Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 3, 2019 1:07:08 PM

I've paid an easy account through Snap-on credit can I do that that from my taxes it's used only for tools in toolbox for work

I only use it for Big Ticket items that I'm going to be paying for over a long period time

0 1 3659
1 Replies
New Member
Jun 3, 2019 1:07:10 PM

The payments on the credit account are not, themselves, tax deductible, but the cost of the tools purchased probably are. 

If you are self-employed or an independent contractor (your pay gets reported on a Form 1099-MISC rather than a W-2) then you can certainly deduct the cost of tools and supplies as a business expense.

  • Under the Business tab, select Business expenses > Other common business expenses;
  • Scroll down to Supplies;
  • This will take you to a screen where you may list categories of supplies (i.e., hand tools, supplies, etc.) and the associated amounts.

If you are an employee (pay is reported on Form W-2), you can claim those tools and supplies as an unreimbursed employee expense on Schedule A. This will only be a benefit to you if you itemize your deductions rather than taking the standard deduction. Further, unreimbursed employee expenses are subject to the 2% rule, meaning that you can only deduct the portion of the expense that exceeds 2% of your Adjusted Gross income.

For more information, please see IRS Pub. 529 Miscellaneous Deductions.