Tax Deductions for Teachers
The first tax deduction a teacher can take is a small one, it maxes out at $250.
It is for Educator Expenses.
These are for money you spend on your classroom.
Expenses include (but not limited to): books, craft supplies, supplementary materials for students, DVDs relevant to the curriculum, classroom decorations, student prizes & awards, newspapers and magazines.
If you are married to another teacher you can take a total deduction of $500.
This deduction is taken on Form 1040 so even if you are taking a standard deduction as opposed to itemized deduction, you can take a deduction for educator expenses.
You can also take tax deductions for Professional Fees & Dues.
If you pay out of pocket (or paycheck) for School or Union Dues, Parent Teacher Groups, Association Dues, or Alumni Dues, these expenses are tax deductible.
These deductions can only be taken if you itemize your deductions on Schedule A.
These fall under "Job Expenses and Certain Miscellaneous Deductions" Teachers can also include expenses such as job-related travel.
This would include expenses while traveling to, attending, and traveling from a teachers convention.
Teachers can also deduct the expense of continuing education.
The deduction falls under the Lifetime Learning Credit on Form 8863.
Teachers are often required to take courses to stay up to date in their field or will take continuing education classes to earn higher designations.
The credit is for 20% of the cost of courses taken, limited to $2,000 per year.
Costs include (but not limited to): Course Fees, Course Registration, Lab Fees, Materials & Supplies, Textbooks, and tuition.
This one applies for everyone, not just teachers.
Charitable donations are tax deductible.
This includes donations to your school.
Donations can include purchasing books for the library or equipment for the classroom, or giving a monetary gift to the school to help fund a project the school is hoping to complete.
These donations have to come from the teacher's pocket and be given to the school.
Donations are a tax write-off on Schedule A.
A last one is if you do some tutoring outside of your regular teaching.
If you are paid directly by the student rather than by your school, you are considered self-employed in this respect.
You can deduct the cost of travel to meet the student, expenses for equipment or supplies, and any fees that may be incurred.
These deductions are made on Schedule C which is the self-employment section.
You will also be able to take ½ of the self-employment tax as a deduction on Form 1040.
These may not be huge tax savings but you might find you have several hundred to several thousand dollars a year on your hands instead of in Uncle Sam's.
Disclaimer: This is for informational purposes only and is not to be misconstrued as tax advice, please consult a tax advisor for advice regarding your particular circumstances.
It is for Educator Expenses.
These are for money you spend on your classroom.
Expenses include (but not limited to): books, craft supplies, supplementary materials for students, DVDs relevant to the curriculum, classroom decorations, student prizes & awards, newspapers and magazines.
If you are married to another teacher you can take a total deduction of $500.
This deduction is taken on Form 1040 so even if you are taking a standard deduction as opposed to itemized deduction, you can take a deduction for educator expenses.
You can also take tax deductions for Professional Fees & Dues.
If you pay out of pocket (or paycheck) for School or Union Dues, Parent Teacher Groups, Association Dues, or Alumni Dues, these expenses are tax deductible.
These deductions can only be taken if you itemize your deductions on Schedule A.
These fall under "Job Expenses and Certain Miscellaneous Deductions" Teachers can also include expenses such as job-related travel.
This would include expenses while traveling to, attending, and traveling from a teachers convention.
Teachers can also deduct the expense of continuing education.
The deduction falls under the Lifetime Learning Credit on Form 8863.
Teachers are often required to take courses to stay up to date in their field or will take continuing education classes to earn higher designations.
The credit is for 20% of the cost of courses taken, limited to $2,000 per year.
Costs include (but not limited to): Course Fees, Course Registration, Lab Fees, Materials & Supplies, Textbooks, and tuition.
This one applies for everyone, not just teachers.
Charitable donations are tax deductible.
This includes donations to your school.
Donations can include purchasing books for the library or equipment for the classroom, or giving a monetary gift to the school to help fund a project the school is hoping to complete.
These donations have to come from the teacher's pocket and be given to the school.
Donations are a tax write-off on Schedule A.
A last one is if you do some tutoring outside of your regular teaching.
If you are paid directly by the student rather than by your school, you are considered self-employed in this respect.
You can deduct the cost of travel to meet the student, expenses for equipment or supplies, and any fees that may be incurred.
These deductions are made on Schedule C which is the self-employment section.
You will also be able to take ½ of the self-employment tax as a deduction on Form 1040.
These may not be huge tax savings but you might find you have several hundred to several thousand dollars a year on your hands instead of in Uncle Sam's.
Disclaimer: This is for informational purposes only and is not to be misconstrued as tax advice, please consult a tax advisor for advice regarding your particular circumstances.
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