Summer is over. Depressing I know. Now we get to look forward to the chilly months of fall and the bitter cold months of winter. Yuck. My morbidity isn’t helping is it? Well actually I am overseeing the launch and growth of L&A South Florida so I will probably still be on the beach for most of those months. I just wanted to rub that in. Anyway many of our family and friends are teachers and have likely already had their first day back at school. We at L&A have a bit of tax advice to those teachers heading back to school. Back to school used to stink as a kid. I can’t imagine how bad it must be as an adult. So here is one thing every teacher should do for back to school.
1. Keep track of your school related expenses. Those receipts to Staples showing the purchase of those coloring books with matching sets of markers could be a nice little $250 credit and further serve as an itemized deduction on this years taxes. In other words, $250 is subtracted from your income and the rest of the money you spend out of pocket for supplies in the classroom can serve as an itemized deduction. So most supplies for the classroom you purchase out of pocket should be tracked by keeping receipts. Keep track of all of your expenses relative to school and be pleasantly surprised with the little boost you get on your tax refund. For all those professors out there, certain research expenses relative to your specific subject could be deductible as well. We all know that traveling, attending conferences etc can get awfully expensive and it’s nice to have a possible tax benefit come out of it.
So as I sit here sipping on my Starbucks PSL, I feel for those returning to the classroom to those kids swinging from the rafters and bouncing off the walls. Just squeeze that stress ball nice and hard and don’t let go. Trust me it helps. I commend you because I have no patience. It’s one of my flaws, I know. I have heard some stories and…… well….. let’s just say again I commend you. Happy Back To School! d2 signing off.
