Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Back To School ? Educators Deduct School Expenses > NetSparsh - Viral Content you Love & Share

Back To School ? Educators Deduct School Expenses

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/articles - to read more tax articles.

In The News:

This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

Fort Wayne Journal Gazette

Sports bets to pay off in taxes
Fort Wayne Journal Gazette
INDIANAPOLIS – Indiana could reap $87 million in new tax revenue from regulated sports betting in the first five years, according to a study released Friday. But the report cautions that mobile sports betting is key to making the venture profitable in ...

and more »

Spain considers new taxes on internet companies
ABC News
Spain's Socialist government wants to introduce new taxes on big internet companies and on financial transactions as a way of paying for improved pensions and public services. The proposed tax on digital services will be levied on companies with annual ...

and more »

Salt Lake Tribune

Poor and middle-income Utahns pay more of their income for taxes than do the rich, study says
Salt Lake Tribune
The poorest 20 percent of Utah households — which earn less than $23,000 a year — pay 7.53 percent of their income for taxes. The top 1 percent pay 6.68 percent, says the study by the Institute on Taxation and Economic Policy and Voices for Utah ...


PennLive.com

School protects KOZ from taxes on improved land
PennLive.com
Newport School Board on Oct. 9 approved a deal protecting two properties in a regional economic development zone from taxes on improvements. Known as "payment in lieu of taxes," or PILOT agreements, the deal means companies will pay taxes assessed ...


New York Times

Treasury Outlines Tax Breaks for Investing in Distressed Areas
New York Times
WASHINGTON — The Treasury Department outlined new rules on Friday stemming from the $1.5 trillion tax overhaul last year that are aimed at giving investors confidence to pour billions of dollars into distressed economic areas across the United States.


Wall Street Journal

New 'Opportunity Zone' Tax-Break Rules Offer Flexibility to Developers
Wall Street Journal
WASHINGTON—The Trump administration proposed guidelines Friday that will help investors use a new tax incentive that encourages development in low-income areas. The Treasury Department designed the rules for the Opportunity Zone program to give ...
Treasury releases guidance on 'opportunity zone' program created by Trump tax lawThe Hill
Investors can get big tax breaks if they invest in 'opportunity zones' under new Treasury rulesCNBC
Goldman Sachs and others line up for fresh tax breaksCNN
Bloomberg -Accounting Today -IRS.gov -ArcGIS Online
all 132 news articles »

CBS News

Time to get started on year-end tax planning under GOP tax cuts
CBS News
If you think it's too early to start your year-end tax planning, you're mistaken. With the new tax law in effect, the year-end moves many taxpayers made in prior years won't help on their 2018 tax return. Still, what you do from now through December ...

and more »

HuffPost

Soda Companies Are Waging A Cynical War On 'Grocery Taxes'
HuffPost
If approved by voters, Washington's Initiative 1634 and Oregon's Measure 103 would bar cities from passing any new taxes on “grocery items.” No city in Washington or Oregon has ever proposed such a tax. Some cities have, however, proposed levying taxes ...

and more »

What Is A Fair Tax Code?
Investor's Business Daily
Let's say we could write a tax code from scratch. And under this new tax law, the richest 1% of taxpayers would cover more than a third — say 37% — of all the income taxes collected. That would be like having just the people living in the Bronx ...

and more »

Fox News

Democrats' 'Guaranteed Income' Is Guaranteed Misery For Working Families
Investor's Business Daily
Taxes: A group of congressional Democrats, aching to return to power, have a bold idea: Repeal the Trump tax cuts, raise taxes on the rich and corporations, then give everyone else a guaranteed income each month from the proceeds. Haven't we been ...
Kamala Harris, amid 2020 rumors, floats $500 a month tax creditFox News
Kamala Harris proposes bill to repeal GOP tax cuts, give money to working class familiesSFGate
Kamala Harris proposes big new middle-class tax breakPolitico
The Atlantic -Bustle -CNBC -CNN
all 47 news articles »
Google News

Small Business Tax Deduction - Write-Off Bad Debts

Practically every small business has receivables that it cannot obtain... Read More

Home Based Business Tax Deductions

Running a home based business reaps many wonderful tax deductions... Read More

Tax Trap #4 -- The Quagmire of Depreciation

If you are a Small Business Owner or Self-Employed Person,... Read More

Tax Tips for Home-Based Business Owners

As tax time approaches, many home-based business owners begin completing... Read More

Where to Find Tax Breaks for Your Home Based Business

April 15th looms in front of most people every year... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from... Read More

Some Folks Pay A Lot Less Tax Than Others On Very Same Income?Did You Pay Too Much Tax In 2004?

Someone once remarked, "Next to being shot at and missed,... Read More

Know A Tax Cheat? Get Paid To Tell The IRS

According to the IRS, taxpayers underpay their taxes by some... Read More

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so... Read More

Furnishing Evidence in E-Tax Compliance

Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More

Need a Copy of Your Tax Return Information?

Taxpayers have two easy and convenient options for getting copies... Read More

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction

The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More

Knock-Knock-Knock

Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax... Read More

Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)

Background issues of access to recordsTo assess the records at... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

Amending Procedural Laws for Collection of E-taxation

The electronic transaction ordinance defines the certificated copies in which... Read More

Tax Time Tune Up

Excerpted from the new book, "How to Do Space Age... Read More

How Likely Are You To Be Audited?

Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More

Truly Bizarre Taxes: The Tax on Illegal Drugs

One can never underestimate the enthusiasm that politicians have for... Read More

Tax Jokes and Quotes

Do you realize that some tax forms ask you to... Read More

Identity Theft ? Impacting Your Taxes?

If your identity is stolen, your finances can quickly become... Read More

The Internet Tax Man Cometh

Q: I was contacted by the city tax collector to... Read More

State Tax Information

All states also have their own tax system. Typically there... Read More