As teachers and students head back to school following a glorious summer, it's time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.
Educator Expense Deduction
If you work in the education field, you may be able to deduct up to $250 from your adjusted gross income for 2004 taxes. Unfortunately, the deduction is only applicable to 2004, but there is a reasonable possibility it will be extended to the 2005 tax year and beyond. As a result, you should continue to keep records so you can claim the deduction if it is extended. So, who can claim it and what can be claimed?
"Educators"
Under the tax code provision, "educators" are defined as a fairly broad group of professionals. You are an education if you comply with the following guidelines:
1. You teach kids in kindergarten or through grade 12;
2. You are a teacher
3. You are an instructor
4. You are a counselor
5. You are an aide, or
6. You are a principal
If you fit within one of the above positions, there is an additional time requirement that must be met. You must work at least 900 hours in an elementary or high school during the year in question. This equates to roughly half a year.
Expenses
As an educator, you are allowed to deduct unreimbursed expenses you paid for school room items. Examples include books, computer programs, writing supplies and those little stars I used to love getting on my book reports. Just make sure the school is not covering the costs.
The educator expense deduction is a rather disappointing $250, but every deduction counts when it comes to taxes. Make sure you claim the deduction and keep your receipts for the write off.
Richard Chapo is with http://www.businesstaxrecovery.com - recovering overpaid taxes for small businesses. Visit our article page - http://www.businesstaxrecovery.com - to read more tax articles.
post construction cleaning Bannockburn ...Once a year Canadian taxpayers are required, by law, to... Read More
Millions of people file tax return extensions every year. The... Read More
Hit a big one? With more and more gambling establishments,... Read More
Newlyweds and the recently divorced should make sure that names... Read More
How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More
If you have recently started an Internet or home business,... Read More
"Settle for Pennies on the Dollar! IRS debts settled for... Read More
One of the most important, but least understood or appreciated... Read More
QUESTION: I have been contacted by my local city... Read More
Does this scene sound familiar? It's April 7. You haven't... Read More
In the rush to get tax returns prepared and filed... Read More
To tax or not to tax - this question could... Read More
So, you were pleasantly surprised to learn that you are... Read More
As tax time approaches, many home-based business owners begin completing... Read More
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More
If you have employees, you are responsible for paying a... Read More
NOTE: This is the first in a series of 5... Read More
It may not be high on the list of wedding... Read More
If you are environmentally conscious and purchase a 2005 Ford... Read More
According to the IRS, taxpayers underpay their taxes by some... Read More
April 15 - The most dreaded day of the year... Read More
While there are many equally valid reasons to incorporate, saving... Read More
Do you realize that some tax forms ask you to... Read More
Strategic planning throughout the year results in a minimal tax... Read More
The 100 year old investment-banking firm of... Read More
maide service in Morton Grove ...According to the IRS, taxpayers underpay their taxes by some... Read More
Anyone who is closely related to an accountant knows that... Read More
When buying a business, how the "purchase price" is made... Read More
How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More
On June 3, 2005, the IRS released guidance on charitable... Read More
Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More
Hit a big one? With more and more gambling establishments,... Read More
If you paid someone to care for a child so... Read More
Six Urban Myths ? Taxation"I am proud to be paying... Read More
The end of tax filing extensions is quickly approaching. What... Read More
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
The IRS has obtained civil injunctions against more than 100... Read More
Managing a business small, medium or big requires you to... Read More
As your business grows, you are going to need help.... Read More
Excerpted from the new book, "How to Do Space Age... Read More
The United States is a nation of entrepreneurs. There are... Read More
Running a home based business reaps many wonderful tax deductions... Read More
Marketing is a necessary expense in running practically any business... Read More
Deducting Your Auto ExpensesAuto deductions are a very complex topic.... Read More
Many small businesses complain when confronted with the expense of... Read More
Each year, the IRS lists various scams taxpayers get caught... Read More
Newlyweds and the recently divorced should make sure that names... Read More
If you are environmentally conscious and purchase a 2005 Ford... Read More
All states also have their own tax system. Typically there... Read More
We all love to criticize the IRS, don't we? And... Read More
Tax |