Enter your tools as an asset and on the following screens you will have an option to deduct the full value of the item this year. See the screenshot below.
Please see the following:
Where
do I enter job-related employee expenses? (Form 2106)
Note: Your
refund may not be affected by the tools expense if your standard
deduction is greater than your itemized deductions.
- The standard
tax deduction is a flat amount that the tax system lets you deduct, no
questions asked.
- For
2016, see the screenshot below of the IRS 2016
Standard Deduction Tables to find your standard deduction.
- After adding
up your itemized deductions, you need to make sure the total is greater than
the standard deduction for your filing status. If it’s not, then you
will actually pay more in tax if you itemize.
Additional information: