The Tax Professionals Blog — education
Overnight Analysis of the GOP Tax Reform Bill
Posted by Lee Reams Sr. on
The GOP has released its tax reform structure, without a lot of detail (it is being left to Congress to determine), and as we all know the devil is in the details. But remember this is only a proposal and a lot can happen before it becomes law, assuming it even gets to that point. Here are some highlights of the proposal:
Can the Teachers’ Classroom Supplies Deduction Exceed $250?
Posted by Lee Reams Sr. on
Congress, recognizing that most classroom teachers spend a significant amount of their own money on classroom supplies, granted them a special deduction of $250 (indexed for inflation after 2015) as an adjustment to gross income – referred to as an above-the-line deduction – rather than an itemized deduction.
Tax Extender: Teacher $250 Above the Line Deduction
Posted by Lee Reams Sr. on
Background: This provision, which has been available since 2002 and through 2014, allows teachers and eligible educators, grades kindergarten through 12, to take an above the line deduction, up to $250 for expenses that would otherwise qualify as employee business expenses under Code Sec 162. U Under the legislation (Act Sec 104): This deduction is made permanent. The $250 is inflation adjusted in years after 2015. Qualified expenses include professional development expenses TIP: Remember, if properly documented as a non-cash charitable contribution, the teacher’s expenses can generally be treated as a charitable contribution, although a charitable donation will require the...
Everything You Need to Know About the New IRS Voluntary Preparer Program!
Posted by Lee Reams Sr. on