Good News for Educators: Maximize Tax Benefits up to $300
As an educator, you are likely familiar with the scenario of purchasing classroom supplies with your own money. Luckily, you are able to deduct up to $300 of these out-of-pocket expenses on your federal income tax return in 2023, on top of the standard deduction. Joint filers who are both educators can double this deduction to $600. This applies to K-12 teachers, instructors, counselors, principals or aides. This deduction covers a range of expenses, including classroom materials, books, computer equipment and software, PPE for COVID-19, and professional development courses. Remember that this is the same for 2022, so if you filed an extension for your 2022 tax return as an educator, take advantage of this deduction before the deadline. At XQ CPA, we understand that maximizing your tax deductions are important for you. Reach out and give us a call at 832-295-3353. We are here to help you.