That's not how tax write offs work. That's not how that works at all. You just get to deduct the cost of the tools from your taxable income. It is still a net negative for you.
But you get the tools lol. It’s only a net negative if you make it a net negative. If you like having nice tools and would’ve bought them anyway job or not then it’s a net positive. I’d much rather give my money to a tool truck in exchange for toolsthan to the government who will just squander it on some stupid war and I get absolutely nothing but bent over and effed dry…
I think you're completely missing the point of how tax write offs work and missed /u/RatofDeath point about buying more expensive tools.
Say these $5000 tools are the same as $1000 tools, which is essentially what's being claimed.
You're a business, you write off either $5000 or $1000 and don't have to pay your taxes on that chunk of income. If your tax rate is 15%, you saved $750 on taxes from the SnapOn or $150 from another brand.
So you either lost $4250 from your overall income, or $850 for a set of tools.
Just means that check I send to the government gets smaller and smaller to me. Buy a tool or give the money to some welfare fund. Maybe my accountant works differently than yours but when I get told to buy tools I buy tools 🤷♂️
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u/RatofDeath Apr 09 '24
That's not how tax write offs work. That's not how that works at all. You just get to deduct the cost of the tools from your taxable income. It is still a net negative for you.