When I was a little girl, I learned the importance of getting a good education. I would go to school, but nothing really caught my attention until I took high school math. That’s when I realized I really loved numbers and I especially loved my math teachers, who introduced me to so many different mathematical equations, formulas and all things numbers. I was hooked!
Teachers are the best! But they’re also in the world’s most under-appreciated profession. So this week, I want to focus on people who dedicate their lives to educating others. I want to pass along information about how teachers can save money and take advantage of tax deductions in 2015:
- CLASSROOM SUPPLIES – Many teachers purchase a lot of supplies and do not get reimbursed for the cost. Teachers can deduct up to $250 every year for necessary classroom items, like books, paper, and even computer equipment or software. Teachers who spend more than $250 can talk to their accountants or log onto www.irs.gov to find out how they might be able to deduct those extra expenses using Form 1040. If you donate these items to your child’s school, you may also want to ask your accountant or bookkeeper if this deduction could apply to you.
- STUDENT LOAN INTEREST – Educators are allowed to deduct any interest on qualified student loans on their tax returns.
- CONTINUING EDUCATION – Teachers who are going back to school qualify for a tax credit for any non-reimbursed continuing education costs. It’s explained on Form 8863.
- TRAVEL -Teachers who travel for work can claim the travel as a deduction, but they must save their receipts.
- TEACHER UNION DUES – Teachers who are in a union can deduct amounts that are paid on a post-tax basis.
I know a lot of you reading this might not be teachers, but some of these deductions could apply to you. Ask your accountant or bookkeeper how these deductions may apply to you.
If you’re not a teacher, I encourage you to pass this information on to your favorite educator. While you’re at it, make sure you say THANK YOU to an educator for choosing to teach! I will always be thankful to Mr.Ruskin for inspiring me to be who I am today!
Have a great week everyone!