Anyone writing welders off on taxes?

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Going to try and write off around $4800 for schooling this year...structural welding and pipe at the CC.BIGGEST QUESTION:Can I write off an engine drive welder and the other miscellaneous supplies and an educational expense that was needed for the class?Cost on the new setup would be around $4-5k.....Any idea how muc money I'd be getting back on an investment like this?Thanks,JSM
Reply:Sure you can write it off as a business expense, if you're in business.  You won't pay income taxes on the amount you write off.   If you're not a legitimate welding business and don't file taxes for your business, then I don't see how you could write off the welding equipment as an expense on your personal taxes.  The education costs you should be able to write off as an education expense but not the welding equipment.  You should really talk to a tax consultant though, none of us here are tax guys, that I know of anyways.MM350P/Python/Q300MM175/Q300DialarcHFHTP MIG200PowCon300SMHypertherm380ThermalArc185Purox oaF350CrewCab4x4LoadNGo utilitybedBobcat250XMT304/Optima/SpoolmaticSuitcase12RC/Q300Suitcase8RC/Q400Passport/Q300Smith op
Reply:What he says... And if you are still in school I doubt you would be paying more than 5,000 in income tax to begin with...
Reply:No, still working retail management and going to be just shy of 5k.I cannot wait to be free of retail.I'm hoping to get it all my taxes back.
Reply:Ask your accountant/ tax prep about a "Depreciation Schedule."-Rhyno07 Fowler 200D65 RedFace04 Miller TB 302, 22hpMiller 12RCMiller HF 251-1Lincoln SP135HyperTherm PM 380and a few others... Originally Posted by RhynoBut, if I "all of a sudden disappear....  ...." hopefully I didn't suffer too much....
Reply:The only way I know of that you would be able to do that is if you took out a school loan and then bought the welder with your school loan (since they dont keep track of what you spend the money on).  Then the payments that you make towards your school loan are a deductible once you start paying them back.  I know when I paid my taxes this year I was able to write off the $3,000 that I paid off on my loan.  But you have to pay enough in taxes to be able to get the full deduction that year, otherwise you have to file something to get it credited towards your next years 2010 tax return.
Reply:I'm digging up this old thread, several years old,Just got a property tax bill from the state of South Carolina for around $1000 owed for business property taxes.Technically anything you use for your business from a hammer to a tig welder to a computer is considered taxable property, which can be depreciated but never below 90%. I guess buying used helps in that sense. Apparently South Carolina is not the only state that does this, My tax account says most other states do this as well. It's just that the government does a rather spotty job of finidng all businesses and getting them assessed. So how did the SC govt. determine the value of my business property? They literally just pulled the number out of their azz. I called the tax collector and they said they didn't have time to go to each business and audit their property and I was responsible for knowing the tax laws. I told them they could of done a better job of informing their citizens and they got a big time attitude with me. So just be aware you'll get a deduction in the short run, but over time Uncle Sam's gonna get you back.
Reply:I don't know about school expenses, but I'll say what I think (not for sure) how else you can do it.    I'm assumming your talking about 2015, being april 15 is past.   If you bring in 400 dollars or more on the side  from welding for someone(s), as far as the gov't is concerned, your in business.   Whether your formally a business, have a city biz lic, biz name or not.   The fed don't check or care.     So if later this year, you take your 4800 dollar machine, and collect 400 or more dollars for doing work, you file - schedule se 1040, schedule c 1040, and 1040.   list your machine and expenses on the c , and from the bottom of c will give you your + or - net.    Your loss transfers from c to the 1040 and becomes your adjusted gross.    I'm not on anyones payroll, so I don't know how to work the net loss against your retail job, but I'm thinking it can be done on the 1040 somewhere.    I wouldn't try depreciating your equip if its only 4800, it really gets complicated.   So you need to claim grandma or someone paid you 400 or more to weld her gate to do this.
Reply:If you are running a lagit business then you should be able to write off your business expenses. In my state I can only write off a certain percentage of the cost of my equipment every year. Any expenses like wire/welding rods and gas you should be able to write off all of it when you have your taxes done. You better keep a good set of books and all your receipts in case you are ever audited, a good tax accountant is worth every dollar. I was audited once and it wasn't a nice time, the funny thing was I had everything in order and the IRS ended up owing me money. They were pissed when they found out they had to pay me money. LOL. They acted like I was a convicted criminal.
Reply:Guys take note, the original posts were from 2009- 2010..No government ever voluntarily reduces itself in size. Government programs, once launched, never disappear. Actually, a government bureau is the nearest thing to eternal life we'll ever see on this earth! Ronald Reagan
Reply:yea, they target small busnesses, and ones they think can't afford to go through w/ the audit.    I think sometimes they bank on you'll just pay them what they want, instead of going through w/ the audit.     I did some tractor work for a guy once.   After the work was done, i stood around in front of his garage talking w/ him.   I asked him what he did for a living, and he told me he was an irs audit.   it gave me a rush.    He was sort of ok i guess.   He told me that he knows the people don't really owe all this money, and that one time he got chased by a guy w/ a hammer, while diong an audit.   He also told me that the irs used to recruit the employees.   He said that in the 1950s , he was a straight A  student  in first year of college in chicago i think he said.   He said the irs came to the college, and told him they'd pay him like 40k a year, to drop out of college and come to there school.  Basically they would seek the students w/ the highest gpa, and want to train and educate them the way the irs wants them to be taught.   He said, 40k or whatever the sum was in that day, was something he couldn't refuse.     Years later, I heard, he retired,  he himself tried to pull some funny business when he sold his house and ranch, and moved to germany.    I was told his old boss, took on his case against him.
Reply:wow, 2009 -2010.   i guess he'l have some late penalties if he hasnt filed by now
Reply:LOL ! I guess I didn't notice the date. Oh well!