Teachers: did you know that the IRS offers tax deductions to educators who spend their own funds on classroom supplies? The IRS Educator Expense Deduction allows teachers and administrators to deduct costs of technology, supplies, and training from their taxes.
This tax credit cannot be claimed on expenses that the educator was reimbursed for from their employer, a grant, or other source, and there are some limitations:
- The Taxpayer must be a K-12 teacher, instructor, counselor, principal, or aide who works at least 900 hours in a school year providing elementary or secondary education as determined under state law
- For 2022, the deduction is limited to $300. If two married educators are filing Married Filing Jointly, the limit is $600
- For 2021, the limit is $250, or $500 for Married-Filing-Joint educators
- Examples of deductible expenses include:
- Professional development training costs
- Books and supplies
- COVID-19 protective items
- Computer equipment, software, and services
- Equipment and materials for classroom use
If you are a teacher gearing up for the 2022-2023 school year, be sure you save your receipts after making purchases for your classroom so that you can claim this deduction on your 2022 taxes.
Have a great school year, teachers! If you need any tax assistance, contact Bryson today! We offer a discount to Teachers on many of our services.