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If your house is like mine you just spent the last 6 weeks getting ready and sending your kids off to school... Between clothes shopping, supply lists, registration and getting your 6 year old back to bed at a reasonable time, I hope that you were able to come up for air when you snapped the 1st day picture and put them on the bus!
Now that the hard part is over, its my job to tell you that you just created a whole bunch of (potentially) deductible school expenses and now is the best time to write them down so we can save you some money when we file your taxes next year! So, here's what you need to know:
1) This is a state/local deduction (not federal) that is available in Iowa. Minnesota, Illinois, and various other states, so feel free to check in with me if you are curious how it applies to you elsewhere.
2) Generally only non-personal expenses related to your kiddos K-12 education are allowed.
Registration/school fees, supplies, athletic passes, activity fees, Gym Clothes, etc = YES
New School Clothes, yearbooks, prom dresses, private tutors, etc. = NO
3) Limits do apply, like in Iowa its $2000 per kid per year, where Illinois is $750 per kid.
Still have questions? Shoot me EMAIL or click HERE to set up some time to chat.
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