We are gearing up for more and more kids to ditch beach bags and pick up their backpacks again for another school year. This means that teachers have been getting ready for the return to school for weeks now. As teachers plan for the school year, there are some tax tips that they should keep in mind to ensure they are taking full advantage of any tax breaks that are available to them. Mark Dicus & Company is here to share some of our best tax tips for teachers this year.
Keep Track of Classroom Materials & Inventory
As a teacher, you know how much of your heart and soul you have to pour into your job on a daily basis. However, there are more than likely other ways that you give your teaching job your all as well. Many teachers pay for the classroom supplies, software, materials and books out of their own pocket. For teachers that are homeowners, you can take advantage of deductions for all of the materials that you aren’t getting reimbursed for. You can claim up to $300 in classroom supplies. If you are married and your spouse is also a teacher, you can claim up to $600 on your taxes of you are filing jointly.
Can Teachers Deduct a Home Office?
Before you start claiming several rooms in your home that you work on your school tasks in, you need to know that you can only claim rooms in your home if they have been set aside solely for your teaching business. However, there are several teachers that will tutor struggling children or teach classes from the comfort of their own home that can take advantage of claiming a home office. You might be able to qualify for these deductions if you fit into these categories.
Should Teachers Keep a Mileage Log?
There are many teachers that wear more than one hat. Often, there are teachers who coach sports after school or lead in other extracurricular activities. When these activities are taking you and students away from the school and you use your own vehicle, make sure you are keeping track of all the mileage as this could be tax deductible. There are also teachers who drive to multiple schools or do some private classes and tutoring at their students houses. For those teachers, mileage can start to accumulate in a hurry. Make sure you’re keeping a record of all the extra driving you’re doing.
Continuing Education is Important for Teachers
Sometimes, teachers will decide that they are ready to continue their education. This might mean taking classes that will help you attain a Master’s Degree. The Lifetime Learning Credit can help you take advantage of a tax credit of 20% of that tuition or other fees up to $2,000.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
You don’t want to miss out on any tax deductions that are available to you. That’s why it makes sense to work with the professionals at Mark Dicus & Company. We will make sure you’re not leaving any money on the table. Call us today!