Page 30 - AreaNewsletters "Dec'19" issue

Pro Accounting
& Tax Services, LLC
Janell D. Ball, Accountant Castle Rock, CO 80108
(303) 324-8617 Work
(303) 223-3303 Fax jdball65@gmail.com proaccountingtaxservices.com
For Rent By Owner FRBO Investment Home Property Management Dave Watts
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December 2019 • Castle Rock “AreaNewsletters”
F I NA NCE & B US I NE S S
Tax Tips By Janell Ball, RTRP, Pro Accounting & Tax Services, llc
Teachers deductions for out-of-pocket expenses:
Many teachers are dipping into their own pockets to
buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray quali ed expenses they paid in 2019 when they le their tax return in 2020.
Educators who work in schools may qualify to deduct up to $250 of unreimbursed expenses. at amount goes up to $500 if two quali ed educators are married and le a joint return. However, neither spouse can deduct more than $250 of his or her quali ed expenses when they le. Taxpayers qualify for this deduction if they:
• Teach any grade from kindergarten through twelfth
grade.
• Are a teacher, instructor, counselor, principal or aide.
• Work at least 900 hours during the school year.
• Workinaschoolthatprovideselementaryorsecondary
education.
Quali ed expenses include:
• Professional development courses.
• Books.
• Supplies.
• Computer equipment including related software and
services.
• Supplementary materials.
• Athleticsuppliesonlyforhealthandphysicaleducation.
Eligible taxpayers can claim this deduction when they le their taxes. It is still not too late to check your federal withholdings:
Here is the link to check to make sure you are
withholding enough. Follow the instructions and gather
the recommended documents for an accurate withholding
amount.
https://apps.irs.gov/app/tax-withholding-estimator
If you need help with tax planning now is the time to get on that 30 task, give me a call at 303-324-8617 to discuss your tax needs.
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