BYB Tax Blog

As a teacher, you may be wondering what tax benefits you are eligible for. In this blog post, we will discuss the tax deductions and credits available to teachers. How much can teachers write off in taxes for the 2022 Tax Year? Teachers are allowed to deduct unreimbursed expenses related to their job as an educator. The maximum amount that teachers can deduct is $300. Married to another teacher? If you are filing jointly, you can both claim the $300 deduction for a max of $600. You can't split the $600 any way you want (Spouse A spent $100 and Spouse B spent $500) - each spouse can only use $300. This also means that if you spend more than $300 on eligible expenses, you can only deduct up to $300 on your tax return. How do I qualify for the Educator Expense Deduction ? If you worked as a classroom teacher, out-of-classroom instructor, guidance counselor, school principal, assistant principal, or other school support staff for students in kindergarten through 12th grade, you ca

Despite its focus on tax collection, the Internal Revenue Service has recently been criticized for unfairly targeting low-income taxpayers. Low-income taxpayers are often the target of the IRS because they are seen as easier to collect from and less likely to have the resources to contest the IRS's actions. In many cases, the IRS will seize assets or garnish wages to collect back taxes, which can have devastating effects on those who are already struggling to make ends meet. One of the most common ways that the IRS lines up low-income taxpayers is through the use of wage garnishments . This is when the IRS takes a portion of an individual's paycheck before they receive it, in order to pay off their tax debt. This can leave individuals with little to no money to cover their basic living expenses, such as rent, food, and utilities. Another way that the IRS pursues low-income taxpayers is through the seizure of assets. This can include bank accounts, homes, and even personal prop

Filing taxes is a crucial responsibility for individuals and businesses alike. The Internal Revenue Service (IRS) sets guidelines to determine who is required to file taxes each year.  Whether you are a salaried employee, self-employed, or receive other forms of income, it is important to understand if you need to file taxes and to do so in a timely manner. In this article, we will provide an overview of the criteria set by the US government to help you determine if you need to file your taxes. Do I need to file? You need to file taxes if you meet certain criteria set by the government, such as: You earned a certain amount of income You received specific types of income (such as self-employment income, rental income, etc.) You are a U.S. citizen or resident alien You lived in the U.S. for a certain period of time during the year What if I didn't work for a company last year? Here are some common examples of taxable income: Commissions Self-employment income Dividends and interest

Tax filing can be frustrating because it involves understanding and complying with a complex set of rules, regulations, and laws the government sets.  The tax code is constantly changing, which can make it difficult to keep up with the latest rules and requirements. Additionally, each individual's financial situation is unique, making it challenging to determine which deductions and credits apply to them.  To make matters worse, mistakes made on tax returns can lead to fines or other penalties, adding to the stress and confusion. Tax season can be confusing, but it doesn't have to be scary. Here are 10 common tax questions and their answers to help you navigate the process. 1. What is my filing status? Your filing status depends on your personal and marital situation. The five options are Single, Married Filing Jointly or Surviving Spouse, Married Filing Separately, Head of Household, and Qualifying Widow(er) with Dependent Child. (Source: Investopedia )   The choice of filing