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Archive for October, 2019

Tax Deduction for Teachers

Tuesday, October 29th, 2019

Eligible educators may be able to deduct a portion of their out of pocket expenses on their tax returns. Teachers who work in schools may deduct up to $250 of unreimbursed expenses. If your spouse is also an eligible teacher, then you both can deduct up to $250 each. The educators that qualify for this deduction are:

• Teach any grade from kindergarten through 12th grade.
• Are a teacher, instructor, counselor, principle or aide.
• Work at least 900 hours during the school year.
• Work in a school that provides elementary or secondary education.

Expenses you can deduct range from training courses, books, supplies, computers, and athletic supplies for health and physical education.

Please consult your tax advisor on the above issue.

New Social Security Number Scam

Thursday, October 24th, 2019

The scammers are at it again, it appears they never take a break! The scammers are now threatening to suspend or cancel your social security number if you do not pay them the fake overdue taxes they claim you owe. They will often leave you a robocall voicemail and hope they scare you enough to where you call them back.

If you receive a call like this the first thing you do is hang up and also make sure never to give out any sensitive personal information to an unsolicited caller. As a rule of thumb, the IRS will never:

• Call to demand a specific payment using methods such as prepaid debit cards, gift cards, or wire transfers.
• Threaten to have you arrested immediately.
• Demand taxes be paid without giving the taxpayer an opportunity to question or appeal the amount owed.

Please consult your tax advisor on the above information.