Did you know that 94% of teachers and academic administrators at public schools in New York, dip into their own pockets for school-related expenses? At Jbyrd Financial LLC, we understand the financial strain educators face. That’s why we’re here to shed light on the Educator Expense Tax Deduction, a vital tool for balancing expenses.
Qualified teachers can deduct a portion of their out-of-pocket expenses, including classroom supplies, books, health and physical education resources, technological software, and more. As a local teacher, you may be eligible for up to $250 in deductions, or $500 for couples filing jointly.
Wondering if you qualify? Educators at government-approved elementary or secondary schools, including teachers, counselors, principals, and aides, who complete 900 hours of work during the school year are eligible. However, preschool teachers, homeschooling parents, and those employed by colleges or graduate schools are not eligible.
Before claiming your deduction, ensure you meet the requirements and have documented your eligible expenses. Remember, you cannot deduct expenses reimbursed by your school or expenses covered by tax-free withdrawals from your Coverdell Education Savings Account.
Exceptions exist, such as U.S. savings bonds interest, certain professional tuition program distributions, and untaxed withdrawals from education accounts.
At Jbyrd Financial LLC, located in Poughkeepsie, NY, we specialize in maximizing your tax benefits.
Contact us today for a free consultation
CALL: (212) 320-8971
EMAIL: jmarie@jbyrdfinancial.com