Claiming tools over $300
Can someone explain what is happening when I claim a tool over $300? Do you get any money back on your tax return for that? I understand that you’re claiming the depreciation of it, but what does that mean? How does that affect my refund?
Explain like I’m 5 please, I’m having trouble understanding
An example would be this $1600 Snap-On Torque wrench I’ll be claiming. Can someone explain how this would affect my refund if I were to claim this year?
Cheers in advance