EDUCATION

Tax Preparation for Teachers and Educational Institutions

Selecting the right tax preparer is important for maximizing your tax refund. As a former 5th grade teacher at an elementary school in Glendale, Robert Hall’s first-hand experience sets himself apart from other tax professionals and CPAs. This distinction has allowed Robert Hall & Associates to acquire a significant Los Angeles Unified School District client base over the years. Our tax specialists know all of the common tax deductions educational professionals are entitled to, plus some of the tax nuances that are often overlooked. Backed by years of tax knowledge specific to education, our tax consultants will work to capitalize on maximized deductions and lower individual tax liability.

Some of the most effective ways for teachers to lower their tax burden include:

1. Educator Expenses Deduction: For educators who are not reimbursed on their purchases for the classroom, $250 may be deducted from your income. This deduction is limited to classroom supplies. Documentation is required to prove you made the purchases (e.g. receipts).
2. Unreimbursed Employee Deductions: Under the 2018 Tax Reform, W2 wage earners are no longer able to itemize their non-reimbursed business expenses on their federal tax return. Contact your tax advisor to see how this affects your tax return.
3. Student Loan Interest: The interest you pay on your student loans can be deducted, regardless of whether you itemize. This has a huge impact on taxable income.
4. Education Credits and Deductions: To offset expenses needed to continue your education, you can use the Education Tax Credit, American Opportunity Credit or Lifetime Learning Credit. Only one of these credits can be used at a time and are subject to income requirements. We can help you do the math to determine which one you’re eligible for and is most valuable for you.