Vol. I, No. 3, June 2002
ECONOMIC-STIMULUS PACKAGE INCLUDES TAX BREAK FOR TEACHERS
The Federal Economic-Stimulus tax package passed into law March 9th creates a special "above-the-line" deduction for teachers of as much as $250 a year for unreimbursed expenses for classroom materials. Items included are books, supplies, software, etc. Since it is an above-the-line deduction, teachers will qualify even if they take the standard deduction instead of itemizing. To qualify, you must be a "kindergarten thru grade 12 teacher, instructor, counselor, principal or aide in a school for at least 900 hours during a school year. See your tax advisor for additional information and start saving those receipts.