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Past Extra Credits September 10
All issues
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Teachers Reminded to Save Receipts for Educators' Deduction
As the new school year begins, the Internal Revenue Service is reminding teachers and other educators to save their receipts for purchases of books and classroom supplies. These out-of-pocket expenses may lower their 2003 taxes.
Taxpayers may subtract up to $250 of qualified expenses when figuring their adjusted gross income (AGI) for 2003. This deduction is available whether or not the taxpayer itemizes deductions on Schedule A. In his budget for next year, President Bush has proposed increasing this deduction to $400.
The deduction is available to eligible educators in public or private elementary or secondary schools. To be eligible, a person must work at least 900 hours during a school year as a teacher, instructor, counselor, principal or aide.
The IRS suggests that educators keep records of qualifying expenses in a folder or envelope with a label such as "Educator Expenses Deduction," noting the date, amount and purpose of each purchase. This will help prevent a missed deduction at tax time.
More information about the Educator Expense Deduction is available online at: http://www.irs.gov/newsroom/article/0,,id=112593,00.html
About Extra Credit
NCLB Extra Credit is a regular look at the No Child Left Behind Act, President Bush's landmark education reform initiative passed with bipartisan support in Congress.
If you would like the NCLB Extra Credit emailed to you, please send a request to Geoff Goodman at NoChildLeftBehindUpdate@ed.gov or call (202) 205-9191.
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Last Modified: 04/22/2005
