904-356-0349 info@nedjacksontax.com

Welcome back to Ned’s blog spot, where you can find all the answers to your tax questions. Teachers, this one is for you! First and foremost, we want to give a HUGE shoutout from your crew at Ned Jackson to all our educators out there, thank you for all your do to keep our kids sharp and safe!

With the new school year in full swing, we wanted to take a moment to remind you about your annual maximum deductions. You will be able to deduct $300 of out-of-pocket classroom expenses on your 2023 income taxes. If you are married filing jointly, and your spouse is also an educator this limit increases to $600. However, in this situation, no more than $300 for each spouse. Of course, with any deduction, we want to gently remind you to please keep good records of receipts, check stubs, cancelled checks, etc…

Who Qualifies?
Any educator K-12; teacher, instructor, counselor, principal, or aide. You must have worked at least 900 hours during the school year. Public and private school educators are included in this deduction.

What Can I Deduct?

Per the IRS, educators can deduct the cost of:

– Books, supplies, and other materials used in the classroom
– Equipment, including computer equipment, software and services
– COVID protective items to stop the spread of disease; face masks, sanitizer, gloves, soap, tape, physical barriers, air purifiers and items recommended by the CDC.
– Professional development courses related to the curriculum they teach or the students they teach. However, the IRS does warn it may be more beneficial to claim that as a lifetime learning credit (be sure to ask your tax expert which way would be more beneficial for your individual circumstance)

*Qualified expenses DO NOT include the cost of homeschooling or nonathletic supplies for courses.

You can read more about this at the link below:

https://www.irs.gov/newsroom/new-school-year-reminder-to-educators-maximum-educator-expense-deduction-is-300-in-2023

We hope you find this information helpful as you begin to prepare for the upcoming tax season. And as always, the information for our main office downtown will be listed as well. Don’t forget to check back for more!

Ned Jackson Downtown Office
Address
255 N Liberty Street
Jacksonville, FL 32202

Phone
(904) 356-0349

Email
info@nedjacksontax.com

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