Q: I’m starting the kids’ school shopping now, and I heard I can deduct K-12 school supplies for my kids on my taxes, is that true?
A: Actually, it is. To qualify, parents must have made the purchases in 2017 and the child must be attending Kindergarten through 12th grade at a public, private or home school. Most school supplies could qualify for the K-12 tax benefit on your Minnesota tax return. But you MUST keep the receipts for these purchases! Also, there are income limitations depending on the number of children in school. Most expenses paid for educational instruction or materials qualify; including paper, pens, notebooks, textbooks, rental or purchases of educational equipment such as musical instruments, computer hardware, educational software, after-school tutoring and educational summer camp taught by a qualified instructor. Backpacks and sport cases are not included.
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Taxes, Investments, Business and maybe a little more. Sandy Flom Faribault CPA.