..
    Are you using these tools in your work and not being reimbursed for them? If so, maybe. I think that chance goes up even more if your employer expects you to provide those tools on your own. Still need to talk to a tax expert.
    I live for today, I'm just a day behind.

  4. #4
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    Depends on how good your accountant is.

  5. #5
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    If you are running a business, they definitely are deductible on schedule C, some items may need to be on a depreciation schedule and you can only deduct the depreciation expense but if you are not self employed yet is eligible then it ends up being something on your itemized deductions. Keep in mind you still will take the larger of your standard deduction or your itemized deductions on your 1040 so if you have a very significant amount of tools or enough other qualifying itemized deductions to go with your tools you are likely taking the standard deduction.
    I live for today, I'm just a day behind.

  6. #6
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    Form 1040 and schedule C is for US Yanks, not Canadians.

    OP works in Ontario Canada, and posts in Canadian electrical forum.
    Roger Ramjet NoFixNoPay

  7. #7
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    Quote Originally Posted by ramsy View Post
    Form 1040 and schedule C is for US Yanks, not Canadians.

    OP works in Ontario Canada, and posts in Canadian electrical forum.
    Guess it is a Canadian question but not a Canadian electrical question so sort of a campfire chat topic, that said not a lot of members will not know the Canadian tax rules.
    I live for today, I'm just a day behind.

  8. #8
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    Quote Originally Posted by kwired View Post
    Guess it is a Canadian question but not a Canadian electrical question so sort of a campfire chat topic, that said not a lot of members will not know the Canadian tax rules.
    No worries my friend. Your perfect example demonstrates why OP is directed to professional-tax advisors.
    Roger Ramjet NoFixNoPay

  9. #9
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    Quote Originally Posted by ramsy View Post
    No worries my friend. Your perfect example demonstrates why OP is directed to professional-tax advisors.
    I have no idea how valid my example might be in Canada, but yes he still needs to talk to a tax professional - in Canada.
    I live for today, I'm just a day behind.

  10. #10
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    Quote Originally Posted by BMANN06 View Post
    Hey Guys,

    I was wondering if I'm able to write off any tools that I purchase? I'm not a contractor I work for a cement plant as an employee. I've just racked up a bit of dough in my personal tools and was wondering if I can write them off.

    Any input is appreciated.
    CRA allows a tradesman tool allowance of $500 yr (max)

    Link --> https://www.canada.ca/en/revenue-age...espersons.html

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