Save receipts for school supplies!

School Talk

By Ben Barton, Superintendent of Schools

Many parents have or will be spending hours going store-to-store trying to find those specific items listed on school supplies list. I am sure that some parents find great joy in this time honored tradition and for others it causes great anxiety. A survey recently conducted by Deloitte concluded that parents on average spend $500 per child on school shopping. This number includes clothing, supplies, and electronics. Our hope is that Caledonia Area Public School Parents will spend less than the norm as a result of students in grades 4 through 12 receiving an iPad. The migration to an electronic environment means less folders, notebooks, pens, planners, calculators, etc. Regardless, parents in our community will be spending plenty on school supplies.  There is a “silver lining”.  School supplies are tax deductible!

Minnesota Revenue offers two valuable tax benefits for parents who purchase school supplies for their K-12 students, the K-12 Education Credit and Subtraction. These benefits can reduce parents’ taxes to increase their refund, but is only available for those who keep their receipts. Purchases for most school supplies, field trips, and musical instruments for school band are eligible.

Most Minnesota parents qualify for the K-12 subtraction, which reduces their taxable income. Parents under certain income limits may also qualify for the K-12 credit, which can refund up to 75% of their costs – even for parents who don’t owe any taxes.

For additional details, I encourage you to contact your accountant or visit the Minnesota Revenue website for details.