Where to enter tools in expenses?

[bernthomasjr]

My only choices are Parking, travel, Meals, Gifts, education, and professional publications?

[CherylW]

You can either expense (write them off this year) your tools, or depreciate (write them off over several years OR take a special deduction to take the whole cost this year) them. 

There's also two different types of employment. 

If you're self-employed, you take the expenses off against your income, on Schedule C. 

If you receive a W-2, you take the expenses off on your Schedule A, subject to the 2% limitation. 

To fully deduct or expense them on Schedule C, 

1. Go to the Business tab. 

2. Select Continue. 

3. Click Start or Update by Business Income and Expenses. 

4. Click Edit by your business, or + Add a New Business. 

5. Click Start or Update by Other Common Business Expenses. 

6. Pick a category that you would put them into, like Supplies or you could itemize them under Other Miscellaneous Expenses. 

To depreciate them on Schedule C, 

1. Go to the Business tab. 

2. Select Continue. 

3. Click Start or Update by Business Income and Expenses. 

4. Click Edit by your business, or + Add a New Business. 

5. Go down to Assets being Depreciated. 

6. Click Start or Update by Assets Being Depreciated. 

7. Walk through the screens to select the correct asset description and cost, and the way you want to deduct the cost.  Turbo Tax will show you the calculations. 

To fully deduct or expense OR depreciate them on Schedule A, 

1. Go to Your 2016 Deductions & Credits. 

2. Go down to Employment Expenses. 

3. Click Start or Update by Job-Related Expenses. 

4. Click + Add Another Occupation. 

5. Go through the questions till you get to a screen Did you buy or own any items for use on your job?.  This is where you set your tools up for depreciation, and there are several ways to write off all or part of the cost of your tools.  Follow the screens to find out which is best for you.