2014 Tax Laws – Educator Exps and Tuition and Fees

I had asked the same question yesterday, but did not receive a response. Hopefully one of our posts gets an answer 🙂

I also felt dumb for asking and wasn't sure if it was something that was allowed to be discussed with the rules.

https://www.another71.com/cpa-exam-forum/topic/reg-do-i-need-to-know-expired-items

I would assume that the information tested on Reg is current information since we are in testing window 3 of 2014, and Becker updates there books a couple times of the year and tends to only have the version of the material that is tested.

So basically educators can not deduct the school supplies that they buy to effectively teach their classes(Thank Congress and the House). I have never came across an educator expense question in my review material so I wouldn't worry about this one. Basically you now know teachers have been screwed and should be able to get the correct answer to a question if this topic comes up.

You can no longer deduct education costs paid directly to an institution, because again Congress and the House doesn't mind screwing the lower middle class(this deduction only applied in full to people making less than 50k). So if a question comes up you would not reduce your taxable income by this amount even if you are working at McDonalds and you are trying to support a family while going to school at night.

Not all is bad, since the House of Representatives is using their tax panel to try to extend bonus depreciation so Corporations can reduce their tax liability now. I hope this is the answer you were looking for lol.

I know I'm not answering the question for you – but here is a suggestion that I followed when I was studying for REG: I used the AL or went to the IRC on the website to look up anything that I had a question on. It really helps in putting the information together.