According to savings.com, teachers on average spend about $550 of their own funds each year to help their students acquire basic supplies, yet the annual tax deduction for such expenses has been stuck at $250 since the deduction was established in 2001. In 2023, the maximum deduction is $300, and it is anticipated to rise in future years by $50.00 increments to adjust for inflation. It’s about time!
Additionally, if you purchase a used electric or fuel cell vehicle in 2023 for $25,000 or less, you may qualify for a used clean vehicle tax credit for up to 30% or $4,000. Certain limitations apply, so visit irs.gov/cleanvehicles for more information before you make your purchase.