dezii
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Post by dezii on Nov 9, 2017 11:16:37 GMT -5
$250.00 teacher supply deduction...Very good explanation...also from a national teacher rating organization..it seems teachers average spend $500.00 on these supplies for their classes. Also how they scround things that u and I would never think of to make the education experience for the children better. A good read. -------------------------------------------- www.courant.com/opinion/op-ed/hc-op-teachers-connecticut-lose-tax-deduction-20171109-story.html------------------------------------ "It's an annual ritual. Come spring, teachers pull crinkled receipts out of a file folder labeled "taxes" and claim a meager $250 tax deduction for supplies they purchase for their students.
Teachers, charged with developing our nation's future leaders, spend almost $500 of their own money each year on supplies for their students' learning, according to a study by the National School Supply and Equipment Association.
Now, Republican leaders in the House of Representatives have proposed a tax plan that would eliminate the specific tax deduction teachers can claim for buying school supplies, in the name of lowering taxes for corporations and the super-rich."=========================================================== One of the elimination of deduction I was surprised to see was the elimination of the $250.00 yearly deduction that teachers had for purchase of school supplies for their students. I was not a teacher when I worked but knew many as friends...actually just remember, my ex too back in the day...so long ago forgot ...and especially those who taught the younger years spent that plus more on supplies that in my day were normal supplies given to the teachers..but in modern times, townes across the nation have had to eliminate. Actually if they had increased it to say $500.00 it would be the right thing to do...IMHO. --------------------------------------------------- " As Republicans march forward on a massive overhaul of the nation’s tax system, classroom teachers could end up feeling the pinch.
The “educator expense deduction” is among the items that House GOP leaders have proposed to eliminate in order to simplify the tax system.
The write-off allows teachers and administrators to deduct $250 for out-of-pocket expenses used in their classrooms and schools: items such as books, school supplies, decorations and computer software". " ======================================== "“Teachers reach deep in their pockets every year for classroom supplies and this went a long way to offset their costs. It’s unfortunate but now teachers will be left on their own.”
Thanks to shrinking budgets, teachers and administrators are increasingly being relied on to provide materials for their students."---------------------------------------------- www.dallasnews.com/news/education/2017/11/06/tax-bill-eliminates-deduction-teachers-buy-supplies-students
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busymom
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Post by busymom on Nov 9, 2017 12:15:50 GMT -5
The really stupid part is, businesses can continue to deduct office supplies as a business expense. So, why is the GOP trying to punish teachers?
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Value Buy
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Post by Value Buy on Nov 9, 2017 13:51:09 GMT -5
Teachers are suppose to teach the students, not supply the kids with supplies. Blame the school corporations for not supplying the proper tools the kids need.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Nov 9, 2017 14:54:42 GMT -5
Should corporations then be able to deduct office supplies? If the teacher's job is to teach it's the corporation's job to provide me with what I need to do my job. If that means I need a pen then I need a pen. Why should they get to write it off? (pun intended). A corporation is going to be deducting a hell of a lot more than $250 in office supplies. Taking away a teacher's deduction while keeping it in place for corporations doesn't seem to do much when it comes to "simplifying" from my perspective.
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Tiny
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Post by Tiny on Nov 9, 2017 16:00:10 GMT -5
I'm not sure how useful the $250 deduction is.... IF they have enough deductions to itemize the $250 gets them - about $25 in refund money? I know every penny counts...
And $250 isn't that much in the way of supplies or stuff for the classroom. That's about $8.50 per year per kid (assuming they've got 30 kids).
I thought they would have raised the deduction amount for Teachers.
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pooks
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Post by pooks on Nov 9, 2017 16:30:50 GMT -5
The deduction that boggles my mind is the elimination of the medical expense deduction. I saw some congressman on TV state, that people would rather pay lower taxes throughout their life than have this possible deduction a few times. I have never used that deduction, but would rather have it when I needed it, then get a small reduction yearly. This whole bill confuses me. I read this article this morning and it pretty much sums up where I stand on the House Bill. nymag.com/daily/intelligencer/2017/11/the-gops-fixation-on-giant-corporate-tax-cuts-is-insane.html
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busymom
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Post by busymom on Nov 9, 2017 16:37:56 GMT -5
Yes, it's simply unbelievable that they're going after the medical expense deduction. There's nothing like kicking people when they're down...
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Nov 9, 2017 16:52:19 GMT -5
The deduction that boggles my mind is the elimination of the medical expense deduction. I saw some congressman on TV state, that people would rather pay lower taxes throughout their life than have this possible deduction a few times. I have never used that deduction, but would rather have it when I needed it, then get a small reduction yearly. This whole bill confuses me. I read this article this morning and it pretty much sums up where I stand on the House Bill. nymag.com/daily/intelligencer/2017/11/the-gops-fixation-on-giant-corporate-tax-cuts-is-insane.htmlIt confuses me too because supposedly getting rid of all these deductions for the middle class are supposed to simplify things but then corporations get to keep them with no restrictions. Companies deduct thousands more than your average person. I know that all this is supposed to "trickle down" to benefit me but nobody has clearly explained to me HOW that's going to work.
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movingforward
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Post by movingforward on Nov 9, 2017 17:19:08 GMT -5
The deduction that boggles my mind is the elimination of the medical expense deduction. I saw some congressman on TV state, that people would rather pay lower taxes throughout their life than have this possible deduction a few times. I have never used that deduction, but would rather have it when I needed it, then get a small reduction yearly. This whole bill confuses me. I read this article this morning and it pretty much sums up where I stand on the House Bill. nymag.com/daily/intelligencer/2017/11/the-gops-fixation-on-giant-corporate-tax-cuts-is-insane.htmlI believe the new proposal is to keep this along with the mortgage interest deduction.
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tallguy
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Post by tallguy on Nov 9, 2017 17:22:03 GMT -5
The deduction that boggles my mind is the elimination of the medical expense deduction. I saw some congressman on TV state, that people would rather pay lower taxes throughout their life than have this possible deduction a few times. I have never used that deduction, but would rather have it when I needed it, then get a small reduction yearly. This whole bill confuses me. I read this article this morning and it pretty much sums up where I stand on the House Bill. nymag.com/daily/intelligencer/2017/11/the-gops-fixation-on-giant-corporate-tax-cuts-is-insane.htmlIt confuses me too because supposedly getting rid of all these deductions for the middle class are supposed to simplify things but then corporations get to keep them with no restrictions. Companies deduct thousands more than your average person. I know that all this is supposed to "trickle down" to benefit me but nobody has clearly explained to me HOW that's going to work.They can't, because it doesn't. Never has, never will. A long time ago it used to be called "Horse and Sparrow theory." The theory went that, "If you feed the horse enough oats, some will pass through to the road for the sparrows." One guess how it gets passed through. Roughly the same now.
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pooks
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Post by pooks on Nov 9, 2017 17:35:19 GMT -5
The deduction that boggles my mind is the elimination of the medical expense deduction. I saw some congressman on TV state, that people would rather pay lower taxes throughout their life than have this possible deduction a few times. I have never used that deduction, but would rather have it when I needed it, then get a small reduction yearly. This whole bill confuses me. I read this article this morning and it pretty much sums up where I stand on the House Bill. nymag.com/daily/intelligencer/2017/11/the-gops-fixation-on-giant-corporate-tax-cuts-is-insane.htmlI believe the new proposal is to keep this along with the mortgage interest deduction. I know the senate bill does, but I haven't really seen too much about the specifics of the that Bill yet, like exactly where the 7 marginal rate income brackets are going to be. The Senate bill also keeps the teacher expense deduction, student loan interest deduction, and the adoption credit.
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resolution
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Post by resolution on Nov 9, 2017 18:18:55 GMT -5
It is bad timing for me that they are eliminating the lifetime learning credit and are making employer tuition reimbursement taxable income, right when I am in the middle of graduate school. It will be an extra tax hit of about $1500 for me in 2018, although I should break even or have a slight reduction every year once I finish school.
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Deleted
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Post by Deleted on Nov 9, 2017 18:35:51 GMT -5
I'm not sure how useful the $250 deduction is.... IF they have enough deductions to itemize the $250 gets them - about $25 in refund money? I know every penny counts... And $250 isn't that much in the way of supplies or stuff for the classroom. That's about $8.50 per year per kid (assuming they've got 30 kids). I thought they would have raised the deduction amount for Teachers. I’m pretty sure it was a front page deduction.
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dezii
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Post by dezii on Nov 9, 2017 18:43:56 GMT -5
Teachers are suppose to teach the students, not supply the kids with supplies. Blame the school corporations for not supplying the proper tools the kids need. We all know that value...however...it seems that with all the cut backs that municipalities are going through because of less revenue...increased costs...that basic supplies that I remember...being a senior..have also been cut... I remember reams of colored construction paper..even vaguly the principal bringing in some to my grade school teacher as it arrived...the scissors...the large jars of white paste..[ think we eat a bit..hey, kids] the round harmonica to get a key for our singing..[thinking supplied by schools..possible teacher purchased]..[do they still sing in school...have music teachers who go around periodically to the classes,,lower grades..] Many families ...probably not yours, just don't have the $ to buy these supplies.....why so many kids qualify for those school breakfast...even lunch..[kids learn better with food in their tummy instead of just air] so teachers purchase out of their own pockets and we know that their salaries are not great...much better now but still just adequate..
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dezii
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Post by dezii on Nov 9, 2017 18:45:33 GMT -5
I'm not sure how useful the $250 deduction is.... IF they have enough deductions to itemize the $250 gets them - about $25 in refund money? I know every penny counts... And $250 isn't that much in the way of supplies or stuff for the classroom. That's about $8.50 per year per kid (assuming they've got 30 kids). I thought they would have raised the deduction amount for Teachers. As I did too...thinking too $500.00 By having the allowance at @$250.00 , it doesn't mean that these teachers stop there...who knows what many spend...the allowance was just a help but now it's no longer...Blame all this on the damn spend thrift liberals..meaning damn Dems...really meaning it's all Hillerys doing " Lock her up. lock her up"..[ thanks Donald]
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Opti
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Post by Opti on Nov 9, 2017 19:56:39 GMT -5
The really stupid part is, businesses can continue to deduct office supplies as a business expense. So, why is the GOP trying to punish teachers? Because really the school system should be buying those supplies, not the teachers. The teachers often buy supplies because of budget/resource/politics issues.
But yes it will punish teachers by a $250 deduction in the short term.
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Miss Tequila
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Post by Miss Tequila on Nov 9, 2017 20:59:49 GMT -5
Should corporations then be able to deduct office supplies? If the teacher's job is to teach it's the corporation's job to provide me with what I need to do my job. If that means I need a pen then I need a pen. Why should they get to write it off? (pun intended). A corporation is going to be deducting a hell of a lot more than $250 in office supplies. Taking away a teacher's deduction while keeping it in place for corporations doesn't seem to do much when it comes to "simplifying" from my perspective. My corporation gets to deduct office supplies but I don't get to deduct items I've purchased for work. Not as big of a deal now as my company pretty much supplies everything. But hwen I started in public accounting we had to buy our own supplies for the field. I didn't get to deduct those items (not enough to meet the itemized deduction threshold)
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busymom
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Post by busymom on Nov 9, 2017 21:12:06 GMT -5
One of my friends worked for many years as a teacher. The school supplies provided by her school only lasted her partway through each school year. She taught elementary kids, so you know how much paper they go through...she'd been spending her own money for a lot of years to keep her class in materials. Our nearest big city already has too many people exiting education as a career. It's not wise to give teachers another reason to look for other work.
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whoisjohngalt
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Post by whoisjohngalt on Nov 9, 2017 21:40:15 GMT -5
Very few people are able to use medical deduction. You either have to have huge medical expenses or very very low income. And even then, it's not a credit, so it's not dollar for dollar decrease. Increasing standard deduction will not only take care of the short fall but will much more beneficial.
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alabamagal
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Post by alabamagal on Nov 9, 2017 21:49:44 GMT -5
It was a front page deduction. But like everything else the tax code just gets more complicated with deductions here and there for all these "special interests". I mean every loves teachers so let's give them a special credit. If you are in the 25% bracket that means $63 in your pocket- if you remember to keep your receipt and fill out the form correctly. And it becomes so complicated that many think they need to go to a tax preparer so they spend their money making sure they get all the deductions.
Someone mentions medical expense deduction. Again seems like a good idea, but it only helps for the amount that is over 7% of you income, then gets thrown in with the mortgage interest and real estate tax and state tax deduction. So it doesn't really apply just if you have high medical expenses unless they are greater than standard deduction.
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whoisjohngalt
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Post by whoisjohngalt on Nov 10, 2017 9:19:19 GMT -5
It was a front page deduction. But like everything else the tax code just gets more complicated with deductions here and there for all these "special interests". I mean every loves teachers so let's give them a special credit. If you are in the 25% bracket that means $63 in your pocket- if you remember to keep your receipt and fill out the form correctly. And it becomes so complicated that many think they need to go to a tax preparer so they spend their money making sure they get all the deductions. Someone mentions medical expense deduction. Again seems like a good idea, but it only helps for the amount that is over 7% of you income, then gets thrown in with the mortgage interest and real estate tax and state tax deduction. So it doesn't really apply just if you have high medical expenses unless they are greater than standard deduction. Actually, it was changed to 10%
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Nov 10, 2017 9:34:16 GMT -5
But like everything else the tax code just gets more complicated with deductions here and there for all these "special interests".
That was kinda my point. Doesn't having one set of rules for peons and a completely different set of corporations just make things MORE complicated? Doesn't saying you can have the mortgage interest deduction but only if you bought at X time and your house is only worth $X making it MORE complicated then just letting everyone take the deduction? I'm not seeing how anything in this tax bill is "simple". It seems even more convoluted to me as they bend over backwards to please their corporate masters while at the same time trying to claim that this is beneficial for the rest of us.
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grits
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Post by grits on Nov 10, 2017 10:48:53 GMT -5
It isn't law yet. Why not contact your congressman, and your senators to express your opposition to it? You never know, it might help.
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swamp
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Post by swamp on Nov 10, 2017 10:51:37 GMT -5
The deduction that boggles my mind is the elimination of the medical expense deduction. I saw some congressman on TV state, that people would rather pay lower taxes throughout their life than have this possible deduction a few times. I have never used that deduction, but would rather have it when I needed it, then get a small reduction yearly. This whole bill confuses me. I read this article this morning and it pretty much sums up where I stand on the House Bill. nymag.com/daily/intelligencer/2017/11/the-gops-fixation-on-giant-corporate-tax-cuts-is-insane.htmlIt confuses me too because supposedly getting rid of all these deductions for the middle class are supposed to simplify things but then corporations get to keep them with no restrictions. Companies deduct thousands more than your average person. I know that all this is supposed to "trickle down" to benefit me but nobody has clearly explained to me HOW that's going to work. with all the money they save, corporations are going to buy magical job unicorns and give them out. or send all their customers $5 a piece in a thank you card.
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grits
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Post by grits on Nov 10, 2017 10:58:50 GMT -5
Obama himself said we needed to lower corporate taxes to stimulate business. Personally, I think the country is cooked but they can try whatever they want too.
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djAdvocate
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Post by djAdvocate on Nov 10, 2017 11:11:09 GMT -5
The really stupid part is, businesses can continue to deduct office supplies as a business expense. So, why is the GOP trying to punish teachers? because they are trying to destroy the DOE. you should know that from Paul's many posts on this subject.
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tallguy
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Post by tallguy on Nov 10, 2017 11:17:26 GMT -5
The really stupid part is, businesses can continue to deduct office supplies as a business expense. So, why is the GOP trying to punish teachers? because they are trying to destroy the DOE. you should know that from Paul's many posts on this subject. Who reads those?
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dezii
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Post by dezii on Nov 10, 2017 12:40:04 GMT -5
because they are trying to destroy the DOE. you should know that from Paul's many posts on this subject. Who reads those? Sorry....can't control myself....me bad.......
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bean29
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Post by bean29 on Nov 10, 2017 18:08:49 GMT -5
Obama himself said we needed to lower corporate taxes to stimulate business. Personally, I think the country is cooked but they can try whatever they want too. What does the estate tax have to do with corporate taxes, unless the heirs are inheriting the business itself.
Lower the corp tax rate then, but leave the estate tax in place. only estates in excess of 5,000,000 pay the tax anyways.
This is a give away to the Ultra Wealthy, at the expense of the common man.
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Miss Tequila
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Post by Miss Tequila on Nov 11, 2017 10:41:35 GMT -5
Should corporations then be able to deduct office supplies? If the teacher's job is to teach it's the corporation's job to provide me with what I need to do my job. If that means I need a pen then I need a pen. Why should they get to write it off? (pun intended). A corporation is going to be deducting a hell of a lot more than $250 in office supplies. Taking away a teacher's deduction while keeping it in place for corporations doesn't seem to do much when it comes to "simplifying" from my perspective. What about all of the other employees who need to purchase their own supplies but are not teachers? Why do teachers get a special deduction? I used to have to purchase my own supplies (not all supplies but there were certain things that were not supplied that I had to purchase) and I didn't qualify for the $250 deduction. I know lots of other "professionals" who have to purchase supplies but do not qualify for a special deduction.
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