education tax tip: Severn, MD: Educator Expense Deduction - 09/22/19 09:21 AM
During this hectic back-to-school period when classroom expenses are most likely to occur, it is important to remember to save your receipts if you are educator.
 
If you are a teacher, principal, counselor, or classroom aide who works at least 900 hours a year in a state-accredited school (grades K-12), you may qualify for the Educator Expense Deduction. This IRS rule allows you to deduct up to $250 on your tax forms ($500 for joint filers who are both educators) for classroom supplies that you purchase at your own expense.
 
Allowed expenses include traditional school supplies like rulers and markers, along with specialty items … (0 comments)

education tax tip: Severn, MD: Education Tax Tip - 06/02/19 10:43 PM
A big tax benefit of the 2017 Tax Cuts and Jobs Act (TCJA) was to expanded eligibility for 529 savings plans. The 529 education savings plan was previously limited to only post-secondary education (i.e., college). However, the TCJA expanded it so that it can now be used for Kindergarten through Grade 12 education (public, private, or religious schools).
 
529 tax free investment growth: If you put money in a 529 account for education, the withdrawal of earnings are federal tax-free if used for qualified educational expenses. Qualified educational expenses include tuition, fees, housing, meals and books. Many states offer a full or … (1 comments)