TEACHING TAX
DEDUCTIONS SAVING TIPS STRATEGY INFORMATION HOME ADVICE IDEAS EDUCATION
- TAX CREDIT SAVINGS FREE ARTICLE HELP
Keep a
separate envelope or file to keep your school
related receipts.
TAX
BREAK FOR TEACHERS -
THE TEACHER TAX DEDUCTION
Teachers and other
educators should save their receipts
when buying classroom supplies that
are unreimbursed,
since they may deduct up to $250 of
it on their taxes.
This tax break
originally expired at the end of
2004, but was recently renewed for
the 2004 and 2005 tax years.
Eligible educators
include K-12 teachers, instructors,
counselors, principals, and aides.
In addition, they need to work at
least 900 hours during the school
year.
DEDUCTION
ELIGIBLE EXPENSES
Eligible expenses
include unreimbursed costs for
books, computer equipment including
software and services, supplies, and
other materials used in the
classroom.
All items must be "ordinary and
necessary", meaning it must be
something that is helpful and
generally used by educators for
teaching.
Married couples that
both teach are both eligible for
their own separate deduction, each with
the $250 limitation.
Also, any expenses
above $250 can still be deducted
(just as before this tax rule) if
you use Schedule A to itemize.
However, it would be a
miscellaneous deduction, which has
a 2% AGI limitation.
So hold on to those
receipts!
It is suggested that
you keep a separate envelope or
folder to keep the receipts for these unreimbursed
school related expenses.
To learn money skills, personal finance, and money
management, please go to the Money
Instructor home page.
Teachers Tax Deduction Information - High School Students -
Secondary education - Adults -
Special Education - Teens -
Teenagers - Kids - Children - Help
- Practical -
Unit -
Wealth - Children - Secondary
Education - Middle School - Young
Adults - Classroom Tax Tips
Keep a
separate envelope or file to keep your school
related receipts.
To learn money skills, personal finance, and money
management, please go to the