new teacher articles

Tax-time tips with union help

Mar 17, 2008 3:24 PM

Getting ready to prepare your tax return? Keep these pointers in mind:

• Teachers are able to claim a tax deduction of up to $250 on their federal tax returns for unreimbursed out-of-pocket expenses incurred during 2007 for books, supplies, computer equipment (including related software and services), other equipment and supplementary materials that they use in the classroom. The deduction applies to K-12 teachers and other educators who have worked in a school for at least 900 hours that year. The deduction does not need to be itemized and can be made on the 1040 E-Z form. If you qualify, put your deduction on line 23 of Form 1040. Consult your tax adviser for individual questions about your eligibility.

• You may be able to deduct your union dues, subject to certain limitations. For specific information, consult your tax professional. To calculate your annual dues, multiply the semi-monthly amount shown as a deduction on your pay stub by the actual number of paychecks you received at that rate. If you worked the entire year, note any dues change that began last fall when salary increases kicked in.
• The AFT’s low-cost “2008 Educators’ Tax Guide” is now available! This national top-selling tax guide is the most current, accurate and easy-to-read tax preparation and planning guide available for educators. All recent changes in the tax laws have been integrated into this edition. To order your tax guide, call 1-314-692-9861 or go to www.ntsaa.org.
• The AFT’s Union Plus Online Tax Preparation Services offers members a low-cost way to file federal and state tax returns — as low as $14.95 each for a total cost of $29.90. Your federal tax return is free if your adjusted gross income is $52,000 or less so you can file both your federal and state income tax returns online for just $14.95. What’s more, you are not charged until you either file your income tax return online or print your tax return. Go to www.unionplus.org/taxes for details.