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Deducting Tools from Tax Returns
Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Had an email come in this week and the gentleman was asking me… he was obviously out buying some tools and wanted to know if he could deduct them from his tax return. And in his situation, he was an employee of an auto school. And therefore, he was not going to be able to deduct those from his tax return. Keep in mind, employees that are spending their own money for tools, equipment, education, anything like that, The current tax code does not have a place for us to deduct it. So just keep in mind that if you are not self-employed, those monies that you’re spending are really just helping your career.
If you’ve got questions (615) 367 0819.
Announcer 0:52
You can catch the Doctor Friday Call-in Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.7 WTN.
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By Dr. Friday Tax & Financial Firm
5
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Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Had an email come in this week and the gentleman was asking me… he was obviously out buying some tools and wanted to know if he could deduct them from his tax return. And in his situation, he was an employee of an auto school. And therefore, he was not going to be able to deduct those from his tax return. Keep in mind, employees that are spending their own money for tools, equipment, education, anything like that, The current tax code does not have a place for us to deduct it. So just keep in mind that if you are not self-employed, those monies that you’re spending are really just helping your career.
If you’ve got questions (615) 367 0819.
Announcer 0:52
You can catch the Doctor Friday Call-in Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.7 WTN.