Hi my mom was *** teacher so I know first hand how much teachers have to spend of their own money on classroom supplies. Teachers out there right now you're saying yes we do for years. The amount you could deduct was capped at $250. Now the I. R. S. Has Increased that number to $300. Who qualifies if you're *** teacher K. through 12 principles AIDS or counselors who spend more than 900 hours at work at the school during the academic year. When you put it that way 900 hours you spend *** lot of time at work. Go you being around kids that long that goes for public and private schools. What kinds of things are deductible? *** lot of stuff? Books. Alright. Any type of supplies like pencils and paper equipment, even covid protective equipment like hand sanitizers and wipes still count. Just make sure you have the receipts to back up your purchases if you're an educator and you're married to 12 don't worry if we file *** joint tax return you can double that number for deductions. So it's 300. Each total of $600. Here are the forms you can claim the deductions on. Alright form 10 40. This one form 10 40 S. R. Or form 10 40 N. R. Let me leave you with another piece of good news. *** little more than the hike. The I. R. S. Says it'll keep raising the limit in $50 increments in future years based on inflation adjustments. Look teachers are gonna tell you it's still not enough, they're still gonna pay, but it's *** little more help from the IRS every dollar counts, Thank you so much for everything you're doing for spending your own money on our kids. I appreciate it and what everyone does to keep your receipts and by the way keep sending the letters out to parents saying, hey, if you want to help, we always we always give money ourselves to, the parent should chip in to save all your receipts. I'm gonna put all this information on ross and reports dot com back to you.
Rossen Reports: New IRS rule helps teachers
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Updated: 2:46 PM CST Feb 24, 2023
For the first time in 20 years, teachers are getting a bigger deduction for the classroom supplies they buy from money out of their own pockets. For years, the amount you could deduct was capped at $250. Now the IRS has increased that to $300.Who qualifies?K-12 teachers, principals, aides, or counselors who spend more than 900 hours at the school during the academic year. That goes for public and private schools. If you’re an educator and you’re married to one too, if you file a joint tax return, you can deduct up to $600.What kinds of things are deductible? Books, any types of supplies like pencils and paper, equipment and even COVID-19 protective items like hand sanitizer and wipes still count. Just make sure you have the receipts to back up your purchases. The IRS says it’ll keep raising the limit in $50 increments in future years based on inflation adjustments. Click here or here to read more.
For the first time in 20 years, teachers are getting a bigger deduction for the classroom supplies they buy from money out of their own pockets.
For years, the amount you could deduct was capped at $250. Now the IRS has increased that to $300.
Who qualifies?
K-12 teachers, principals, aides, or counselors who spend more than 900 hours at the school during the academic year. That goes for public and private schools. If you’re an educator and you’re married to one too, if you file a joint tax return, you can deduct up to $600.
What kinds of things are deductible?
Books, any types of supplies like pencils and paper, equipment and even COVID-19 protective items like hand sanitizer and wipes still count. Just make sure you have the receipts to back up your purchases.
The IRS says it’ll keep raising the limit in $50 increments in future years based on inflation adjustments.
or to read more.
