16 Income Tax Changes Coming in 2023

The Good News

A bigger deduction for teachers

Since 2002, teachers had the possibility to deduct up to $250 of classroom expenses, and we’re talking here for those expenses for which they weren’t reimbursed, such as books, supplies, and equipment that they used in the classroom and paid for out of their pockets.

But as the 2022 tax year will start, the maximum amount of this deduction will increase for the first time to $300. This won’t be a change that applies only for one tax year, so the deduction will add up to $300 for 2022 and beyond.

If you’re curious to find out more, you can always check the IRS announcement on this matter.