2022 Tax update for Teachers

If you are a teacher, the IRS allows you to deduct a flat amount to cover your out of pocket expenses for school supplies during the year. This amount has been stagnant at $250 for decades.

For 2022, the amount increased to a maximum of $300 and will increase in $50 increments in future years based on inflation.

Check out the attached article reposted from CPA Practice Advisor for more details.

Many Happy Returns!