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<TITLE>Teachers: Save Receipts For New Tax Deduction</TITLE>
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<DIV>***********************</DIV>
<DIV>Thanks to Carol Fry Bohlin for reminding us of this ...</DIV>
<DIV>***********************</DIV>
<DIV><FONT color=#000000>Teachers Should Save Receipts For New Tax
Deduction</FONT></DIV>
<DIV><FONT color=#000000><BR></FONT></DIV>
<DIV><FONT color=#000000>Source: Internal Revenue Service Media Relations
Office: (202) 622-4000)</FONT></DIV>
<DIV><FONT color=#000000><BR></FONT></DIV>
<DIV><FONT color=#000000>URL<B>:</B><U>
http://www.irs.gov/pub/irs-news/ir-02-65.pdf</U> Also
see:<BR><U>http://www.irs.gov/formspubs/display/0,,i1%3D50%26genericId%3D83714,<SPAN></SPAN>00.html<BR><BR></U>The
Internal Revenue Service...advised teachers to save their receipts for purchases
of books and classroom supplies. These out-of-pocket expenses may lower their
taxes, thanks to a recent change in the law.<BR><BR>"Many teachers dip into
their own pockets when funds for classroom supplies run out before the school
year does," said IRS Commissioner Charles O. Rossotti. "A new law gives them a
tax break this year [2002] and next [2003], and we want them to have the records
they'll need to claim it on their returns."<BR><BR>The new deduction is
available to eligible educators in both public and private elementary and
secondary schools. They must work at least 900 hours during a school year as a
teacher, instructor, counselor, principal or aide.<BR><BR>Taxpayers may subtract
up to $250 of qualified expenses when figuring their adjusted gross income
(AGI). They will not need to itemize deductions to get this benefit. Prior to
the change in the law, educators could take such expenses only as miscellaneous
itemized deductions, which must be reduced by two percent of
AGI...</FONT><BR></DIV>
<DIV><FONT color=#000000>Details on this and other new tax law changes are in
IRS Publication 3991, "Highlights of the Job Creation and Worker Assistance Act
of 2002," available on the IRS Web site at<U> www.irs.gov</U> or by calling
1-800-TAX-FORM (1-800-829-3676).</FONT></DIV>
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<DIV>Jerry P. Becker<BR>Curriculum & Instruction<BR>Southern Illinois
University<BR>Carbondale, IL 62901-4610<BR>Phone: (618)
453-4241
[O]<BR> (618)
457-8903 [H]<BR>Fax: (618)
453-4244<BR>E-mail: jbecker@siu.edu</DIV></BODY></HTML>