Dr. James Gai Professor of Music University of Central Missouri Warrensburg, MO
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1 Dr. James Gai Professor of Music University of Central Missouri Warrensburg, MO
2 ALL TEACHERS HAVE EXPENSES INCIDENTAL TO THEIR EMPLOYMENT. Most are deductible, but only if you keep records Records may be written (paper receipts, calendar entries, daily logs/lesson plans) or checkbook ledger - collectively known as the shoebox method Records may be electronic (QuickBooks or similar program, electronic diary, electronic checkbook)
3 RECORDKEEPING Written and/or electronic records of expenses and travel are required and a combination of each method is your best protection in case of an audit. Fortunately, this can be pretty easy!
4 QUICKBOOKS VS. PAPER AND PENCIL QuickBooks: 1. It takes a good deal of time throughout the year to enter expenses. Don t get behind! 2. Travel expenses are bothersome. 3. Non-reimbursed travel is more than bothersome. Advantage: everything can be summed into the correct columns with a couple of keystrokes at the end of the year
5 QUICKBOOKS VS. PAPER AND PENCIL Paper and pencil (printed receipts, basically). 1. Label and start a 5 x 7 manila envelope on Jan. 1 of each year or the day you interview for your first job. 2. Throw all paper receipts, including credit/debit card slips and meal expenses, into the envelope as you incur them. Credit card statements are OK, too, but it s best if the receipt is itemized.
6 RECORDKEEPING 3. Travel expenses, write down in your daily planner where you travelled and the number of miles, even if it s only ten miles to the music store. For overnights I use a business-size envelope and write on the face the dates, city/cities, purpose of the trip and miles driven or transportation cost. All meals and lodging are deductable, too. More on this later. 4. Advantage/Disadvantage: Quick to do at the time, but must add long columns before filing taxes.
7 WHAT S DEDUCTIBLE FOR PUBLIC AND PRIVATE SCHOOL TEACHERS??? Expenses incurred in your job that are not reimbursed by the district are deductible (keep your receipts)
8 TYPICAL EXPENSES MSTA/NFTA dues Local teacher s association dues Professional organization dues (NAfME and MMEA) Professional meeting registrations and expenses School social fund (not so much if you receive something in return) Assessment for gifts for school personnel
9 ADDITIONAL TYPICAL DEDUCTIONS: School-monogrammed clothing/uniform/concert wear that would be inappropriate for social use, holiday dress School supplies (recordings, DVD s, music books, magazine subscriptions, reward system,, blank CD s, gifts that go to all students, i.e., pencils) Software (Band-In-A-Box, Finale, TurboTax, etc)
10 Summary Expenses in excess of school reimbursement are deductible (keep your receipts and reimbursement records)
11 TRAVEL EXPENSES (UNREIMBURSED OR PARTIALLY REIMBURSED) Convention registration Lodging (actual) Meals away from home (IRS rate for Lake Ozark is $46) Banquets or meals where school business (district, conference, etc.) is going on, even if not an overnight Mileage (use IRS rate of $.55 ½ per mile) NEW FOR 2013: the rate increases to $.56.5/mile Difference between Fed rate and school reimbursement is deductible Conventions District meetings
12 All-District/All-State auditions and rehearsals More mileage deductions Committee meetings (elected or invited) School Conference meetings, auditions and rehearsals Clinic attendance Music shopping trips (primary purpose of trip) Pick up/drop off repaired instruments (primary purpose of trip)
13 MORE MILEAGE DEDUCTIONS Concert attendance (includes marching contests, festivals, musicals, professional productions, symphonies, choruses, jazz, pop, Branson et. al. (as the genre relates to your program) and can include attending concerts and musical performances at other schools Additional trips from your home to school, both weekend and evening for rehearsals, performances, meetings, planning sessions, athletic events
14 ENTERTAINMENT EXPENSES Non-reimbursed expenses for food, beverages, and table service incurred when hosting a school, conference, or district event that includes music teachers (the assumption is that music things will be discussed and minutes taken) Location is unimportant (home, restaurant, park, meeting room, country club) but any rental fees are also deductible
15 EQUIPMENT PURCHASES Personal equipment used, at least in part, in your teaching but typically not owned by the school. Includes musical instruments, recording equipment, and other items which are depreciable. Use Depreciation Tables (typically Equipment ) 3-year, 5-year, 20-year? Section 179 expense, accelerated, straight-line method?
16 OTHER HELPFUL THINGS TO KNOW Standard $250 deduction is allowed all teachers. Additional/excess expenses are filed on Form 2106, Outside Salespersons Business Expenses but you must have all your receipts (including the first $250) to verify what you have spent Tax preparation expenses are also deductible (accountant, preparer, Turbo-Tax or any other software, CPA, bail bondsman)
17 PRIVATE LESSON TEACHERS: YOU OWN YOUR BUSINESS Important! Your income must exceed your expenses at least once every five years to be considered a business. You will need to file a Schedule C, Business Loss and Income. Keep accurate records (my wife uses a pocket calendar from the bank, writes down who was there on any given day, and bills the parent at the end of each month). You just need to have a system that works.
18 MORE BUSINESS DEDUCTIONS If teaching at home, you can file Form 8829, Home Office Expenses. A portion of your home must be dedicated to teaching, preferably a spare bedroom or similar isolated space. Based on the ratio (percentage) of your teaching space to the area of your home, that same percentage of all utilities, taxes, upkeep becomes deductible! Keep your receipts!!! NEW FOR 2013: you may claim up to 300 sq. ft. of home office/teaching space at $5.00/sq. ft. WITHOUT keeping receipts. That s up to a $1500 deduction! Books and music appropriate to the level of student you are teaching
19 MORE BUSINESS DEDUCTIONS, PT. 2 Reeds, mouthpieces, oils, swabs, sprays, earplugs, etc., basically anything soft Advertising, as in flyers, newspaper ads, business cards, even holiday gifts (with your name on them) and practice cards (again, with your name on them) are deductible Piano. Regardless of what area we teach, a piano can be considered a reasonable expense. An item this expensive should be depreciated over a period of time (5, 10, or 20 years). PA s and stereos fit into this category, too.
20 HOW LONG TO KEEP RECORDS?? Forever: Mortgage Deeds Capital Improvements Deductible and non-deductible IRA contribution Tax returns and checks used to pay taxes
21 Ten-Year: Back-up tax paperwork Mutual fund statements Three-Year: Bank statements Insurance policies Lesson records Utilities, purchases, assets for business
22 One-Year: Bank reconciliations Brokerage statements Paycheck stubs
23 Dr. James Gai, Warrensburg MO 2013
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