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...

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 f...

The 2022 tax season deadline is fast approaching, and it is important to start preparing now to ensure a smooth and stress-free filing process. With the pandemic approaching rearview mirror status, there may be changes to the tax laws and filing procedures that you should be aware of. In this blog post, we will provide an overview of what to expect during the 2022 tax season, including important deadlines, changes to the tax laws, and tips for getting your taxes done efficiently. One of the most important things to keep in mind is the deadline to file your taxes. The deadline for submitting your tax return is April 18th, 2023.  If you need more time, an extension date may not be coming, or it's TBD.  However, it is important to note that any taxes owed must still be paid by April 18th, 2023, to avoid penalties and interest. Another important thing to keep in mind is  The Child Tax Credit , which was temporarily increased to $3,000 per child under the age of 17 during the...