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ClientWhys training will make you better prepared for tax season.
ClientWhys provides the most comprehensive coverage of our ever-changing and evolving tax laws, regulations, rulings, filing procedures and troublesome areas, such as the Health Care provisions, relief and foreclosure, and the constant line up of new provisions each year. We will cover it all; provisions that have been modified, will expire, or have been extended; new provisions that will become effective over the next few years; and all the recent updates that you and your clients need to know to make the best decision for their situation.
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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 teacher to itemize their deductions.