April 29, 2025 • 25 mins
Beyond the Blackboard: Teachers & Taxes | Teaching Tax Flow Ep. 133
Join Chris Picciurro, CPA, and John Tripolsky as they break down essential tax strategies specifically for educators. Discover five game-changing tax benefits that every teacher should know about, from classroom expense deductions to retirement planning strategies.
KEY TAKEAWAYS:
• Educator Expense Deduction: Up to $300 ($600 for married teaching couples) for classroom supplies
• Student Loan Interest Deduction: Maximum $2,500 annual deduction
• Lifetime Learning Credit: Up to $2,000 for continuing education
• Roth Contribution Strategies for Early-Career Teachers
• HSA Benefits: The "stealth retirement account" educators should consider
EPISODE BREAKDOWN:
- Special Tax Benefits for Teachers
- Early Career Financial Planning
- Retirement Account Strategies
- Healthcare Savings Opportunities
- Education Credits & Deductions
RESOURCES:
• Visit teachingtaxflow.com for more tax insights
• Join the Defeating Taxes Facebook Group
• Teaching Tax Flow Hub
SPONSORED BY:
Sunsets & Dinks
Use discount code TTF15
- (00:00) - Teachers, Taxes, and Pickleball Enthusiasm
- (01:34) - Balancing Holiday Traditions with Their True Meaning
- (03:44) - Empowering Teachers with Tax Planning and Financial Awareness
- (08:57) - Lifelong Learning and Saved by the Bell Nostalgia
- (11:11) - Tax Deductions and Credits for Teachers
- (19:08) - Tax Strategies and Financial Advice for Teachers
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
John Tripolsky (00:03):
Hey, everyone, and welcome back to the Teaching
Tax Flow podcast episode 133today. We are diving into
teachers and taxes. So before wedo that, as always, let's take a
brief moment and thank ourepisode sponsor.
Ad Read (00:21):
Hi. Chris Picciurro here, founder of Teaching Tax
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John Tripolsky (01:19):
Hey, everybody. Welcome back to the podcast
today. As you heard in theintro, we're gonna talk about
teachers and taxes. So two t's,not exactly the two t's that you
know from teaching tax flow, butthey still count. So without
further ado, Chris Pacquero,welcome back, sir.
How are doing?
Chris Picciurro, CPA (01:34):
I'm doing great, John. How are you doing?
John Tripolsky (01:36):
I'm doing good, man. I'm doing good. Obviously,
Easter was a little bit ago, sothat another holiday is behind
us. And as anybody knows with atoddler, holidays tend to turn
into a bigger ordeal sometimesthan they have to be, so I'm
doing alright. We're doing good.
Chris Picciurro, CPA (01:50):
Oh, I can't I this might sound awful
to say. I cannot tell you howhappy I am that we don't have
any toddlers. Love the ages thekids are now. Enjoyed each of
the each of those seasons. But,yeah, definitely different for
us, but enjoy it.
But it gets easier. You know? Itit's, I know I had a had a,
(02:12):
discussion with with my wifeabout, sometimes I'm called a
curmudgeon, but I just it's youknow, part of this is that it
doesn't matter if you're ifyou're a Christian, you
celebrate Easter, you celebrateother holidays, you know, but I
I sometimes get frustrated. AndI'm gonna sound like an old,
again, an old curmudgeon here.Right?
(02:33):
But, just I I hope that thespirit of the holiday doesn't
get masked by characters,baskets, elves on the shelves,
munches on the ledges, you know,all of that stuff. I I just
that's as I get a little older,I realize that there is, what we
(02:55):
are celebrating is very, veryimportant, and and sometimes,
you know, our society, justkinda makes things I don't know.
We we get away from from what'simportant, almost like a
baseball or a football game,John. You know, a tailgate
party's fun or the halftimeshow's fun. Right?
But we're all there to watch afootball game, aren't we? If
(03:17):
there was no football game,there'd be no no one's gonna
just go to a random parking lotand barbecue and play games if
there's no game to go to watch.The band's not gonna go on the
field during halftime and drawget the crowd excited if there's
no game to watch. So that's mylittle soapbox.
John Tripolsky (03:33):
Hey. You know what? It is it is almost like
taxes. Right? Like, some peoplethink like, oh, well, I will put
it off.
You know, it's something else orthe perception of things change.
And, I mean, this topicspecifically, right, we're
looking at teachers as aprofession Yes. And taxes. So,
like, why why are we here? Whywhy do these two obviously, we
know what they have to do witheach other.
But how is this different thanreally anybody else? Say, a
(03:56):
plumber, a car mechanic, aexecutive, etcetera. So how how
does this situation play out alittle bit different?
Chris Picciurro, CPA (04:03):
John, maybe we could do an episode on
mechanics and money one day.
John Tripolsky (04:07):
Oh, that'd be a good one.
Chris Picciurro, CPA (04:08):
Okay. How to fix
John Tripolsky (04:09):
your beep up.
Chris Picciurro, CPA (04:10):
So Few things. Nice. Nice. Few things
that we know. One of the laws ofteaching tax flow is that tax
agencies are our involuntarybusiness partner, meaning tax
laws are written to encourageand discourage certain behavior.
There are some rules within ourtax code that give some teachers
some well deserved benefits, acouple different deductions they
(04:31):
get that that the average workeror or a worker in a different
industry does not does notreceive, and they darn it, they
deserve it. Now, this one isnear and dear to my heart also,
because my wife is a teacher.Now she just moved into a new
role as a school council thisyear, but spent a good, good
(04:53):
portion of the last twenty yearsas a as a public school teacher,
specifically special ed. Andand, you know, John, you know, a
lot of times in our we are veryfortunate to be able to to be a
beacon really for tax planningand strategy, to be a the voice
of tax planning and strategy.That's what teaching tax flow
is.
But to do presentations not onlyto taxpayers, but also many
(05:16):
many, many other taxprofessional organizations. The
point is, and and you'reintimately involved in that, you
make all of the content lookamazing and the and the slide
decks look great. But we alwaystalk about how tax planning and
strategy is really foreverybody. You know? And I feel
like the lower to moderateincome households are the ones
that need it the most eventhough the majority of tax
(05:37):
planning and strategy, if youlook out there in the
marketplace, is geared towardsthe the higher asset, higher
income households.
In a lot of our case studies,John, we always use a teacher
because teachers are well known,especially early on in their
career, for really working sohard. I could tell you that that
teaching goes well, well beyondthat time in the classroom. It's
(06:00):
it's really a vocation. And andin the beginning of their
careers, they're not paid aswell as they are at at the end
of the career, and that makessense. Right?
Most most professions, your yourpay increases with the amount of
experience that you have. Mhmm.So when we think about teachers
and taxes, I thought, gosh. Notonly is my wife a teacher, but I
would bet anyone listening tothis anyone listening to this
(06:22):
has a teacher in their life thatimpacted their life. Even if
they weren't a straight astudent, even if they didn't
really love going to school.
Not all of my three childrenactually love go being a
student, but all of them havehad teachers that have impacted
them. Myself, personally, I'vehad teachers that have impacted
me. And, so if you're listeningto this, first of all, thank
(06:42):
you. Second of all, tag your taga teacher. Share this with the
teacher.
Show the appreciation you havefor them. And, even if they're
retired, man, they'd get a kickout of that. So so definitely do
that. John, do you remember yourfavorite teacher growing up?
John Tripolsky (07:00):
I don't know if I had a favorite, but I have a
lot that are memorable. Youknow, some unfortunately, some
of them, it's the things thatthey decided to do after I was
no longer a student that landedthem in somewhere besides a a
classroom. Let's put it that waywithout going into any detail.
But, yeah, there's a there's ahandful of them. Right?
I mean, it's and I and you knowwhat? Now that I think about it,
(07:21):
yeah, no favorites, butdefinitely ones that kinda
instilled the something I'mthinking of trying to cross a
couple on mirror. They reallyjust kind of help drive, like, a
train of thought. Right? Like,way that you think about things.
And really, most of them werewhen I was younger, not so much
in my older times. I guess I gotmore stubborn as it went along,
maybe.
Chris Picciurro, CPA (07:40):
Well, yeah, my favorite teacher ever
was my first grade teacher. So,anyway, let's talk about
teachers and taxes, becausethere are some there are some
special rules for teachers. And,also, when thinking about this
episode, I thought, man, there'ssome things that teachers could
really benefit from that they'renot really aware of. You know,
(08:01):
we already know that personalfinance tax is not taught as
much as it should be. There's aeffort right now to make
accounting a part of STEM andand making it more mainstream in
the educational world.
But as of right now, manyteachers are super smart at
doing teaching kids differentthings, but really don't know
(08:22):
much about finance and taxes. Solet's dive into it. And we've
identified four or fivedifferent things that teachers
should be aware of here. So solet's let's and, honestly, if
you are a teacher, I'll this ismy last soapbox. I mean, I'm not
gonna promise this is my lastjump on the soapbox.
Think about what we are.Ultimately, we are the voice of
(08:43):
tax planning, but we named thiscompany Teaching Tax Flow for a
reason. We believe in empoweringand educating taxpayers to
legally and ethically reduce thetax they pay in their lifetime.
If you you know, learning is alifetime activity, and I hope it
is. John, you I you know, Ilearn all the time.
(09:05):
You learn all the time. We aspeople that you we're always
learning different things withthis podcast, different
activities. I mean, every timewe go to an event, we we have so
many takeaways. We might learn anew app. We might learn a better
way to do things.
So learning is a is a lifetimeactivity, and and that formation
of learning has started withteachers. Ready to dive in?
John Tripolsky (09:26):
Let's do it, man. Let's do it. Alright.
Chris Picciurro, CPA (09:28):
Alright. Bell
John Tripolsky (09:29):
has rung. You know what? I'm gonna add a
little school bell. Right
Chris Picciurro, CPA (09:32):
Right here.
John Tripolsky (09:33):
Oh. Let's do it.
Chris Picciurro, CPA (09:34):
Say bye. How about oh. Rand, before we
jump in, who is your favoriteSaved By The Bell character,
John?
John Tripolsky (09:42):
Oh, man. I don't
Chris Picciurro, CPA (09:43):
know if it was Saved By The Bell is and
you're listening, first of all,congratulations that you're so
young and you are interested infinance. Second of all, go ask
your parents.
John Tripolsky (09:52):
Looks like having a Tamagotchi. Somebody
brought that up at, I think, achurch yesterday, and I'm like,
oh, yeah. Know what that is. Youknow what? I can't remember oh,
Kelly Kapowski.
Yeah, That was her full name,man.
Chris Picciurro, CPA (10:06):
She was she's my favorite also, strictly
for educational reasons, John.
John Tripolsky (10:11):
Of course. That was
Chris Picciurro, CPA (10:12):
the only reason. Right?
John Tripolsky (10:13):
Absolutely. Absolutely.
Chris Picciurro, CPA (10:14):
Oh, hey. You know what? We don't have the
similar taste in in in somethings, John, but we do have a
similar taste in our favoriteSaved by the Bell character.
John Tripolsky (10:22):
Absolute you know what? There we go, buddy.
We'll get matching t shirts oneday. This will work this will
work.
Chris Picciurro, CPA (10:26):
Kelly Kapowski fan club.
John Tripolsky (10:28):
There you go. There'll be a party of two. So
wherever we are, they'llpublicly say that. So we're
good.
Chris Picciurro, CPA (10:34):
Alright. Well, we'll transition to mister
Belding. Right? He wasn't eventhe principal. I guess he Yep.
Might have some of thesedeductions. So first one, first
thing when you're talking aboutteachers and taxes is there is a
federal tax deduction. Now inthe 2024 tax year, it's $300.
It's up to $600 if you'remarried and both are teachers.
(10:54):
You might say, that's kindaweird.
I have to tell you in doing inbeing in the tax world for many,
many, many years, it is verycommon that teachers actually
marry each other. And it makessense. Right? Because they might
have met, you know, in highschool or in college, and they
or maybe they were met, like,right you know, in those younger
years, formational years orearly in their career. So if you
(11:16):
have two this three it's up to a$300 deduction for your out of
pocket classroom expenses.
These are things that are likesupplies, books. It could be
software, something thatsomeone's using in their
classroom. Now I could promiseyou, as a husband of a teacher,
and my wife does like to shop.Right? We know this.
Anyone who listens to podcastknows that. You know, I I gave
(11:36):
her grief that, we didn't havean Amazon delivery one day, and
the driver stopped by to see ifshe was okay. But but for for
those that that do buy thingsfor the classroom, which is
pretty much every teacher, youcan deduct up to $300 in on on
your 2024 return. Usually, thatgets indexed for inflation. $600
of both spouses are teachers.
Now that's not a big, bigamount, but that's a nice little
(12:00):
tax deduction. Because,typically, if you're an employee
somewhere with the Tax Cuts andJobs Act, 99.9% of the time, you
cannot deduct your what arecalled unreimbursed employee
business expenses or what weused to call twenty one zero six
expenses. So if you're ateacher, definitely take
advantage of that out of pocketclassroom expense deduction.
Again, that deduction is abovethe line. What does above the
(12:22):
line mean?
It means that it's calculatedbefore we determine your AGI.
Now we have an acronym. So Iwonder if John made up his his
jingle yet. I don't know. I hopeso by the time this goes out.
A, adjusted gross income. Evenif you don't itemize your
deductions, you and take thestandard deduction, you can
(12:43):
deduct these out of pocketclassroom expenses. Couple other
things to consider. Some statesallow for these this deduction,
most of them that have a tax.And then some states offer
additional deductions likeCalifornia and New York.
So some of those higher taxstates that usually we kinda
throw under the bus, typically,they're gonna actually give you
(13:04):
maybe a little extra deductionfor those out of pocket
classroom expenses. So teachers,you deserve it. I think this
amount should be higher, butguess what? You have one little
nugget for yourself. The nextone.
Oh, by the way, you know, it'sfunny because we real story
(13:25):
here. We my my youngest loves ain a creature called axel, an
axolotl. John, you've gotten toknow these axolotls by visiting,
historic Franklin. And, we kindof felt we found out that
axolotls don't like to be alone,so we got a second axolotl for
the house. Well, you don't knowthe gender of these creatures.
(13:45):
They live in water. They'rekinda like a salamander until,
like, six to eight weeks intotheir life or some I don't
remember the exact one. Let'sjust put it this Down the road,
we had a lot of baby axolotls,John. Lot of baby lot of eggs.
So what happened was my wifegave one of the one of the
offspring to the science teacherat her school.
(14:08):
Then the science teacher wentand bought a tank and bought
food, and the the axolotl livesin the science room. So for
something like that you knowwhen you get those silly
questions like, hey. Can my petfood be a deduction? Well, guess
what? If you're a scienceteacher and you have a
salamander living in yourclassroom that the kids are
tracking and using as part ofyour con educational content,
(14:31):
absolutely, I feel that's a outof pocket classroom expense
deduction.
John Tripolsky (14:35):
Was I was wondering where you were gonna
go with that with the axolotlstory. But, hey. It's a good
good turn around there.
Chris Picciurro, CPA (14:40):
Well, you know, John
John Tripolsky (14:41):
Impressive.
Chris Picciurro, CPA (14:41):
You know, pretty much the answer for every
in every tax question, it'ssituationally dependent. Right?
Now for the axolotls that liveat our house, I'm not
comfortable deducting theexpenses for them because they
really are pets. And my wife'sthe school counselor now. But
but for the for the scienceteacher that has the offspring
Absolutely.
Alright.
John Tripolsky (14:59):
Let's just say that you consulted with them
previously to recording this,you know, and then they they get
a fee, right, for food.
Chris Picciurro, CPA (15:06):
Well, lucky for us, we we're way over
that $300 threshold for out ofpocket expenses every year, and
we would not need that axolotlexpense. Alright. Number two,
student loan interest deduction.Now we have, we have talked
about student loan interest onthis podcast previously. We
understand that there are incomephase outs, based on, your
filing status and that AGI,again, adjusted gross income.
(15:31):
Many teachers, especially earlyon in their career, do incur
student loan debt, and theystart paying on that student
loan, debt, you know, early intheir career. Now some of them
defer it, and there's a bunch ofother strategies with that. But
the point is up to $2,500 peryear of your student loan
interest can be deductible. Sothat's pretty good. Yeah.
(15:52):
And that is, again, a deductionthat is very, very common for
teachers. So make sure you'retaking the student loan interest
deduction if you are eligible.
John Tripolsky (16:03):
And, actually, Chris, if I can add to this
really quick, and I'll make thisvery brief.
Chris Picciurro, CPA (16:07):
Not. Because I've been talking
John Tripolsky (16:08):
a lot today. I had a very interesting question
that somebody asked me the otherday, and I felt smart because,
obviously, I knew the answer.But it it was interesting that
they asked this. They basicallysaid that and I don't know what
their their personal finance orI don't think it's supposed to a
business. But they said they hada student loan.
It was either a student loan ora business loan. And it sounded
(16:29):
to me like they hadn't madepayments in a while on it. And
they said, well, I still haveinterest occurring. I said,
well, you can't write offinterest, you know, accumulative
over a period of time. It'sinterest paid.
Right? Just to make that clearfor everyone.
Chris Picciurro, CPA (16:44):
Where did John get a statement that
John Tripolsky (16:45):
says that? But
Chris Picciurro, CPA (16:47):
Breaking out tax tax tips.
John Tripolsky (16:49):
Small. Small. I felt comfortable with that one
because I knew that answer. So
Chris Picciurro, CPA (16:54):
But that's actually a good point. I'm proud
of you. Yeah. I'm real proud ofyou. It's real nice here.
That yeah.
John Tripolsky (16:59):
People must think I know more than I do if
they're out there, you know,they're stopping asking me these
questions. It's it's good.
Chris Picciurro, CPA (17:03):
You know? Well, you know, you we know you
get recognized in public quiteoften, by the way. So, you know
but
John Tripolsky (17:10):
It's the beer. Yes.
Chris Picciurro, CPA (17:11):
You have to pay the student loan
interest. If it just accrues,it's not deductible yet. My
third out of five nuggets forthis podcast, many teachers go
back like my wife did and andpursue a master's degree for
many reasons. Careeradvancement, additional pay, you
wanna just like the educationaspect of it. But even after
(17:35):
you've you're past those firstfour years of college, you could
still be eligible for thelifetime learning credit.
That's up to a $2,000 credit peryear, and tuition and fees
qualify. Now books don't qualifyunless they're required, and
then there are some incomelimits and eligibility
requirements. And, again, youremember you, you know, if your
(17:57):
employer is paying for youreducation, for higher education,
then you can't double dip there.But, again, very, very common
that we see with teachers thatthey are pursuing a master's
degree, or even a PhD ordoctoral degree, and they're
still eligible for the LLC, notthe LLC that usually gets me
fired up. Limited liabilitycompany.
(18:18):
Many people call it limitedliability corporation. Yes. We
hear you. We don't like that.You're on Santa's bad list.
Speaking of speaking ofholidays, but the LLC, lifetime
of learning credit. So numberfour. Number four out of five.
Big mistake. And, John, you knowthis a lot from our, from our,
(18:41):
case studies.
How many times does a do ateacher start a new job right
out of college? They're making avery modest income. They're
probably in the 12% marginal taxbracket. They set up with their
employer the first day. Theyknow they should be putting away
into retirement.
They're excited about it. Theycheck that box and put the money
into a four zero three b programor something tax deferred
(19:05):
instead of doing the Roth? Well,if you're a teacher, especially
in your early years, I can'tencourage you enough to consider
putting money into a Roth fourzero three b four fifty seven
plan or I or or a Roth IRAinstead of the traditional.
Getting a 12% tax benefit today,but then having to pay tax on
(19:27):
that money way down in thefuture just doesn't make sense.
So please deeply considerputting money in your Roth
account, not a tax deferredaccount.
And and many school districtsallow this within their plan.
Now, typically, the schooldistrict or the school is going
to match you in into that taxdeferred portion of the account,
(19:49):
but you could put money into thetax after tax portion. So, John,
I know we have a lot of contenton Roths in general, but Roths
versus traditional tax deferredversus tax free, etcetera,
etcetera.
John Tripolsky (20:01):
Absolutely. Absolutely. And that's and
that's a great one too. Mean andas you mentioned there too,
Chris, it's we have a lot ofcontent on this stuff. So, yeah,
if anybody who's listening orwatching this, just search
everything that we have.
YouTube is a great a great toolfor that, but then also, you
know, podcasts, we have tons ofstuff.
Chris Picciurro, CPA (20:17):
You are correct. Number five. I always
say the HSA. Hey. The HSA, Ijust didn't give it enough
credit in the first fifteenyears to twenty years of my
career, sadly, just because Ithought it wasn't a huge
deduction.
Shame on me. Shame on me. TheHSA is your equivalent of a late
bloomer. It is really the bestof both worlds. You get a
(20:40):
deduction when you put the moneyinto a health savings account.
Oh, another acronym. I forgot,John. Hopefully, you got that
that jingle going. And the moneygrows tax free, and you can use
it for medical expenses down theroad and potentially roll it
into a Roth down the road as,you know, as well. So many, many
(21:04):
teachers are eligible for ahealth savings account.
Please deeply consider it. Manyteachers in their younger years
are very, very healthy and mightsay, I don't have medical
expenses. Why do I need to dothis? Contribute. Make sure you
get your employer match.
Let that grow tax free for youbecause at some point, you will
have medical expenses, and downthe road, it could be for
(21:26):
yourself, a spouse, or adependent. And guess what? If
you end up not having it, youcan use the money later anyway.
So please, we like to call HSAs,quote unquote, Stealth
retirement accounts. Back tomechanic.
Remember the Stealth? Wasn'tthat a Dodge vehicle back in the
day? Sporty?
John Tripolsky (21:43):
Yes. Dodge. Twin turbo all wheel drive, if I
remember I
Chris Picciurro, CPA (21:49):
just put one right in Johnny t's wheel
box there. He doesn't
John Tripolsky (21:51):
know. Was either that or the Talon. One of the
two. But I think it's just yeah.Man.
From the same era as Saved bythe Bell, by the way.
Chris Picciurro, CPA (22:01):
I know. We're going old school today. So
health savings account. So let'swrap them up. Five things.
Out of pocket classroomexpenses, student loan interest
deduction, educational credits,educational credits, which is a
lifetime learning credit, Rothcontributions, and health
savings account contributions.If you're a teacher, know a
teacher, love a teacher, marrieda teacher, share this with them.
(22:22):
Be a friend and share it with afriend.
John Tripolsky (22:25):
Awesome. Awesome. Great run through on
those, Chris. I know, you know,just getting into this, some
people again might have beenreally confused. They're like,
teaching teaching tax flow.
Teachers he had a lot of the thethe teach out there. But really,
when it all comes down to ittoo, yes, this obviously
applies. This content builtaround teachers, but there's a
lot of other things, a lot ofindustries, professions,
(22:47):
individuals, families, etcetera,that a lot of the same stuff
applies to. So check it out. Butas always too, we'll give the
little disclaimer.
Actually, Chris, I'll let youI'll let you give the
disclaimer. Who should they talkto if they have, you know, tax
questions specifically?
Chris Picciurro, CPA (23:00):
Obviously, they're gonna wanna talk to
their financial adviser and taxprofessional. Okay? That's
number one. If you don't havesomeone like that, it's very,
very simple. First step, jumpinginto feedingtaxes.com.
There's no cost to it. That'sour private Facebook group. We
have over 2,000 people in there.We we are very particular about
(23:21):
making sure that you are notspammed. It is a collaborative
effort.
Number two, go to the teachingtax flow hub. It's another free
resource. You could submit aninquiry to our team within one
business day. We're gonna reachout. It could be anything from,
I'm looking I need help with afinancial adviser.
(23:42):
I'm looking I I I have questionsabout estate planning. I'm I'm
more considering long term care.Anything finance and tax
related, we work tire tirelesslyto make sure that we help you
legally and ethically reduce thetax you pay in your lifetime and
reduce your stress becausestress is expensive. That's what
(24:04):
you should do, Absolutely.
John Tripolsky (24:06):
Absolutely. And definitely check out the hub as
Chris mentioned. Anythingrelated what we can help you
with, that is the best place todo it. The one thing that we
will not give you any advice onparticularly is Chris is not
gonna recommend a goodhairstylist to you. So don't,
don't bother putting in that,that submission to it.
But yeah, check it out. Let usknow how we can help you guys.
And as always here on theTeaching Taxable podcast, we
will see you next week.Different day. Actually, same
(24:27):
day, different date.
Maybe I'll change that a littlebit. Same day, different date,
completely different topic. Havea great week everybody.
Disclaimer (24:41):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment adviser.Securities are offered through
Cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(25:02):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
Hey, everyone, and welcome back to the Teaching
Tax Flow podcast episode 133today. We are diving into
teachers and taxes. So before wedo that, as always, let's take a
brief moment and thank ourepisode sponsor.
Ad Read (00:21):
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John Tripolsky (01:19):
Hey, everybody. Welcome back to the podcast
today. As you heard in theintro, we're gonna talk about
teachers and taxes. So two t's,not exactly the two t's that you
know from teaching tax flow, butthey still count. So without
further ado, Chris Pacquero,welcome back, sir.
How are doing?
Chris Picciurro, CPA (01:34):
I'm doing great, John. How are you doing?
John Tripolsky (01:36):
I'm doing good, man. I'm doing good. Obviously,
Easter was a little bit ago, sothat another holiday is behind
us. And as anybody knows with atoddler, holidays tend to turn
into a bigger ordeal sometimesthan they have to be, so I'm
doing alright. We're doing good.
Chris Picciurro, CPA (01:50):
Oh, I can't I this might sound awful
to say. I cannot tell you howhappy I am that we don't have
any toddlers. Love the ages thekids are now. Enjoyed each of
the each of those seasons. But,yeah, definitely different for
us, but enjoy it.
But it gets easier. You know? Itit's, I know I had a had a,
(02:12):
discussion with with my wifeabout, sometimes I'm called a
curmudgeon, but I just it's youknow, part of this is that it
doesn't matter if you're ifyou're a Christian, you
celebrate Easter, you celebrateother holidays, you know, but I
I sometimes get frustrated. AndI'm gonna sound like an old,
again, an old curmudgeon here.Right?
(02:33):
But, just I I hope that thespirit of the holiday doesn't
get masked by characters,baskets, elves on the shelves,
munches on the ledges, you know,all of that stuff. I I just
that's as I get a little older,I realize that there is, what we
(02:55):
are celebrating is very, veryimportant, and and sometimes,
you know, our society, justkinda makes things I don't know.
We we get away from from what'simportant, almost like a
baseball or a football game,John. You know, a tailgate
party's fun or the halftimeshow's fun. Right?
But we're all there to watch afootball game, aren't we? If
(03:17):
there was no football game,there'd be no no one's gonna
just go to a random parking lotand barbecue and play games if
there's no game to go to watch.The band's not gonna go on the
field during halftime and drawget the crowd excited if there's
no game to watch. So that's mylittle soapbox.
John Tripolsky (03:33):
Hey. You know what? It is it is almost like
taxes. Right? Like, some peoplethink like, oh, well, I will put
it off.
You know, it's something else orthe perception of things change.
And, I mean, this topicspecifically, right, we're
looking at teachers as aprofession Yes. And taxes. So,
like, why why are we here? Whywhy do these two obviously, we
know what they have to do witheach other.
But how is this different thanreally anybody else? Say, a
(03:56):
plumber, a car mechanic, aexecutive, etcetera. So how how
does this situation play out alittle bit different?
Chris Picciurro, CPA (04:03):
John, maybe we could do an episode on
mechanics and money one day.
John Tripolsky (04:07):
Oh, that'd be a good one.
Chris Picciurro, CPA (04:08):
Okay. How to fix
John Tripolsky (04:09):
your beep up.
Chris Picciurro, CPA (04:10):
So Few things. Nice. Nice. Few things
that we know. One of the laws ofteaching tax flow is that tax
agencies are our involuntarybusiness partner, meaning tax
laws are written to encourageand discourage certain behavior.
There are some rules within ourtax code that give some teachers
some well deserved benefits, acouple different deductions they
(04:31):
get that that the average workeror or a worker in a different
industry does not does notreceive, and they darn it, they
deserve it. Now, this one isnear and dear to my heart also,
because my wife is a teacher.Now she just moved into a new
role as a school council thisyear, but spent a good, good
(04:53):
portion of the last twenty yearsas a as a public school teacher,
specifically special ed. Andand, you know, John, you know, a
lot of times in our we are veryfortunate to be able to to be a
beacon really for tax planningand strategy, to be a the voice
of tax planning and strategy.That's what teaching tax flow
is.
But to do presentations not onlyto taxpayers, but also many
(05:16):
many, many other taxprofessional organizations. The
point is, and and you'reintimately involved in that, you
make all of the content lookamazing and the and the slide
decks look great. But we alwaystalk about how tax planning and
strategy is really foreverybody. You know? And I feel
like the lower to moderateincome households are the ones
that need it the most eventhough the majority of tax
(05:37):
planning and strategy, if youlook out there in the
marketplace, is geared towardsthe the higher asset, higher
income households.
In a lot of our case studies,John, we always use a teacher
because teachers are well known,especially early on in their
career, for really working sohard. I could tell you that that
teaching goes well, well beyondthat time in the classroom. It's
(06:00):
it's really a vocation. And andin the beginning of their
careers, they're not paid aswell as they are at at the end
of the career, and that makessense. Right?
Most most professions, your yourpay increases with the amount of
experience that you have. Mhmm.So when we think about teachers
and taxes, I thought, gosh. Notonly is my wife a teacher, but I
would bet anyone listening tothis anyone listening to this
(06:22):
has a teacher in their life thatimpacted their life. Even if
they weren't a straight astudent, even if they didn't
really love going to school.
Not all of my three childrenactually love go being a
student, but all of them havehad teachers that have impacted
them. Myself, personally, I'vehad teachers that have impacted
me. And, so if you're listeningto this, first of all, thank
(06:42):
you. Second of all, tag your taga teacher. Share this with the
teacher.
Show the appreciation you havefor them. And, even if they're
retired, man, they'd get a kickout of that. So so definitely do
that. John, do you remember yourfavorite teacher growing up?
John Tripolsky (07:00):
I don't know if I had a favorite, but I have a
lot that are memorable. Youknow, some unfortunately, some
of them, it's the things thatthey decided to do after I was
no longer a student that landedthem in somewhere besides a a
classroom. Let's put it that waywithout going into any detail.
But, yeah, there's a there's ahandful of them. Right?
I mean, it's and I and you knowwhat? Now that I think about it,
(07:21):
yeah, no favorites, butdefinitely ones that kinda
instilled the something I'mthinking of trying to cross a
couple on mirror. They reallyjust kind of help drive, like, a
train of thought. Right? Like,way that you think about things.
And really, most of them werewhen I was younger, not so much
in my older times. I guess I gotmore stubborn as it went along,
maybe.
Chris Picciurro, CPA (07:40):
Well, yeah, my favorite teacher ever
was my first grade teacher. So,anyway, let's talk about
teachers and taxes, becausethere are some there are some
special rules for teachers. And,also, when thinking about this
episode, I thought, man, there'ssome things that teachers could
really benefit from that they'renot really aware of. You know,
(08:01):
we already know that personalfinance tax is not taught as
much as it should be. There's aeffort right now to make
accounting a part of STEM andand making it more mainstream in
the educational world.
But as of right now, manyteachers are super smart at
doing teaching kids differentthings, but really don't know
(08:22):
much about finance and taxes. Solet's dive into it. And we've
identified four or fivedifferent things that teachers
should be aware of here. So solet's let's and, honestly, if
you are a teacher, I'll this ismy last soapbox. I mean, I'm not
gonna promise this is my lastjump on the soapbox.
Think about what we are.Ultimately, we are the voice of
(08:43):
tax planning, but we named thiscompany Teaching Tax Flow for a
reason. We believe in empoweringand educating taxpayers to
legally and ethically reduce thetax they pay in their lifetime.
If you you know, learning is alifetime activity, and I hope it
is. John, you I you know, Ilearn all the time.
(09:05):
You learn all the time. We aspeople that you we're always
learning different things withthis podcast, different
activities. I mean, every timewe go to an event, we we have so
many takeaways. We might learn anew app. We might learn a better
way to do things.
So learning is a is a lifetimeactivity, and and that formation
of learning has started withteachers. Ready to dive in?
John Tripolsky (09:26):
Let's do it, man. Let's do it. Alright.
Chris Picciurro, CPA (09:28):
Alright. Bell
John Tripolsky (09:29):
has rung. You know what? I'm gonna add a
little school bell. Right
Chris Picciurro, CPA (09:32):
Right here.
John Tripolsky (09:33):
Oh. Let's do it.
Chris Picciurro, CPA (09:34):
Say bye. How about oh. Rand, before we
jump in, who is your favoriteSaved By The Bell character,
John?
John Tripolsky (09:42):
Oh, man. I don't
Chris Picciurro, CPA (09:43):
know if it was Saved By The Bell is and
you're listening, first of all,congratulations that you're so
young and you are interested infinance. Second of all, go ask
your parents.
John Tripolsky (09:52):
Looks like having a Tamagotchi. Somebody
brought that up at, I think, achurch yesterday, and I'm like,
oh, yeah. Know what that is. Youknow what? I can't remember oh,
Kelly Kapowski.
Yeah, That was her full name,man.
Chris Picciurro, CPA (10:06):
She was she's my favorite also, strictly
for educational reasons, John.
John Tripolsky (10:11):
Of course. That was
Chris Picciurro, CPA (10:12):
the only reason. Right?
John Tripolsky (10:13):
Absolutely. Absolutely.
Chris Picciurro, CPA (10:14):
Oh, hey. You know what? We don't have the
similar taste in in in somethings, John, but we do have a
similar taste in our favoriteSaved by the Bell character.
John Tripolsky (10:22):
Absolute you know what? There we go, buddy.
We'll get matching t shirts oneday. This will work this will
work.
Chris Picciurro, CPA (10:26):
Kelly Kapowski fan club.
John Tripolsky (10:28):
There you go. There'll be a party of two. So
wherever we are, they'llpublicly say that. So we're
good.
Chris Picciurro, CPA (10:34):
Alright. Well, we'll transition to mister
Belding. Right? He wasn't eventhe principal. I guess he Yep.
Might have some of thesedeductions. So first one, first
thing when you're talking aboutteachers and taxes is there is a
federal tax deduction. Now inthe 2024 tax year, it's $300.
It's up to $600 if you'remarried and both are teachers.
(10:54):
You might say, that's kindaweird.
I have to tell you in doing inbeing in the tax world for many,
many, many years, it is verycommon that teachers actually
marry each other. And it makessense. Right? Because they might
have met, you know, in highschool or in college, and they
or maybe they were met, like,right you know, in those younger
years, formational years orearly in their career. So if you
(11:16):
have two this three it's up to a$300 deduction for your out of
pocket classroom expenses.
These are things that are likesupplies, books. It could be
software, something thatsomeone's using in their
classroom. Now I could promiseyou, as a husband of a teacher,
and my wife does like to shop.Right? We know this.
Anyone who listens to podcastknows that. You know, I I gave
(11:36):
her grief that, we didn't havean Amazon delivery one day, and
the driver stopped by to see ifshe was okay. But but for for
those that that do buy thingsfor the classroom, which is
pretty much every teacher, youcan deduct up to $300 in on on
your 2024 return. Usually, thatgets indexed for inflation. $600
of both spouses are teachers.
Now that's not a big, bigamount, but that's a nice little
(12:00):
tax deduction. Because,typically, if you're an employee
somewhere with the Tax Cuts andJobs Act, 99.9% of the time, you
cannot deduct your what arecalled unreimbursed employee
business expenses or what weused to call twenty one zero six
expenses. So if you're ateacher, definitely take
advantage of that out of pocketclassroom expense deduction.
Again, that deduction is abovethe line. What does above the
(12:22):
line mean?
It means that it's calculatedbefore we determine your AGI.
Now we have an acronym. So Iwonder if John made up his his
jingle yet. I don't know. I hopeso by the time this goes out.
A, adjusted gross income. Evenif you don't itemize your
deductions, you and take thestandard deduction, you can
(12:43):
deduct these out of pocketclassroom expenses. Couple other
things to consider. Some statesallow for these this deduction,
most of them that have a tax.And then some states offer
additional deductions likeCalifornia and New York.
So some of those higher taxstates that usually we kinda
throw under the bus, typically,they're gonna actually give you
(13:04):
maybe a little extra deductionfor those out of pocket
classroom expenses. So teachers,you deserve it. I think this
amount should be higher, butguess what? You have one little
nugget for yourself. The nextone.
Oh, by the way, you know, it'sfunny because we real story
(13:25):
here. We my my youngest loves ain a creature called axel, an
axolotl. John, you've gotten toknow these axolotls by visiting,
historic Franklin. And, we kindof felt we found out that
axolotls don't like to be alone,so we got a second axolotl for
the house. Well, you don't knowthe gender of these creatures.
(13:45):
They live in water. They'rekinda like a salamander until,
like, six to eight weeks intotheir life or some I don't
remember the exact one. Let'sjust put it this Down the road,
we had a lot of baby axolotls,John. Lot of baby lot of eggs.
So what happened was my wifegave one of the one of the
offspring to the science teacherat her school.
(14:08):
Then the science teacher wentand bought a tank and bought
food, and the the axolotl livesin the science room. So for
something like that you knowwhen you get those silly
questions like, hey. Can my petfood be a deduction? Well, guess
what? If you're a scienceteacher and you have a
salamander living in yourclassroom that the kids are
tracking and using as part ofyour con educational content,
(14:31):
absolutely, I feel that's a outof pocket classroom expense
deduction.
John Tripolsky (14:35):
Was I was wondering where you were gonna
go with that with the axolotlstory. But, hey. It's a good
good turn around there.
Chris Picciurro, CPA (14:40):
Well, you know, John
John Tripolsky (14:41):
Impressive.
Chris Picciurro, CPA (14:41):
You know, pretty much the answer for every
in every tax question, it'ssituationally dependent. Right?
Now for the axolotls that liveat our house, I'm not
comfortable deducting theexpenses for them because they
really are pets. And my wife'sthe school counselor now. But
but for the for the scienceteacher that has the offspring
Absolutely.
Alright.
John Tripolsky (14:59):
Let's just say that you consulted with them
previously to recording this,you know, and then they they get
a fee, right, for food.
Chris Picciurro, CPA (15:06):
Well, lucky for us, we we're way over
that $300 threshold for out ofpocket expenses every year, and
we would not need that axolotlexpense. Alright. Number two,
student loan interest deduction.Now we have, we have talked
about student loan interest onthis podcast previously. We
understand that there are incomephase outs, based on, your
filing status and that AGI,again, adjusted gross income.
(15:31):
Many teachers, especially earlyon in their career, do incur
student loan debt, and theystart paying on that student
loan, debt, you know, early intheir career. Now some of them
defer it, and there's a bunch ofother strategies with that. But
the point is up to $2,500 peryear of your student loan
interest can be deductible. Sothat's pretty good. Yeah.
(15:52):
And that is, again, a deductionthat is very, very common for
teachers. So make sure you'retaking the student loan interest
deduction if you are eligible.
John Tripolsky (16:03):
And, actually, Chris, if I can add to this
really quick, and I'll make thisvery brief.
Chris Picciurro, CPA (16:07):
Not. Because I've been talking
John Tripolsky (16:08):
a lot today. I had a very interesting question
that somebody asked me the otherday, and I felt smart because,
obviously, I knew the answer.But it it was interesting that
they asked this. They basicallysaid that and I don't know what
their their personal finance orI don't think it's supposed to a
business. But they said they hada student loan.
It was either a student loan ora business loan. And it sounded
(16:29):
to me like they hadn't madepayments in a while on it. And
they said, well, I still haveinterest occurring. I said,
well, you can't write offinterest, you know, accumulative
over a period of time. It'sinterest paid.
Right? Just to make that clearfor everyone.
Chris Picciurro, CPA (16:44):
Where did John get a statement that
John Tripolsky (16:45):
says that? But
Chris Picciurro, CPA (16:47):
Breaking out tax tax tips.
John Tripolsky (16:49):
Small. Small. I felt comfortable with that one
because I knew that answer. So
Chris Picciurro, CPA (16:54):
But that's actually a good point. I'm proud
of you. Yeah. I'm real proud ofyou. It's real nice here.
That yeah.
John Tripolsky (16:59):
People must think I know more than I do if
they're out there, you know,they're stopping asking me these
questions. It's it's good.
Chris Picciurro, CPA (17:03):
You know? Well, you know, you we know you
get recognized in public quiteoften, by the way. So, you know
but
John Tripolsky (17:10):
It's the beer. Yes.
Chris Picciurro, CPA (17:11):
You have to pay the student loan
interest. If it just accrues,it's not deductible yet. My
third out of five nuggets forthis podcast, many teachers go
back like my wife did and andpursue a master's degree for
many reasons. Careeradvancement, additional pay, you
wanna just like the educationaspect of it. But even after
(17:35):
you've you're past those firstfour years of college, you could
still be eligible for thelifetime learning credit.
That's up to a $2,000 credit peryear, and tuition and fees
qualify. Now books don't qualifyunless they're required, and
then there are some incomelimits and eligibility
requirements. And, again, youremember you, you know, if your
(17:57):
employer is paying for youreducation, for higher education,
then you can't double dip there.But, again, very, very common
that we see with teachers thatthey are pursuing a master's
degree, or even a PhD ordoctoral degree, and they're
still eligible for the LLC, notthe LLC that usually gets me
fired up. Limited liabilitycompany.
(18:18):
Many people call it limitedliability corporation. Yes. We
hear you. We don't like that.You're on Santa's bad list.
Speaking of speaking ofholidays, but the LLC, lifetime
of learning credit. So numberfour. Number four out of five.
Big mistake. And, John, you knowthis a lot from our, from our,
(18:41):
case studies.
How many times does a do ateacher start a new job right
out of college? They're making avery modest income. They're
probably in the 12% marginal taxbracket. They set up with their
employer the first day. Theyknow they should be putting away
into retirement.
They're excited about it. Theycheck that box and put the money
into a four zero three b programor something tax deferred
(19:05):
instead of doing the Roth? Well,if you're a teacher, especially
in your early years, I can'tencourage you enough to consider
putting money into a Roth fourzero three b four fifty seven
plan or I or or a Roth IRAinstead of the traditional.
Getting a 12% tax benefit today,but then having to pay tax on
(19:27):
that money way down in thefuture just doesn't make sense.
So please deeply considerputting money in your Roth
account, not a tax deferredaccount.
And and many school districtsallow this within their plan.
Now, typically, the schooldistrict or the school is going
to match you in into that taxdeferred portion of the account,
(19:49):
but you could put money into thetax after tax portion. So, John,
I know we have a lot of contenton Roths in general, but Roths
versus traditional tax deferredversus tax free, etcetera,
etcetera.
John Tripolsky (20:01):
Absolutely. Absolutely. And that's and
that's a great one too. Mean andas you mentioned there too,
Chris, it's we have a lot ofcontent on this stuff. So, yeah,
if anybody who's listening orwatching this, just search
everything that we have.
YouTube is a great a great toolfor that, but then also, you
know, podcasts, we have tons ofstuff.
Chris Picciurro, CPA (20:17):
You are correct. Number five. I always
say the HSA. Hey. The HSA, Ijust didn't give it enough
credit in the first fifteenyears to twenty years of my
career, sadly, just because Ithought it wasn't a huge
deduction.
Shame on me. Shame on me. TheHSA is your equivalent of a late
bloomer. It is really the bestof both worlds. You get a
(20:40):
deduction when you put the moneyinto a health savings account.
Oh, another acronym. I forgot,John. Hopefully, you got that
that jingle going. And the moneygrows tax free, and you can use
it for medical expenses down theroad and potentially roll it
into a Roth down the road as,you know, as well. So many, many
(21:04):
teachers are eligible for ahealth savings account.
Please deeply consider it. Manyteachers in their younger years
are very, very healthy and mightsay, I don't have medical
expenses. Why do I need to dothis? Contribute. Make sure you
get your employer match.
Let that grow tax free for youbecause at some point, you will
have medical expenses, and downthe road, it could be for
(21:26):
yourself, a spouse, or adependent. And guess what? If
you end up not having it, youcan use the money later anyway.
So please, we like to call HSAs,quote unquote, Stealth
retirement accounts. Back tomechanic.
Remember the Stealth? Wasn'tthat a Dodge vehicle back in the
day? Sporty?
John Tripolsky (21:43):
Yes. Dodge. Twin turbo all wheel drive, if I
remember I
Chris Picciurro, CPA (21:49):
just put one right in Johnny t's wheel
box there. He doesn't
John Tripolsky (21:51):
know. Was either that or the Talon. One of the
two. But I think it's just yeah.Man.
From the same era as Saved bythe Bell, by the way.
Chris Picciurro, CPA (22:01):
I know. We're going old school today. So
health savings account. So let'swrap them up. Five things.
Out of pocket classroomexpenses, student loan interest
deduction, educational credits,educational credits, which is a
lifetime learning credit, Rothcontributions, and health
savings account contributions.If you're a teacher, know a
teacher, love a teacher, marrieda teacher, share this with them.
(22:22):
Be a friend and share it with afriend.
John Tripolsky (22:25):
Awesome. Awesome. Great run through on
those, Chris. I know, you know,just getting into this, some
people again might have beenreally confused. They're like,
teaching teaching tax flow.
Teachers he had a lot of the thethe teach out there. But really,
when it all comes down to ittoo, yes, this obviously
applies. This content builtaround teachers, but there's a
lot of other things, a lot ofindustries, professions,
(22:47):
individuals, families, etcetera,that a lot of the same stuff
applies to. So check it out. Butas always too, we'll give the
little disclaimer.
Actually, Chris, I'll let youI'll let you give the
disclaimer. Who should they talkto if they have, you know, tax
questions specifically?
Chris Picciurro, CPA (23:00):
Obviously, they're gonna wanna talk to
their financial adviser and taxprofessional. Okay? That's
number one. If you don't havesomeone like that, it's very,
very simple. First step, jumpinginto feedingtaxes.com.
There's no cost to it. That'sour private Facebook group. We
have over 2,000 people in there.We we are very particular about
(23:21):
making sure that you are notspammed. It is a collaborative
effort.
Number two, go to the teachingtax flow hub. It's another free
resource. You could submit aninquiry to our team within one
business day. We're gonna reachout. It could be anything from,
I'm looking I need help with afinancial adviser.
(23:42):
I'm looking I I I have questionsabout estate planning. I'm I'm
more considering long term care.Anything finance and tax
related, we work tire tirelesslyto make sure that we help you
legally and ethically reduce thetax you pay in your lifetime and
reduce your stress becausestress is expensive. That's what
(24:04):
you should do, Absolutely.
John Tripolsky (24:06):
Absolutely. And definitely check out the hub as
Chris mentioned. Anythingrelated what we can help you
with, that is the best place todo it. The one thing that we
will not give you any advice onparticularly is Chris is not
gonna recommend a goodhairstylist to you. So don't,
don't bother putting in that,that submission to it.
But yeah, check it out. Let usknow how we can help you guys.
And as always here on theTeaching Taxable podcast, we
will see you next week.Different day. Actually, same
(24:27):
day, different date.
Maybe I'll change that a littlebit. Same day, different date,
completely different topic. Havea great week everybody.
Disclaimer (24:41):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment adviser.Securities are offered through
Cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(25:02):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
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