Yet as a mechanic i still cant write off tools thanks to his changes in tax law.
Sorry for these long edits on such a short comment but I didn't expect so many responses and questions. So to answer as many as possible with the information I have...
EDIT1: ABOUT EMPLOYERS BUYING TOOLS We are responsible for buying our own tools, we knew this getting into the industry. Only dealers sometimes provide tools for mechanics. Most shops will have certain big main tools, like an engine hoist or stand, machinery, torches, lifts, stands. They supply randomly needed tools like heat guns, sawzalls, etc. And there is usually one crummy shop box for lube techs filled with garbage tools but tools lube techs need. But the real tools we use are ours and our responsibility. To suggest otherwise is to suggest the entire industry change, that won't happen.
Shops shouldn't reimburse anyway, why would they. Do they belong to the shop? Then who is responsible for them and what happens when tools get lost or go missing snd nobody claims responsibility. How many sets of tools are you asking this business to buy? We have to buy our tools, but they are OURS. If we quit we them with us, we take care of them because we paid good money for them and need them to do our job. Most of the best mechanics I have met have the greatest tools, and they get paid really well. There are a lot of idiots in this industry who "like cars and thats why they do it" even though they can't build an exhaust. There is always one guy you dont want using your tools, that guy would ruin every 'shop box.' At least in the private industry.
EDIT2: Yes I am w2 not s contractor, just about every mechanic is considered a w2 employee. I've never met a contractor that worked at a shop full time as a tech, that person would be an employee not a contractor. An example of a contractor in my industry would be the guys that come out and program comouters in cars, from back up and lane departure sensors to ecm programming. Otherwise you're referring to the business owner or an independent.
EDIT3: TAXES To be clear, and you can look this up yourself on the irs website, work expenses are no longer deductible items. Regardless of the amount, it doesnt matter as a w2 employee if I spend 30k on tools, I still can't use it as a deductible expense. They raised the standard from 6500 (single) to 12,200 in 2019 and eliminated some deductible items. Here is a quote I just pulled in less than a minute off google about it from us news and weekly report; "Deductions for Unreimbursed Employee Expenses Workers who made unreimbursed purchases related to their job were able to deduct any amount that exceeded 2% of their adjusted gross income in 2017. However, taxpayers won't see that deduction available on their 2019 tax return."
Basically that says if you have to buy something for work, that work doesnt reimburse you for, then you can no longer deduct it from your taxable income. So, no deductions at all, by the way, this most affects blue collar workers, nurses, and teachers, you're "heroes" during covid. I worked 6 days a week for 11 hours a day for 17 weeks during covid.
While having a slightly higher standard deduction may sound better, but for the majority of people who were able to itemize (like the people listed above, who spend a lot on their careers) can't anymore and end up actually paying more. My return went down, not up with that change. Oh, and since I have annual medical bills ranging in the mid 4ks to mid 5ks, those which I was using for deductions, can no longer be used because with a higher standard deductible my medical isnt enough to claim on its own. Even if the standard was 12,200, with work expenses over 8-10k plus medical, id still be claiming around 12-15k in deductions off the 12,200. But not without the 8k in work expenses.
My tax guy is my dad who worked for the irs for over 30 years doing collections and investigations before retiring over a decade ago. He knows more about taxes than your tax guy, so don't try recommending any new accountants.
KimaJean on September 28th, 2020 at 21:23 UTC »
Regardless of $70000, since when is hairstyling a fucking tax write off?
Zathamos on September 28th, 2020 at 22:00 UTC »
Yet as a mechanic i still cant write off tools thanks to his changes in tax law.
Sorry for these long edits on such a short comment but I didn't expect so many responses and questions. So to answer as many as possible with the information I have...
EDIT1: ABOUT EMPLOYERS BUYING TOOLS We are responsible for buying our own tools, we knew this getting into the industry. Only dealers sometimes provide tools for mechanics. Most shops will have certain big main tools, like an engine hoist or stand, machinery, torches, lifts, stands. They supply randomly needed tools like heat guns, sawzalls, etc. And there is usually one crummy shop box for lube techs filled with garbage tools but tools lube techs need. But the real tools we use are ours and our responsibility. To suggest otherwise is to suggest the entire industry change, that won't happen.
Shops shouldn't reimburse anyway, why would they. Do they belong to the shop? Then who is responsible for them and what happens when tools get lost or go missing snd nobody claims responsibility. How many sets of tools are you asking this business to buy? We have to buy our tools, but they are OURS. If we quit we them with us, we take care of them because we paid good money for them and need them to do our job. Most of the best mechanics I have met have the greatest tools, and they get paid really well. There are a lot of idiots in this industry who "like cars and thats why they do it" even though they can't build an exhaust. There is always one guy you dont want using your tools, that guy would ruin every 'shop box.' At least in the private industry.
EDIT2: Yes I am w2 not s contractor, just about every mechanic is considered a w2 employee. I've never met a contractor that worked at a shop full time as a tech, that person would be an employee not a contractor. An example of a contractor in my industry would be the guys that come out and program comouters in cars, from back up and lane departure sensors to ecm programming. Otherwise you're referring to the business owner or an independent.
EDIT3: TAXES To be clear, and you can look this up yourself on the irs website, work expenses are no longer deductible items. Regardless of the amount, it doesnt matter as a w2 employee if I spend 30k on tools, I still can't use it as a deductible expense. They raised the standard from 6500 (single) to 12,200 in 2019 and eliminated some deductible items. Here is a quote I just pulled in less than a minute off google about it from us news and weekly report; "Deductions for Unreimbursed Employee Expenses Workers who made unreimbursed purchases related to their job were able to deduct any amount that exceeded 2% of their adjusted gross income in 2017. However, taxpayers won't see that deduction available on their 2019 tax return."
Basically that says if you have to buy something for work, that work doesnt reimburse you for, then you can no longer deduct it from your taxable income. So, no deductions at all, by the way, this most affects blue collar workers, nurses, and teachers, you're "heroes" during covid. I worked 6 days a week for 11 hours a day for 17 weeks during covid.
While having a slightly higher standard deduction may sound better, but for the majority of people who were able to itemize (like the people listed above, who spend a lot on their careers) can't anymore and end up actually paying more. My return went down, not up with that change. Oh, and since I have annual medical bills ranging in the mid 4ks to mid 5ks, those which I was using for deductions, can no longer be used because with a higher standard deductible my medical isnt enough to claim on its own. Even if the standard was 12,200, with work expenses over 8-10k plus medical, id still be claiming around 12-15k in deductions off the 12,200. But not without the 8k in work expenses.
My tax guy is my dad who worked for the irs for over 30 years doing collections and investigations before retiring over a decade ago. He knows more about taxes than your tax guy, so don't try recommending any new accountants.
CatOnYourTinRoof on September 28th, 2020 at 23:07 UTC »
Remember when John Edwards had a scandal about paying 400 bucks for a haircut? At least that guy had good hair.