Advice: As the new school year approaches, the IRS reminds educators they get up to a $300 tax deduction for school supplies. Inflation increased the tax deduction for the first time in 20 years.
Teachers will end up buying notebooks, paper and pens for students whose families can’t afford to purchase what they need. Teacher salaries continue to supplement the budgets of school districts that can’t afford to stock or restock classrooms with all the needed supplies.by National Center for Education Statistics. The average amount spent during the 2014-2015 school year was $478. The average amount spent was higher at $529 for teachers at city schools.
And prices have risen 25 percent since then, according to the Labor Department. At schools where 75 percent or more of the students were eligible for free or reduced-price school lunch, a higher portion of teachers — 9 percent — spent more than $1,000. To help ease their financial burden, there is a tax break for the materials teachers, instructors, counselors, principals or aides purchase. Just ahead of the school year, the Internal Revenue Serviceeducators that they will be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax returns next year. It marks a $50 increase over the previous $250 deduction.
Fully fundings our schools means fully funding school supplies. Teachers should not have to pay out of pocket for paper, books, pencils, and everything else students need to learn.Then the IRS pointed out something stunning. “This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002,” the agency said. That is an “F” for effort for a tax code that is overly generous to wealthy individuals and large corporations.
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