K12> [WWWEDU] Tax Deductions for Teachers
- From: Gleason Sackmann <gleason@xxxxxxxxxxxxxxx>
- To: NetHappenings <nethappenings@xxxxxxxxxxxxx>
- Date: Tue, 1 Apr 2003 07:57:57 -0600
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Net Happenings - From Educational CyberPlayGround
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From: "M. Henri' Thompson" <henri@xxxxxxxxxxxxxxxxx>
To: <wwwedu@xxxxxxxxxxxxxxx>
Sent: Tue, 1 Apr 2003 08:49:36 -0500 (EST)
Subject: [WWWEDU] Tax Deductions for Teachers
The Internal Revenue Service advises teachers to save their receipts for
purchases of books and classroom supplies. These out-of-pocket expenses may
lower their taxes, thanks to a recent change in the law.
?Many teachers dip into their own pockets when funds for classroom supplies
run out before the school year does,? said IRS Commissioner Charles O.
Rossotti. ?A new law gives them a tax break this year and next, and we want
them to have the records they?ll need to claim it on their returns.?
The new deduction is available to eligible educators in both public and
private elementary and secondary school
Taxpayers may subtract up to $250 of qualified expenses when figuring their
adjusted gross income (AGI). They will not need to itemize deductions to
get this benefit. Prior to the change in the law, educators could take
such
expenses only as s. They must work at least 900 hours during a school year
as a teacher, instructor, counselor, principal or aide.miscellaneous
itemized deductions, which must be reduced by two percent of AGI.
Educators who excluded education savings bond interest or payments from
qualified tuition programs, or made tax-free withdrawals from an education
savings account, will be able to claim the new deduction only to the extent
their qualified expenses exceed the tax-free amounts.
The IRS suggests that educators keep records of qualifying expenses in a
folder or envelope with a label such as ?Educator Expenses Deduction,?
noting the date, amount and purpose of each purchase. This will help
prevent a missed deduction at tax time.
Details on this and other new tax law changes are in IRS Publication 3991,
?Highlights of the Job Creation and Worker Assistance Act of 2002,?
available on the IRS Web site at www.irs.gov or by calling 1-800-TAX-FORM
(1-800-829-3676).
--
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M. Henri' Thompson
Graduate Student
Johns Hopkins University
HThompson@xxxxxxx
http://www.HenriThompson.com
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INTEGRATE FOLKLORE, MUSIC, & TRADITIONAL CULTURE
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industry when the role of music was about your life -
about the life and times that most of us don't experience
anymore and when the music was sung because it helped
people through it and sustained them.
<http://www.edu-cyberpg.com/Teachers/folk.html>
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