Anthony Sykes & Company

         Now that school has started, many educators have probably bought a few classroom supplies. As the year goes on, these teachers will certainly use their own funds to buy what is needed. Expenses like this can start to add up very quickly. Is there any way to lighten the load that those good-hearted teachers are carrying? Yes, there are, and one of them is through a tax deduction called the Educator Expense Deduction .           Those who qualify for this deduction must work at a school that provides elementary or secondary school education and work at least 900 hours in the year. They may hold a variety of positions, such as, counselor, aide, principal, or teacher. Those qualified must teach a grade from Kindergarten to Twelfth. If they do so, they may qualify for a deduction of up to $250 . This would cover some of the cost of books, supplies, computer equipment, and other items. It can be confusing to determine what qualifies for a deduction, so it may be best to seek t

         For about 15 million Taxpayers, the process of filing their taxes might get a little easier next year. A new tax form has been designed for those 65 and older, it is the Form 1040-SR . This form stands out from others because it uses large print, making it easier to read, and it has charts on the form itself, giving immediate answers to refund questions.           This new form should be ready for use in 2020. There are specific lines that can be used to list income from Social Security, IRS’s, pensions and other areas that are of interest to seniors. A Taxpayer must be at least 65 before January 1, 2020 to qualify to use this form. 

         In the event of a disaster, there are many issues that must be taken care of. First and foremost is to make sure that your family and loved ones are cared for. After that, Taxpayers will be able to reconstruct their records to prove disaster related losses. Often these have already been destroyed, but there are ways to get copies.           Financial statements can be requested from a bank or credit card company. They are usually available online, or hard copies can be provided in person. Property records can be provided by the title company, escrow company, or the bank that handled the purchase. If any home improvements were made, copies of the invoices and statements should be requested from the contractors. For inherited properties, Taxpayers can investigate court records for probate values. The county assessor’s office can also be a source to estimate property value. For car owners , the current fair-market value of the vehicle will be acceptable. There are a few sou