Educators, Time is Ticking: Claim Up to $300 for Supplies Before October 15, 2024

Get Tax Relief for Out-of-Pocket Expenses

Teachers are pros at multitasking—lesson planning, classroom decorating, and, of course, stocking up on supplies out of their own wallets. The IRS is reminding educators that they can continue to deduct up to $300 of those classroom expenses in 2024, offering some well-deserved financial relief for those going the extra mile.

This deduction has stayed steady since it got bumped up from $250 back in 2022 to account for inflation. While it may not stretch far enough to cover the latest tech or every last request for more supplies, it can certainly take the edge off those endless expenses for classroom materials.

Who Gets This Perk?

If you’re a teacher, instructor, counselor, principal, or classroom aide clocking in at least 900 hours during the school year, congratulations—you qualify! Whether you’re shaping young minds in public or private schools, you’re eligible. And here’s a little extra good news: if you’re married and both you and your spouse are educators, you can deduct up to $600—just keep it to $300 per person.

One key thing to remember: you don’t need to itemize deductions to claim this. You can take the standard deduction and still knock $300 off your taxable income. It’s the gift that keeps on giving.

What Can You Deduct?

Think of this as a reward for all those last-minute shopping trips to stock up on classroom goodies. The IRS allows deductions on things like:

• Books, supplies, and equipment (yes, this includes computers and software)
• COVID-19 safety items like masks and disinfectants (because even your sanitizer game is strong)
• Air purifiers to keep that classroom air as clean as possible
• Professional development courses that enhance your teaching skills
  

One thing you can’t deduct? Homeschooling expenses or supplies for health and physical education classes that aren’t related to athletics. So those dodgeball jerseys? Sadly, not covered.

Keep Your Receipts

While it would be ideal to rely on a simple “Trust me, I made the purchase,” the IRS requires more concrete documentation.

Be sure to retain receipts, canceled checks, or credit card statements to substantiate your expenses. Although it may seem tedious, maintaining these records is essential for ensuring your deductions are properly supported.

Streamline the Process: Don’t Miss the Deadline

If you haven’t filed your 2023 taxes and received an extension, the good news is that you still have time. The deadline is October 15, 2024, and the rules remain unchanged. This gives you the opportunity to ensure everything is filed accurately and on time.

While that $300 deduction won’t cover the cost of every new gadget or pack of crayons, it can help lighten the financial load. Keep those receipts, file your return, and let the IRS give a little something back for all the hard work that goes into educating tomorrow’s leaders.