[sanjuro]

Can I deduct from next year's taxes any bike-related tools I buy?

I suppose bikes are out of the questions...

 

[Echo]

I think you have to be an owner of the business to deduct expenses related to it?

 

[DRB]

Actually, I think you can deduct them as unreimbursed business expenses. The logic is that you buy the bike(s) for research and sales knowledge. I know at least one shop employee that did that. I'm not sure if its legal but he didn't get audited (yet).

Are you going beyond the standard deduction though?

 

[Transcend]

It depends how you set up your taxes. If you are simply an employee, you will need to do what DRB says. I wouldn't try it with bikes though...

You won't be able to write them off unless you set yourself up as a contractor or sole proprietorship - of which you are neither (I gather).

 

[Wumpus]

Tools Used at Work

In general, you can deduct the amount you spend for tools used in your work if the tools wear out and are thrown away within one year from the date of purchase. You can depreciate the cost of tools that have a useful life beyond one year.

http://finance.yahoo.com/taxes/deductions/article/101920/misc_deductions

55555

 

[DirtyMike]

You can Write of anything and everything you use for work. Trouble is that when you write stuff off, you ar enow itemizing, and it is not always worth it to do so. Like with me, i would need about 14-16k worth of write off's to make it worthwhile to itemize like that, otherwords the given from the state/gov will give you more of a break. There are some Tool specific programs out there for those whos line of work requires that they supply there own tools, which allows for a Full reimbursment throught the year. Toll Solutions is one of those companies, but this is Only for those required to supply there own tools

 

[maxyedor]

There are some other weird restrictions that you need to look into before doing this. I used to deduct all of my tools bike related or not when I worked for the shop, because my job description was sales/mechanic it worked out. Now I deduct all my camera gear, hell I buy gear for other people just so I can take the deductions. I make them give me cash for it tho.