Now’s the time of year when kids across America start heading back to school. New kindergartners eagerly don their snazziest big-kid outfits to pose for smiles and pictures. (The tears come after they get dropped off. We’re talking the mom and dad, of course.) New high-schoolers hit the snooze button and look forward to sleeping through morning classes. (Why yank teens out of bed so early when their younger siblings are up before sunrise without alarms?) And new college students can’t wait for the independence of campus life, because beer. (Their empty-nester parents wonder if it’s finally time to treat themselves to that divorce they’ve always wanted, then look at the tuition bills and sigh in disappointment.)

You know who else is busy this time of year? That’s right, the tax man! Here are some random musings on some of the things that happen when back-to-school time meets tax time:

  • Many states offer sales tax holidays for back-to-school shopping. Ohio is typical: from Friday, August 5 through Sunday, August 7 (2016 only), there was no tax on clothing priced at $75 or less, school supplies priced at $20 or less, and school instructional materials priced at $20 or less. Of course, those back-to-school sales tax holidays are just like your old homework assignments — you can’t get credit if you miss the deadline!
  • Teachers are naturally on the front lines of shrinking school budgets, and they often chip in with their own money to fill the gaps. (Ironic, right, considering how generously they get paid!) The Educator Expense Deduction lets teachers who work full-time at any accredited school deduct up to $250 they pay for books, school supplies, computer equipment and software, and even athletic equipment they buy on behalf of their students. For years, this has been one of those deductions Congress scrambled to extend every December — last year, Congress finally gave our kids’ long-suffering teachers a break and made it permanent.
  • Student loan debt has topped a trillion dollars, and loan forgiveness programs have sprung up to help borrowers who go on to work for qualifying employers like governments and 501(c)(3) not-for-profits. But those service-minded borrowers may face an unexpected surprise: sometimes the amount forgiven is considered taxable income! Sure, eliminating, say, $40,000 would be welcome relief for a hardworking teacher or social worker. But what about the $10,000 tax bill that comes with it?
  • You probably wouldn’t think a college degree would be tax-deductible. And there’s no deduction for training that prepares you for a new job. But if your graduate program is intended to improve or enhance your skills for your current job — or if your employer requires you to get an advanced degree — you may be able to deduct your tuition and other expenses. Let’s say you’re a tax lawyer, and you want to brush up on your skills. That
    $40,000 you drop on a Master of Laws degree may get you a raise and a deduction. (Now you know why tax lawyers drive Jaguars!)

Here’s today’s lesson — pay attention, because there will be a quiz. When it comes to taxes, school is never out! The more you know and the more you plan, the less you’ll waste on taxes you don’t have to pay. So call us before exams and let us help with the tutoring you need!

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Ed Lloyd & Associates PLLC is a trusted name with whom you can depend for all your accounting and tax planning needs in the United States. It is a Charlotte-based firm that has been delivering flawless services, meeting the highest principles of excellence. If you are not able to get an apparent picture of the company, then you must think of outsourcing your bookkeeping needs with Ed Lloyd & Associates. Bookkeeping and tax planning are two imperative aspects of any business. In order to get an idea about the correct monetary status of the company, it is essential for you to administer your accounts on a regular basis so that you are able to calculate profits and losses truthfully.

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The professionals of Ed Lloyd & Associates PLLC are highly talented, knowledgeable and skilled. After carefully assessing the business requirements of your company, they would suggest you great ideas and tips that can effectively reduce taxes and increase profits. With over years of experience in the field, they have turned out to be the leaders. There is a long list of happy customers that can speak over the professionalism and expertise of Ed Lloyd CPA.

Ed Lloyd & Associates is considered as one the leading provider of accounting and tax planning services in the United States. These services augment the financial stability of your business and give it a competitive edge. Contact the professionals of Ed Lloyd CPA now and take your business to the next level.


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