A tool stand provides a tool tray supported on a frame and the tool tray can be lowered on the frame for compact storage and transportation of the tool stand and tools carried by the tray. The tool stand can provide two legs or columns that support the tray and also can be folded at the top to form a bar handle. The tray can be selectable positioned in elevation on the columns. The tool stand can provide magnetic accessories such as a media viewer mount that can be advantageously positioned on the tool tray to assist the user.