I am currently taking a class with H&R Block in order to be a tax preparer this season, there are a few tidbits of information that I would like to share.
1) All teachers for K-12 Grade, their counselors and administrators, if they purchase supplies for their classroom that is not reimbursed by the school, is deductible on your taxes up to $250.00 per teacher. If the supplies are reimbursed or if a grant is used then you can not claim it. If you are married to a person who is also a teacher and you are Married Filing Jointly, then you can take up to $250.00 per person.
2) If you are trying to file Married Filing Separately, then you will lose out on several deductions that you would be eligible to take by filing Jointly. This is a federal law and ruling.
And it includes the Earned Income Credit for individuals and their children. I think they are trying to phase out this filing status, but I am not certain, but I do know there are several deductions that you are uneligible for id you use this status.
3) Interest you pay for your college loans may be deductible, as well as interest paid for your mortgage on your home.
I know that many of you are still in college, and that some of this does not apply to you yet,, but it is good for you to be aware that some tax relief is out there.
If you have a question, please put it in the comment section, and I will look into it for you. If I do not know, I will ask because now, "I've Got People!"
Have a great week!
Angela
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