Back-to-School

August 29, 2016

Back-to-School

In case you missed it, back-to-school season is here. Everyone is busy getting ready to go back-to-school. Back-to-school specials by stores are everywhere. Mom and Dad are buying school supplies such as pens, paper, computer and smart phones for their students.

Families are not the only ones shopping for needed supplies this time of year. Teachers have to adapt to shrinking school budgets, and they often contribute their own funds to the cause depleting the amount of money they receive (small as it is). The IRS wants to do its share, too. The Education Expense Deduction allows teachers who work full-time at any accredited school to deduct up to $250 paid to purchase books, school supplies, computer equipment, software and even sports gear on behalf of their students.

So today’s lesson is – when it comes to taxes, school is never over. The more you know and the more you plan, the less you’ll waste on taxes you don’t have to pay. So email us at info@coloradotaxcoach.com and let us help you with a little tutoring.