In 2002, an above-the-line deduction for certain classroom expenses of kindergarten through 12th-grade educators was added to the Internal Revenue Code (“Code”). Under this temporary provision of the Code K-12 teachers, instructors, counselors, principals, or aides could deduct up to $250 directly from income when reporting adjusted gross income. This temporary provision was extended six times before, as part of the Protecting Americans From Tax Hikes (PATH) Act of 2015 finally made this benefit to our nation’s teachers permanent.
Home ownership can feel like a giant milestone in becoming a “grown up”. You finally have that place to call your very own. You get to decorate it exactly the way you want. You can paint the walls white, or green, or black, or pink. You can turn a bedroom into an office or a dining room into a personal spa. It is finally your own personal space.
Actors, artist, and musicians hold a special place in all of our hearts. At some point in our lives we have all been touched by the performance of an actor in a movie, TV show, or on stage. All of us have felt the thrill and excitement of hearing the latest song from our favorite band or singer. Most of us have had some piece of art hanging on our walls, even if it was simply a movie poster hanging on the wall of our dorm room. The point is that we all know and love artists.
As the year draws to a close those of us in the accounting profession will start to bombard you with reminders and recommendations to prepare for the inevitably hectic tax season. These will all be very important items to consider but we wanted to make sure that you are thinking about more than just taxes when you are planning for the new year. Don’t forget to spend quality time with your family this holiday season, remember and help those less fortunate, give back a little to your community, and consider if it is time for you to enroll in Medicare.