The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.
Who is an eligible educator 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. Things to know about this deduction Educators can deduct up to $250 of trade or business expenses that were not reimbursed. As taxpayers prepare to file, they should remember to keep receipts after making any purchase to support claiming this deduction with their tax records. The deduction is $500 if both taxpayers are eligible educators and file their return using the status married filing jointly. These taxpayers cannot deduct more than $250 each. Qualified expenses are the amounts the taxpayer paid with their own funds during the tax year. Here are some of the expenses an educator can deduct: • Professional development course fees • Books • Supplies • Computer equipment, including related software and services • Other equipment and materials used in the classroom • Personal protective equipment, disinfectant, and other supplies used for the prevention of the spread of coronavirus Expenses for COVID-19 protective items. These items include, but are not limited to: • Face masks • Disinfectant for use against COVID-19 • Hand soap • Hand sanitizer • Disposable gloves • Tape, paint, or chalk to guide social distancing • Physical barriers, such as clear plexiglass • Air purifiers • Other items recommended by the Centers for Disease Control and Prevention to be used for the prevention of the spread of COVID-19 This deduction is for unreimbursed expenses paid or incurred during the 2021 tax year. Taxpayers should keep records, such as receipts and other documents that support the deduction with other tax documents. Eligible taxpayers will claim the deduction on Form 1040, Form 1040-SR or Form 1040-NR, attaching Schedule 1, Additional Income and Adjustments to Income. Share this tip on social media - #IRSTaxTip: Filing season reminder for teachers: Some educator expenses may be tax deductible https://go.usa.gov/xtzsN "Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office. The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance. We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs. We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at [email protected]. For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com. Monarch Accounting Group, Inc 145 Tower Drive, Suite 10 Burr Ridge, IL 60527 Phone (630) 320-3720
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
BLOGTo better serve our clients and friends, to keep you up-to-date and informed, our blog is a resource for tax tips and overall accounting related articles. We hope you find this useful! CATEGORIES
All
ARCHIVES
September 2023
|