In theory everything has a useful life and depreciates over time, even tools.
If the tools are hand
tools, you can take their cost as a deduction under supplies along with the
paper/ink, etc. These smaller purchases are handled as Business
Expenses.
If the tools are
large purchases (typically more than $200) you can enter them as assets and
depreciate them over time. For tax purposes, larger
purchases (typically more than $200), such as computers, furniture,
or equipment are depreciated. Such items are used in your business
for longer than a year. These items are tracked in the Business
Asset section.
TurboTax will give you several options including the 179 deduction and the
De Minimis election for assets under $2,500, as well as depreciating the asset over several years.
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