Increased Tax Deduction for Teachers and Early Childhood Educators
New rules increase the amount teachers can deduct from their taxes for work-related expenses, from $250 to $2,000. Additionally, this deduction will be extended to early childhood educators, meaning more individuals working with children will be able to benefit from this financial support. These changes will apply to expenses incurred after December 31, 2022.
Key points
The maximum tax deduction for educators increases from $250 to $2,000 annually.
The tax deduction will now include early childhood educators, which was not previously allowed.
These changes will take effect for expenses incurred in taxable years beginning after December 31, 2022.
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