Austin Indian Community - AustinIndian.com
| | |
 


 

Tax Breaks for Teachers and Educators - Aug 2020

Money
Contributed by : Mukesh Makker
Add To My Favorite
Share With Your Friends



While many schools are switching to hybrid or remote learning models, teachers and other educators should remember that they can still deduct certain unreimbursed expenses such as classroom supplies, training, and travel. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.

To qualify for the deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.

Teachers and other educators can also take advantage of various education tax benefits for ongoing educational pursuits such as the Lifetime Learning Credit or, in some instances depending on their circumstances, the American Opportunity Tax Credit.

HOW THE EDUCATOR EXPENSE DEDUCTION WORKS

Educators can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible educators and file a joint return, they may deduct up to $500, but not more than $250 each. The educator expense deduction is available even if an educator doesn't itemize their deductions. To take advantage of this deduction, the taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal or aide for at least 900 hours during a school year in a school that provides elementary or secondary education as determined under state law.

Those who qualify can deduct costs of books, supplies, computer equipment, and software, classroom equipment, and supplementary materials used in the classroom. Expenses for participation in professional development courses are also deductible. Athletic supplies qualify if used for courses in health or physical education.

KEEP GOOD RECORDS

Educators should keep detailed records of qualifying expenses noting the date, amount, and purpose of each purchase. This will help prevent a missed deduction at tax time. Taxpayers should also keep a copy of their tax returns for at least three years. Copies of tax returns may be needed for many reasons. A tax transcript summarizes return information and includes adjusted gross income and available free of charge from the IRS.

QUESTIONS?

Don't hesitate to call if you have any questions about tax deduction available to educators including teachers, administrators, and aides.


About Author
Mr. Maker is a certified Public Accountant and serving the South Asian community since 1993.

Website: https://www.taxmaker.com/newsletter.php#5

 

Disclaimer: Please use this channel at your own discretion. These articles are contributed by our users. We are not responsible or liable for any problems related to the utilization of information of these articles.

 

View All Contributions

My Business:
Accounting and Tax Professionals, Inc
Bellevue

Post an Article
Notify Me of New Articles

Become A Featured Contributor
Add Your Blog | Add Recipe | Add Article

More Article by Mukesh Makker

Nikita Rawal gets a birthday surprise by her fans; watch her reaction
International Cricketing Legends to play for Friendship Cup UAE in Sharjah
IMPORTANT TAX CHANGES FOR INDIVIDUALS AND BUSINESSES - Jan 2020
View All Articles

Featured Contributors


Shruti Sadolkar

Dilip Saraf

Aayushi Manish
Aayushi Manish

Darshan Goswami

Vasudha Sharma

Tahmina Watson
Tahmina Watson

Praveen Nair

Ananya Kiran

Christine Dunbar
Christine Dunbar

Latest Articles

Sandip Soparrkar crowned King of Art4Peace in Beverly Hills, Hollywood by Staff
Amit Misra and Sonia Shukla's music video 'Tera Vaar' unveiled on Filmogramme by Staff
Actress Kavya Keeran helps out street kids while distributing books and Pens by Staff
Actress Payal Goga Kapoor will now be seen in the play 'Jai Shri Ram' (Ramayana) after Mumbai's play 'Social Media by Staff
Akshay Kumar to Play Late Mining Engineer Sardar Jaswant Singh Gill in His Next Film by Staff
View All Articles