A long-standing benefit for some educators gets an update. Eligible K-12 teachers and instructors are entitled to up to $250 annually in an “above-the-line deduction” for certain school-related expenses paid out of their own pockets. Thanks to the new Consolidated Appropriations Act, the list of qualified deductible items has expanded. Now included are personal protective equipment, disinfectant and other supplies used to prevent the spread of COVID-19. Official guidance will be coming from the IRS no later than February 28, 2021, and will apply to such expenses paid or incurred after March 12, 2020. Call or visit our website for more information! www.mjscpa.com/
