Teachers, Did You Know About This Tax Deduction That Could Save You Up To $250!
We were browsing around the internet this week and came across an article about tax deductions...just in time for the start of tax season! And let's be honest, who doesn't love deductions?! It stems from the Tax Increase Prevention Act of 2014 (H.R. 5771) that President Obama signed into law.
If you are a primary or secondary school teacher who paid out-of-pocket for school supplies this year, you may be eligible for an above-the-line deduction of up to $250.00! Just keep in mind this only applies to out-of-pocket expenses for which you were not reimbursed. And according to the article, the deduction benefit expired on December 31, 2014, so you'll want to be sure to look into it when filing your 2014 taxes!