What is the Educator Expense Tax Deduction? And how can it assist academics save on their taxes?
Retirement Daily’s Robert Powell caught up with Jeffrey Levine, CPA and tax professional from Buckingham Strategic Wealth Partners, to reply the query and supply some tax suggestions for academics.
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Recommended Read: Tax Tips for Teachers: Deducting Out-of-Pocket Classroom Expenses
Quotes| Tax Tips for Teachers – Educator Expense Deduction
Jeffrey Levine, Chief Planning Officer, Buckingham Strategic Wealth
Jeffrey Levine, Chief Planning Officer, Buckingham Strategic Wealth
Video Transcript| Jeffrey Levine, CPA and Tax Expert, Buckingham Strategic Wealth
Robert Powell: Are you a trainer and have to know what the Educator Expense Deduction is? Well, right here to speak with me about that’s Jeffrey Levine from Buckingham Strategic Wealth. Jeffrey, welcome.
Jeffrey Levine: Good to be with you, Bob.
Robert Powell: Good to have you ever right here. And we’ll be good to have you ever clarify what this deduction is.
Jeffrey Levine: Yeah, the Educator Expense Deduction is a deduction that academics, and principals, and others in class methods are in a position to take if they’ve an expense associated to their job that’s not reimbursed by their employer. And whilst you’d assume for those who’re not a trainer, effectively, certainly they get reimbursed for no matter bills they’ve. In talking with academics over time, it is truly wonderful how a lot they spend on classroom provides and different issues that are not reimbursed by their employer.
Teachers are a number of the most wonderful folks on the market, they usually go above and past, in lots of instances, spending {dollars} out of their very own pocket. And the best way the tax code will, I do not wish to say reward them, however will at the very least lower them a bit of little bit of a break, if you’ll, is by giving them an above-the-line deduction for a restricted sum of money, as much as $300 to deduct as an above-the-line deduction and scale back their revenue taxes. Now, sadly, whether or not they spend $300 or $3,000, that is the utmost quantity that they are going to be capable to deduct, $300.
Editor’s Note: The content material was reviewed for tax accuracy by a TurboTax CPA skilled.
Zach Faulds contributed to the writing of this text and produced the video and/or the graphics related to it.
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