![]() ![]() Additional time commitments outside of class, including homework, will vary by student. ![]() File faster and easier with the free TurboTaxapp. Can college professors claim educator expenses? The deduction for Schedule C expenses allows self-employed individuals to write off many more expenses than the itemized 2 percent deduction. Teachers can claim the Educator Expense Deduction regardless of whether they take the standard deduction or itemize their tax deductions. 458 Educator Expense Deduction.” IRS, March 12, 2021.That credit can be up to $2,000 if youre eligible. “A tip for teachers: Some educator expenses may be tax-deductible.” IRS, July 20, 2021. Please contact us today to discuss your unique accounting, business, or tax preparation needs. Our certified public accountants are respected financial advisors with two conveniently located offices in Harris and Montgomery counties and more than 90 years combined experience. Hollis Lewis & Company, PLLC is a Houston CPA firm committed to providing our clients with professional and personalized tax preparation, accounting solutions, and business services. A Houston CPA firm can also assist you in filing out the correct forms to claim this deduction (IRS, 2021). Please consult a Houston CPA firm for assistance determining what expenses will qualify for this deduction. That includes personal protective equipment (PPE), disinfectant products/equipment, and other qualifying supplies. ![]() You may also qualify for expenses incurred after March 12, 2020, to help prevent the spread of COVID-19. Health or physical education courses provided the cost was for athletic supplies.Supplementary materials used in the classroom.Computer equipment, software, and services.Per the IRS, qualifying expenses may include: You are also ineligible if you receive a grant, scholarship, or any other form of reimbursement. 458, Educator Expense Deduction, classroom supplies, and development courses qualify for the deductible, assuming your employer did not reimburse you. For example, a Houston CPA firm can help you understand recent tax changes and identify which deductions you may qualify for to potentially maximize your refunds and minimize any liabilities.Īccording to Topic No. The benefits of year-round tax planning and preparation cannot be overstated. ![]() The IRS advises keeping supporting documentation, such as sales receipts, before claiming this deduction (IRS, 2021). It applies only to counselors, instructors, principals, teachers, and teacher’s aides.Īccording to the IRS, “they can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.”Įligible educators can deduct up to $250 per person – or $500 if your spouse is a qualified educator and you both file a joint tax return – of non-reimbursed trade or business expenses. The IRS allows specific elementary, middle, or high school personnel to claim the educator expense deduction if they paid for classroom supplies and materials out of pocket and have worked for a minimum of 900 hours during the academic year. A Closer Look at the Educator Expense Deduction A Houston CPA firm can help you better understand this deduction and provide expert assistance in planning, preparing, and filing your annual tax returns. If not reimbursed by the educator’s employer or another source, it may be possible to deduct specific expenses on next year’s tax returns using the educator expense deduction. Some educators – counselors, instructors, principals, teachers, or teacher’s aides – may have purchased classroom supplies or incurred professional development fees. Across Texas, teachers are back in the classroom, instructing K-12 students. ![]()
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