A Tax Strategy for Educators

Teachers pay more out-of-pocket expenses than any other job, and they don’t make nearly enough to cover those costs. That is why having a tax strategy that accounts for the money you spend will actually save you money in the end. Read on to learn more about a basic tax strategy for teachers.
First, as part of your tax strategy keep records of all of the costs that you use in your classroom. If you buy treats for your class, keep records of the cost. If you buy prizes, posters, or copies, keep records of all of your expenses. If you don’t report all of your losses as a teacher, you are paying more for any extra items that you buy because you are buying them after taxes.
For example of the way this tax strategy works, say that you spend $40 on supplies for your classroom. You may think that it is just $40, nothing more. If you report the loss, the money that you spend on taxes will not figure into the amount of money that you pay on supplies. On the other hand, if the supplies you purchased were paid for after taxes, the cost of the supplies will actually take at least $50 out of your paycheck because you are paying taxes on money you don’t get to take home.
One of the main parts of your tax strategy is to take solid records of anything that you use for your classroom. You should always keep receipts of anything that you buy for the classroom. With each cost you should also notes of the exact use for each item.
Keeping good notes of all of your losses is the first step to a viable tax strategy. It will save you money and allow you to better cover your cost of living and the costs of running a classroom.

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.