Teachers lose tax break - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Teachers lose tax break

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Various tax provisions expired with the new year and one of those could affect teachers and students in our area.

The tax break available was for teacher and educators to use on material for their classroom.

We spoke with a certified public accountant, Samuel Lovelady, about the tax break that expired.

"It is a tax cut for educators where they can deduct $250 dollars worth of expenses for their classroom without having to itemize their deduction."

But there may be a chance for teachers and educators to have this tax break in 2014.

"We have had in my business, what we refer to as extender provisions. Where they come in and say, yeah, we are going to keep  this deduction in place for another year or two and with the year end rush, they have not gotten around to doing that."

Teachers are not the only ones who will be affected by tax break cuts that went into effect January 1st.

Parents and students paying for college could lose up to $2,000 dollars in tax credits.

Lovelady did say other tax benefits for higher education will still be available for college students and their parents.