At Holt Accounting & Tax Professionals, we appreciate Teachers and School Administrators for their dedication to the educational profession, in their service to our community, and in making a difference in the lives of our children. We value your commitment and recognize the many challenges you face.
- The educator expense above the line tax deduction expires the end of 2011. In 2012, save your receipts for education expenses you pay personally. You may be eligible to deduct these expenses if you itemize.
- Save for your retirement with the Teacher’s 403(b) retirement plan contributions. Contributions reduce your federal and state taxable income so you pay less tax now.
- Donations to the school can be a charitable donation when you itemize your deductions.
- Track mileage for job related travel to deduct the business mileage on your itemized deductions.
- Professional fees and dues can be deducted when you itemize.
- If you have continuing education expenses, you may be eligible under the lifetimelearning credit to deduct up to $2,000.
- Tax planning during the year will help ensure you take all allowable tax deductions, minimize your taxes and maximize the cash in YOUR pocket. Tax planning provides savings opportunity options that are otherwise missed. Don’t miss out! Start your tax planning today!