Think Taxes with Back-to-School Shopping Supply Receipts
For the Stillwater, Minnesota area, parents and children alike are preparing to go back to school by picking up school supplies and other back-to-school shopping items. Times like this can be a time of stress for families watching their budget, but with a little forward thinking, families can prepare for the future by holding on to their school supply receipts for next tax season.
AccountAbility Minnesota shares some good financial tips for back-to-school shopping by suggesting to hold on to your receipts for tax season 2014. There are many items which are purchased in preparation for back-to-school, and while it may be a little bit of money up front, you or your family may get a tax break because of the items you purchased the following year. Holding on to those receipts can make a pretty big difference, and may even help with additional school supplies next year!
Here are a list of items to be aware of, as listed by AccountAbility Minnesota:
"If you have receipts, you can claim on your state tax return expenses for school supplies ranging from pens and notebooks to computers and musical instruments. Fees paid to others for transportation, music lessons, and tutoring is also included.
"Families that qualify for the credit will receive a 75% reimbursement. Below the qualifications:
- Families with 1-2 children in K-12 and income less than $37,500
- Families with 3 children in K-12 and income less than $39,500
- Families with 4 children in K-12 and income less than $41,500
- Families with 5 children in K-12 and income less than $43,500
- Families with more than 5 children in K-12 and income less than $43,500 plus $2,000 for every additional child in K-12"