08/17/2023
📚✏️ New School Year Reminder for Educators! 🍎🖍
Hey there, wonderful educators! As you're getting settled into the new school year and purchasing essential items for your classroom, we have some important tax news to share. The IRS has some updates regarding the educator expense deduction:
🔹 For 2023, you can deduct up to $300 of out-of-pocket classroom expenses when you file your taxes. If you’re married and both are eligible educators, you can jointly deduct up to $600 - but no more than $300 per person.
🔹 This is the same limit as 2022. Remember, this amount may rise in future in increments of $50 based on inflation adjustments.
🔹 Who's eligible? If you’re a K-12 teacher, instructor, counselor, principal, or aide and worked in a school for at least 900 hours during the school year, you qualify! This is applicable for both public and private school educators.
🔹 What can you deduct?
Classroom books, supplies, and materials
Equipment including computer gear, software, and services
COVID-19 protective items, like masks, sanitizers, plexiglass barriers, air purifiers, etc.
Professional development courses related to your curriculum
However, remember, for some professional development expenses, there might be other beneficial tax claims, so always double-check.
❗️ Note: Home schooling expenses and nonathletic supplies for health or physical education aren’t deductible.
📝 And as always, maintain those records – keep your receipts and any other documentation.
Here’s to a successful and rewarding school year! 🏫🎒
