At Home in Berks October 2017 - 21

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Teachers' Classroom Expense Deduction

Last year's tax legislation permanently extended this abovethe-line deduction. Eligible educators may claim a deduction
for up to $250 for classroom expenses and starting in 2016,
eligible expenses now include professional development
expenses which include the cost of courses related to the curriculum in which the educator provides instruction.

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Child and Dependent Care Credit

If you paid to have someone care for your child who is under
13 years old you might be eligible for this credit. The credit
percentage allowed ranges from 20% to 35% and depends on
how many children you have enrolled in someone's care and
your adjusted gross income for the year. Also consider checking with your employer to see if they offer a dependent care
benefit plan. A dependent care benefit plan allows married
couples to contribute up to $5,000 of tax free benefits which
then can be used to help offset the cost of child care. Since the
costs of dependent care can add up quickly, consider using
both a dependent care benefit plan and then claim the child
and dependent care credit for the costs incurred exceeding
$5,000.

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Savers Credit

This credit is meant to benefit low to moderate income taxpayers who are making eligible retirement contributions to a
401(K) or individual retirement account. The credit can be as
much as $2,000, is based on a percentage of the contributions
made and varies based on your income level.

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Consider a Health Savings Account

If you are enrolled in a high deductible health plan and do not
have any other medical coverage, you may be eligible to make
either pre-tax or tax deductible contributions to a Health
Savings Account (HSA). The limits are $6,750 for family coverage and $3,350 for individual coverage, plus an additional
$1,000 for anybody who is 55 or older at the end of 2016. Any
distributions used to pay unreimbursed medical expenses are
tax free. The funds can remain in the HSA indefinitely.

Whatever tax saving strategies you choose, always be aware
that, at a minimum, you should evaluate your current and at
least one future tax year. Without looking at multiple years,
tax savings in one year could backfire and cost you additional
money in the future.

October 2017 AT HOME IN BERKs

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