A Tip for teachers: Some educator expenses may be tax deductible
Educators, do you know that some of your classroom expenses could qualify as teacher tax deductions to reduce your yearly taxable income? Many items can qualify. Anfinson Thompson can help you and your wallet by assisting you in your tax filing needs. Head into the school year with a peace of mind, knowing that you are able to qualify many of your classroom purchases for this benefit. Let’s look into how you, as an educator, can save up to $250.
Maintaining financial viability is what Anfinson Thompson does for our clients. Keeping clients up to date on tax benefits available to them helps achieve those goals.
Who is Eligible for the teacher tax deductions?
If you are a K-12 teacher, instructor, counselor, principal or aide you have the opportunity to take advantage of this tax benefit. You must work at least 900 hours in a school year to qualify. The school must provide elementary and secondary education as determined by state law.
What qualifies from deduction?
Many expenses can qualify for the tax deductible. These purchases include:
- Professional development course fees
- Computer and tech equipment, including related software and services
- Additional equipment and materials needed for the classroom
Things to know about these teacher tax deductions:
To fully utilize this tax benefit, there are a few more things to consider. Be sure to hold onto every receipt of your classroom purchases. Up to $250 of trade or business expenses that were not reimbursed can be deducted. If items were already reimbursed, these are no longer tax deductible items. If you are jointly filing, the deduction is $500 if both taxpayers are eligible, and married. Qualified expenses are amounts the taxpayer paid themselves during the tax year.
Are you an educator looking for advice on how to approach available teacher tax deductions? Contact Anfinson Thompson today and we will assist you. In a profession where we depend on you to educate our nation’s youth, we want to provide you clear answers to be ready to go into this school year with confidence in your classroom purchases.
To learn more about this tax tip, check out this article from the IRS.