In the big picture, $50 may not seem like a lot. But put into the context of the educator expense deduction, it’s notable. Why? Because for 2022, eligible teachers and other educators can deduct up to $300 of out-of-pocket classroom expenses. The $50 increase is the first since the deduction was enacted in 2002. The limit will increase in $50 increments in future years based on inflation adjustments. Bear in mind that the limit remains $250 for the 2021 tax year. Eligible K-12 educators can claim this deduction even if they don’t itemize and take the standard deduction. Among other things, teachers can deduct the unreimbursed cost of books, supplies, and other materials used in classrooms. Contact the Cg Team for more information. © 2022
08
Apr