IRS Increases Teacher Tax Deduction
The Internal Revenue Service (IRS) recently announced that it is increasing the educator expense deduction for the first time since 2002, when it was first implemented.
Previously the maximum amount educators could deduct from their taxes was $250 for school supplies, including books, supplies, and other materials used in the classroom as well as COVID-19 protective items. However, the IRS will allow up to $300 in qualified expenses to be deducted for 2022. The limit will rise in $50 increments in future years based on inflation adjustments.
While the increase is a positive step, many educators feel the deduction is still inadequate. Studies have shown that classroom teachers use around $550 of their own money each year—and nearly 1 in 5 spends upwards of $1,000 — to provide their students with basic supplies.
This year, the tax-filing deadline for most taxpayers is Monday, April 18.
Tags: federal issues