if youre an Automotive Technician or Tax Accountant, COME IN!!

DerekStangGT

My package is in the mail!
Feb 18, 2003
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so heres my problem. ive completed my first year of working as a Tech. now i need to write off my tools as a tax deduction. ive got at least 7k worth of tools (including my box) that need to be accounted for. so my mom has been helping me since she worked as an accountant for about 15 years. shes telling me i have to itemize every tool, and include documentation of each individual purchase. however, most of my records are from tool trucks, and just have a lump balance, and payment. also, since i have to assume that these tools are lifetime, shes telling me i have to write them off over a 10 year period, or the "life" of the tool. basically, im wondering how you did your taxes, what process did you take? any chance of getting audited? thanks in advance guys!
 
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All you need to do is get your tool man to print you out a recipt for the amount of money you spent on tools last year. I think if you are filing single you need to have 5000 or 5500 dollars to be able to itemize. So if you have spent 7000 on the tool truck you can do it. But you have to have spent that amount of your money on the truck and not just put it on your account. Just tell him to print you off a recipt for last year.
 
All you need to do is get your tool man to print you out a recipt for the amount of money you spent on tools last year. I think if you are filing single you need to have 5000 or 5500 dollars to be able to itemize. So if you have spent 7000 on the tool truck you can do it. But you have to have spent that amount of your money on the truck and not just put it on your account. Just tell him to print you off a recipt for last year.

yeah, im having them print a total. but its not itemized. its just a lump balance paid, which according to my mom, isnt gonna be enough :shrug:
 
If you go to your tool guy and ask for a receipt/tax statement, and it clearly states that you paid x.xx amount in 2006, I think that should be plenty especially since your receipt on it will say Snap-on/matco/mac/cornwell tools on it.

I'm really not sure, but possibly they can give you a receipt that individually lists everything you purchased on that truck for 06 and how much it was, instead of just a grand total. I'm sure its possible.
 
I am an accounting student. You should be fine with just the total amount on a receipt, as long as it is from a tool specific company. I dont think it would fly if you showed them a receipt that said you spent 7000 at sears but it didnt say on what. Also you do not have to write off the value over a 10 year period. That is mainly a process practiced by public companies in order to adhere to accounting standards that really dont apply to you as an individual.