Just a little rant...
I pay my local/state/federal taxes. Why is there no deduction for homeschool expenses? Or private school for that matter? Why do I have to spend 7.5% of my income to deduct medical expenses (for instance, private insurance premiums not paid for by employer... and therefore not paid pre-tax).
end rant. :/
Being able to deduct HS/private school expenses would be different than only those who use PS pay for it. Individual income taxes don't support the school anyway. Most school money comes from local/state taxes (property, state income tax etc).
I just think if educators can deduct their expenses for teaching kids, why can't I deduct my expenses for teaching mine? No one funds homeschool other than the parents/family. The money spent on education shouldn't be counted toward taxable income. That's what a deduction is... something that subtracts from your taxable income. So if I deducted $500 for HS supplies, my taxable income would go down. Sounds like small change but for those who itemize (me) every dollar helps.
The public schools are strugglingalready...If they subtracted fund for those that don't use their services they would be bankrupt.
We have to pay into the public schools where I live through taxes whether we have kids in public schools or not. However, public schools don't get additional funds from the state for kids who are homeschooled or private-schooled - as it should be. Rhetorically, why would they get money for kids who aren't in the system?
It sure would be nice to get an education deduction - and that doesn't have to come with any more strings than other deductions that lower taxable income (camp, medical, general, daycare, etc.). If all I had to do was save and submit my receipts as proof of purchase in the unlikely event of an audit, it wouldn't be a problem. We already save meaningful receipts. Educational expenses would just warrant another folder.
February 9 at 9:09 PM
I don't want one. That just means more control on what we should do as home-schoolers. No thank you!