Federal Tax, Tax

Tax Deductions for Educators

Educators: As you file your 2022 taxes, be aware there’s a tax deduction just for you. Even if you take the standard deduction, an eligible educator can deduct up to $300 in unreimbursed, out-of-pocket expenses. If you’re married filing jointly and both spouses are eligible, you may deduct up to $300 each. Based on inflation, this will increase in $50 increments in future years. Among other things, kindergarten through grade 12 teachers can deduct the unreimbursed cost of books and other classroom materials, and the cost to participate in professional development. Homeschooling costs and certain other expenses don’t qualify. For more details from the IRS: http://bit.ly/40T2NPp  or contact the Cg Team with questions. © 2023