Educator Expense Deduction Extended

December 13, 2006

If you are a teacher, you probably know about the $250 deduction that is allowed on your income tax return.  While this is a very small tax break, every little bit helps. 

So, I was glad to see that Congress extended this deduction for two more years, until the end of 2007. 

If you’re not familiar with this tax deduction, here’s a brief summary:

Teachers can deduct up to $250 that they spend out of pocket to buy classroom supplies.  The deduction is an above the line deduction, which means you don’t have to itemize to take the deduction. 

The deduction is available to teachers, instructors, counselors, aides and other educators who work with classes from kindergarten through grade 12.

Costs that are deductible include books, supplies, computer equipment, software and other materials used in the classroom. 

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Kristine McKinley, CFP®, CPA, is the founding principal of Beacon Financial Advisors, LLC, an independent, fee-only financial planning firm located in Lee’s Summit, Missouri and serving the greater Kansas City area.

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Kiplinger Magazine/NAPFA – Kristine McKinley answered reader’s tax questions during the 2013 Jump Start Your Retirement Plan Days sponsored by Kiplinger magazine and the NAPFA Consumer Education Foundation.