Small Business Reading Room

Wednesday, August 17, 2005

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The IRS is reminding all teachers that they are eligible for a deduction of up to $250 from adjusted gross income for out of pocket expenses related to their classroom duties.

"Under current law, this deduction is scheduled to expire at the end of 2005. In tax year 2003, the most recent year for which figures are available, educator expense deductions totaling almost $814 million were claimed on nearly 3.3 million individual income tax returns."

This deduction is available whether the filer itemizes on schedule A or not.

More details about who qualifies are available here.

posted by Larry at 9:01 AM - permalink 0 comments

Small Business Reading Room

Back to (Tax) School

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