Back To School - Educators Deduct School Expenses
By Richard A. Chapo, Sat Dec 10th
As teachers and students head back to school following aglorious summer, it’s time to remind teachers to organize 2004school expenses. Under a temporary tax code change, teachers candeduct certain school-related expenses from adjusted grossincome.
Educator Expense Deduction
If you work in the education field, you may be able to deduct upto $250 from your adjusted gross income for 2004 taxes.Unfortunately, the deduction is only applicable to 2004, butthere is a reasonable possibility it will be extended to the2005 tax year and beyond. As a result, you should continue tokeep records so you can claim the deduction if it is extended.So, who can claim it and what can be claimed?
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“Educators”
Under the tax code provision, “educators” are defined as afairly broad group of professionals. You are an education if youcomply with the following guidelines:
1. You teach kids in kindergarten or through grade 12;
2. You are a teacher
3. You are an instructor
4. You are a counselor
5. You are an aide, or
6. You are a principal
If you fit within one of the above positions, there is anadditional time requirement that must be met. You must work atleast 900 hours in an elementary or high school during the yearin question. This equates to roughly half a year.
Expenses
As an educator, you are allowed to deduct unreimbursed expensesyou paid for school room items. Examples include books, computerprograms, writing supplies and those little stars I used to lovegetting on my book reports. Just make sure the school is notcovering the costs.
The educator expense deduction is a rather disappointing $250,but every deduction counts when it comes to taxes. Make sure youclaim the deduction and keep your receipts for the write off.
About the author:Richard Chapo is CEO of BusinessTaxRecovery.com - We recover overpaid business taxes forsmall businesses. 80% are due refunds of $5,000 to $10,000 onpast tax filings. How much you are owed?
