5 Tax Tips for Teachers
It’s that time of year again – back to school! As a teacher, you’ve got some unique advantages when it comes to filing your taxes because some tax benefits are only available to educators. By utilizing these lines in the tax code, and following our tax tips for teachers, you can lower your tax bill and receive a larger refund!
1. Your supplies are deductible!
If you’re part of the 99.9% of teachers who spend their own money on a variety of school materials and supplies, this tax tip is for you! You are eligible to deduct up to $250 of those costs can be deducted from your income. This is known as an “above-the-line deduction”, which means you don’t have to itemize! These may include:
- Uniforms (any clothing with company logo) and laundry costs
- Work-related magazines, journals and books
- Protective wear: sunglasses, hat, sunscreen, goggles, apron, etc.
2. Claim your home office!
Do you regularly use a portion of your home for activities that are exclusive to teaching, such as offering tutoring or online classes? Are you not provided with a workspace suitable for grading papers and other work requirements? If so, you may be able to take a home office deduction. This can include a percentage of the cost of:
- Printers, paper and ink
- Phone & Internet bills
- Utility bills based on the square feet in your home office and bathroom
3. Donate extra materials!
If you purchased teaching supplies that you won’t be able to use, you can help those in need and get some of your money back by donating the supplies to a charitable organization. Remember to keep receipts!
4. Deduct your student loan interest!
After completing your teaching credentials, you can deduct up to $2,500 of your student loan interest paid during the year. This tax tip can be especially helpful to teachers wishing to continue their education.
5. Continue your education!
If you take college or vocational courses that are needed to maintain or improve your job skills or your employer requires you to obtain the education to keep your job, you can claim a tax credit of 20%. Keep an itemized list of the following:
- Union fees
- Registration fees
- Journals & subscriptions
- Professional memberships
Don’t worry about memorizing all your teacher tax deductions for the year, you can instead rely on us as your tax professionals. Easily upload any receipts into our online portal, and schedule an appointment today!