Careful recordkeeping could pay off for teachers during tax season.
Teachers commonly use personal funds in order to establish and maintain their classroom. The current tax law allows for teachers to claim up to $250 of these supplies as a deduction on their taxes. In order to take advantage of these common tax deductions for teachers, it is important to keep receipts or accurate records of the deductions. The deduction will reduce the amount of taxable income, resulting in a lower tax bill or increased refund.
Books and Newspapers
By saving the receipts, teachers can claim the cost of books they purchase for both their personal professional library or their classroom library. They can also claim the cost of subscriptions to magazines and newspapers that they can prove they use in the classroom or that are part of their professional development.
Software and Computer Equipment
Teachers can claim the cost of classroom software and computer equipment that they use for school planning purposes. By keeping a diary of the amount of time a spent in a home office, teacher's can claim the telephone and Internet connection fees used in sending work-related emails or researching and lesson planning.
School Supplies
The amount of money that a teachers spends on lesson planning materials and classroom supplies can be applied towards the $250 teacher tax deduction. Other examples of these supplies can include stationary, classroom prizes, a briefcase, stopwatches or classroom decorations.
Higher Education Expenses
Many teachers have student loans from obtaining their college degree and certain loans are a qualified education expense.. A teacher may be able to deduct the interest they paid on certain school loans or up to $4,000 of higher education expenses accumulated during the year. This deduction is important for first year teachers.
Professional Development
The cost of attending professional development events and meetings, and cost associated with the travel such as parking, tolls, taxis, and mileage, as well as meals and lodging, can be applied as tax deductions for teachers. Keep a mileage log of the amount of miles put on a personal vehicle traveling to work and to and from work-related obligations such as meetings or events.
Work Clothing
If an item of clothing has a school's logo on it, it can be claimed towards the tax deduction. The cost of cleaning the item can be applied as a tax deduction. Any protective clothing that is required by the school such as laboratory coats, goggles, and steel-toed boots can be claimed.
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