California Tax Credits
May 5th, 2006
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Question: How much tax credit can I recieve for donating to education?
I am a teacher, and I want to know if parents can get tax credit for donating money or supplies to the classroom. If so how much, in California
Answer: ok, well what do you know…they are deductable. I looked it up again.
sorry.
ah, but here is one for you…
because you are a teacher, if those gifts are made to you (and they must be for you), but you turn around and use the funds for your classroom, then you can get an adjustment of upto $250. the you use more than that for your classroom you can put the rest as an itemized deduction that may or may not lower your tax liability.
and here is the beauty of this…because its a gift to you you dont have to report that income!!! how cool is that (its tax free to you)….but the chance of getting such gifts is probably zero too….so oh well.
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