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Video: Tax Tips for Teachers

Updated for Tax Year 2016


OVERVIEW

Teachers can claim certain deductions on their income taxes that aren't available to people in other professions. Find out about some of these tax tips with help from TurboTax.


Hello, I'm Sara from TurboTax with important news about special tax deductions for teachers. Did you use personal funds this year to buy supplies or books for your students? If so, you can deduct $250 of those costs from your taxes and you don't even need to itemize your deductions to do so. If you spent more than that, you can deduct those costs as well, but you can only include them in your itemized deductions.

There is even a deduction for college professors who incur research expenses. You can deduct these costs if the research topics relate to a subject you teach. You may not even realize it, but these types of costs can really add up if you have to travel long distances to conferences, subscribe to some premium research websites and pay printing and postage to send your articles and books to perspective publishers.

But before you can start figuring out your expenses this year, make sure you're eligible to itemize your deductions. Otherwise you cannot take the deduction.

You should also be aware that the Lifetime Learning Credit is available if you ever go back to school to pursue another degree or just improve your teaching skills.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.


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