There was an earlier post on this topic, so if you prefer reading content over viewing it, go to the other post on Teacher Tax Deductions.
In the video, I talk about the various tax deductions that are available for teachers. You should note that these are available as teacher tax deductions for both public school teachers and private school teachers. There are a few exceptions to that however. The first is for the Educators Expense tax deduction (the $250 educators tax deduction for classroom materials and supplies out of the teacher’s pocket), if you are not a K-12 teacher then you may not take that deduction. There is a bill currently in the House of Representatives that both extends the Educators Expense deduction until 2017 as well as includes Pre-K teachers in the definition & allows them to take advantage of that tax deduction for teachers.
The other exception is when giving charitable donations to your school, that only counts if your school is either public or is set up as a non-profit. Those two attributes covers the vast majority of schools though.
So without any further adieu, you can watch the video titled: Tax Deductions for Teachers. Check out these Teacher Tax Deductions by clicking there or you can view it here:
There you have some tax deductions for teachers, I hope that the video was able to keep some more of your hard earned money rather than be in the hands of Uncle Sam.
Now that you (hopefully) have some extra money, use it wisely by paying off debt, saving for a child’s education, or saving for retirement in addition to your pension.
Until next time,
Steve
Tags: educators tax deductions, Tax Deductions for Teachers, teacher tax deductions
Leave A Reply (6 comments so far)
Cory Bickerstaff
104 days ago
Thanks for tax tips for teachers! I’m going to be able to save some extra money because of this video. I’ve already forwarded it along to some friends, I hope it isn’t too late for them to take advantage as well.
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Steve Reply:
Glad to hear that! Hope you did something fun (or even more exciting: financially responsible!) with the money you saved. If your friends already did send in their taxes and couldn’t take advantage, I get the feeling they’re going to have to pay taxes again. So as a Cubs fan would say “there’s always next year”
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Courtney
61 days ago
Do these tax deductions in your video apply to pre-k teachers?? Thanks!
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Steve Reply:
Hi Courtney,
The tax deductions for the most part do apply Pre-K teachers (at both private & public schools) except for the $250 Educators Expense deduction.
You can see two posts I had the privilege of writing for The Seeds Network:
http://www.theseedsnetwork.com/seeding/pre-kindergarten-teacher-tax-deductions-part-1?page=1
http://theseedsnetwork.com/seeding/what-is-the-teacher-expense-deduction-part-2
That will completely go over what a Pre-K teacher can and cannot deduct. Hope that helps!
- Steve
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