College Students Should Study Up on These Two Tax Credits

This article was published by the IRS. Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who pay higher education costs for themselves, their spouse, or dependents in 2023 may be able to take advantage of two education tax credits. The American opportunity tax credit and the [...]

Small Business Tax Workshop

The IRS Small Business Tax Workshop is a series of online training videos covering tax topics for new and established small business owners. The first four topics in the workshop cover federal taxes, Schedule C, filing/paying taxes electronically, and the business use of your home - no matter the type of business you have, or if [...]

A Tip for Teachers: Some Educator Expenses May Be Tax-Deductible

This article was published by the IRS. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source. Who is an eligible educator: The [...]

For the First Time, Maximum Educator Expense Deduction Rises to $300 in 2022

This article was published by the IRS. The Internal Revenue Service is reminding teachers and other educators planning ahead that they'll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator [...]

Educators Can Now Deduct Out-of-Pocket Expenses for COVID-19 Protective Items

This article was published by the IRS. Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: face masks; disinfectant for use against COVID-19; hand soap; hand sanitizer; disposable gloves; tape, paint or chalk to guide social distancing; [...]

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