Wouldn’t we like to know about the available home schooling tax benefits? Home schooling lessons could turn out to be expensive. Traditional schoolteachers are liable to receive tax credits from federal governments but is it the same case for home schoolteachers? As usual, home schoolteachers it seems do not find the same favor with those making the laws. Let us find out whether home schoolteachers come in the tax credit category.
Teachers are liable to received tax benefits of $200 against federal taxes. That surely is a wonderful law, but only if you are teaching at a private or public school. But here’s where the party ends, parents teaching their own children do not have access to similar benefits of tax credits. The law is clear in this context that you should be working in an accredited school (federal agencies check for either W2 or 1099) and this checks for unpaid, out of classroom supplies pocket expenses budget.
In case you do not have direct employment by a school and you are a home schoolteacher, and as it is in most cases that the school isn’t an accredited one either. Then sorry to say but you come under any such category that qualifies to receive any such tax credits. Do not make any attempts to gain the same thinking you will go scoot free. The IRS is like a police and they know home schoolers are after this thing. It makes for you being caught and then you made to pay the taxes back.
For those people having kids with extra needs then such parents can take tax credits advantages. Those kids having some small leaning problems to not qualify, such tax credits are meant for those kids who have severe problems that make them highly dependent on others for even there basic needs. Children who cannot do without health care assistance, who need specialized caretaker teachers and who have other special needs come in this category.
There are few variations in the tax credits, in case your child suffers from muscular dystrophy, severe autism, downs syndrome or other disabilities like deafness or blindness, then application for tax credit should be granted. This should come, as a relief to most as providing these kids with proper care is a humongous task. Such credits are applicable for medical as well as home school cost as well.
Apart for these credits there are a few more that can be received from the state to a home school. For this you need to verify the tax code of your state before you apply for tax credits. One sure way to qualify for tax credit is by opening a 529 account for your child’s post secondary education or college education.
North Carolina allows you to pay less in 529 contributions till $7500 for the financial year of 2007. Find out if the state you live has some other benefits as well. Credits are for parents as well as grandparents so do check for information. 529 accounts is not limited to just home schools but even grandparents or for that matter anyone having a child can have such an account.
If you look at the broad picture then home schools find it tough to receive tax credits. Of it all very small sum is there to get so be sure to take the guidance of a professional to secure your tax credits.