my boyfriend works a bus company and works on school busses nothing is provited so he has to buy his own
we live in PA and he is 21 making about 30,000 a year
my question is how much does he have to spend on tools a year to make it worth or ok to write off on his taxxes?
we talked about this today b4 work we aren't sure how all this works please help??
2007-11-01 03:35:44 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
He can only deduct unreimbursed employee business expenses that are over 2% of his income so he couldn't deduct around the first $600. And then he can only deduct the rest if he itemizes.
2007-11-01 03:40:37 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
His itemized deductions of all kinds must exceed $5,350 before there is any potential for benefit. As a generalization, if he is not buying a house, don't bother to keep your receipts.
2007-11-01 04:47:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
GO ON LINE TO THE IRS SITE AND LOOK AT ALL THERE PUBLICATIONS ( THERE FREE ) AND GET ANY THAT WOULD APPLY . YOU CAN DEDUCT A LOT OF THINGS ( ANY WORK CLOTHES THAT ARE ONLY USED FOR WORK SAFETY SHOES OR BOOTS , SAFETY EQUIPMENT , TOOLS , ECT ., ECT . ) , BUT ON MOST THINGS YOU WOULD HAVE TO ITEMIZE . IN OTHER WORDS ARE THE TOTAL DEDUCTIONS LARGER THAN YOUR STANDARD DEDUCTION THEY GIVE YOU ? IF HE EVER HAS TO DO ROAD REPAIR , OR GO TO A SECOND LOCATION HIS MILEAGE OVER PRIMARY WORK SITE IS A DEDUCTION
2007-11-01 04:01:56 · answer #3 · answered by D.C. 6 · 0⤊ 0⤋