Tax Tips for Teachers |
posted by: Cindy Omlin | February 14, 2011, 05:41 PM |
With tax season just around the corner, it's important to know what kind of federal tax breaks you might be eligible for as an educator. Most teachers purchase supplies for their classroom out of their own pockets throughout the school year. What you need to know is that if you are a teacher you can deduct up to $250 for unreimbursed classroom expenses. According to the IRS website: If you are an eligible educator, you can deduct up to $250 ($500 if married filing joint and both spouses are educators, but not more than $250 each) of any unreimbursed expenses [otherwise deductible as a trade or business expense] you paid or incurred for books, supplies, computer equipment (including related software and services), other equipment, and supplementary materials that you use in the classroom. For courses in health and physical education, expenses for supplies are qualified expenses only if they are related to athletics. This deduction is for expenses paid or incurred during the tax year. The deduction is claimed on either line 23 of Form 1040 (PDF) or line 16 of Form 1040A (PDF). Will you take advantage of this federal deduction? Comment below. Originally posted by Alix at AAE.
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