Where do I put business expenses, i.e tools

[Alanne]

Note: For tax year 2022, the ability to report self-employed expenses is only available in the Self-Employed version of TurboTax Online. You can follow these same steps in TurboTax Free, Standard, or Premier for previous tax years.

1. Select Find (or the magnifying glass icon) from the TurboTax menu
2. In the Find window, type Self-employment, select it from the list of results, then select Go
3. On the Let’s look at your self-employment income and expenses step, select Check the box if you have self-employed income and expenses to report, then select Continue. If you're preparing your return with a spouse, check the box next to the spouse who's reporting the self-employment expenses
4. The instructions for this step depend on how much of your return you've completed so far, so follow the instructions below that match what you see on-screen:
   1. If you see the Your Self-Employment or Business Summary step and want to enter business expenses for a business not listed on-screen, select Enter New Business, then follow the instructions to reach the expenses section
   2. If you see the Your Self-Employment or Business Summary step and want to enter business expenses for a business listed on-screen, select Edit next to that business, then follow the instructions to reach the expenses section
   3. If you see the What kind of self-employment work do you do? step, answer the question, then select Continue. Follow the instructions to reach the expenses section
5. You've finished the expenses section when you reach the Did you have any fixed assets? step

For more information, visit TurboTax FAQ: Where do I claim my employment expenses in TurboTax Online?

Thank you for choosing TurboTax!

[champ_a_adc]

If you claim the tools as a business expense:

• There is no cap on the expense.
• Tools are considered to be of long-lasting value. Therefore, they are entered as Capital Assets (in the CCA section) and are depreciated over time. How much time and at what rate depends on the tool type and cost.

Go through Easy Step mode.

• Go to the business profile, Work your way through expenses.
• You will reach the "Fixed Assets" section.
• Continue browsing through the interview till you reach the T2125 Opening Balances for CCA (Other) page
• You can select a CCA Class in which your tools fall in, and enter the value of your tools/equipment there. The tools will be depreciated at the CCA rate relating to the class. 

If you need to find which class is your tool, go to the Canada Revenue Agency (CRA) webpage: Capital cost allowance (CCA) classes 

Thank you for choosing TurboTax.