2004 Year End Tax Move: Teachers

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Teachers: If you haven't been keeping track of your schools supply
receipts, you'll want to search for any that you can find, or make a
year end trip to stock up on supplies you know you'll need. The $250
tax deduction that teachers could take for school supplies they bought
with their own money actually expired at the end of 2003. This may have
caused you to stop keeping track. The good news is that Congress
enacted it again this year and you can once again make the $250
deduction for 2004.

This is an especially valuable tax break since you don't need to
itemize your tax return to claim it. Expenses that qualify include
books, computer equipment, supplies, and supplementary materials used
in the classroom. The deduction is limited to instructional materials,
so prizes and stickers you by as rewards don't qualify.

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