Claiming Money Back At The End Of The Tax Year..

frain21

Im a cards in joiner and have been for the last 4 years..I recently heard that i can claim money back at the end of the tax year for things like tools that i need to do my job..My boss should provide these tools but he never does unless its like a chop saw or a pin gun..Is it right what i have heard?What would i need to do in order to claim money back..I must of spent over £700 on tools last year and im pretty sure i dont have the receipts still but would my bank statement do?


cheers

woodchuck2

I always claimed my tools when i was a Auto Technician for GM and Chrysler. I usually claimed $8k-$12k a year in tools. I dont know how much it helped but i know our refund was larger. I had my wifes cousin do our taxes so only she really knew how much it helped. She was a district manager for Rapid Refund so she did our taxes every year for free.

SelfContract

Here are IRS conditions:

1. Keep all receipts, purchase order, or invoices during last year for those claimed equipments; (and keep them at least 3-5 years after claimed until IRS say you can throw away?)

2. Total $ you claimed must be shown in those receipts or your company buy invoices for during the years claimed, etc. (in case of IRS audit, if any);

3. Look up IRS 2008 codes and determine the maximum allowable on business tool/equip/machinery, etc.. or amount prorated per year you can claim for the type business you are in;

4. Determine the accounting method to claim : Claim all $$ in one year, or claim in equal 5, 10, 15, etc. years cost-account-depreciation method . Your accountant will know this.

Framer53

Are you here in the states? if you are in england, can't help ya.

English Roofer

If you were self employed you could claim back all your expences but im not so sure you can when you are employed by someone?
Do you have to fill out a tax return form?
The best thing you could do is ring a local accountancy firm and ask them,
if the answers yes they will charge you a small fee to get your money back.
Hope this helps
Dave

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www.drroofing.co.uk

platinumLLC

When I worked for a contractor here in Wisconsin I claimed my miles I drove everyday, meals, tools, cloths for work, hotel expenses, anything work related was deductable but by far the milage added up the most for me.

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