Make Sure To Save Your Receipts While Back To School Shopping
The Louisiana Department of Revenue says there will be another sales tax holiday on Friday, August 1 and Saturday, August 2.
LDR reminds residents that not only will they be able to get an exemption of the 4 percent state sales tax on those two days, but your purchases might also be eligible for a state tax deduction.
Items like books, uniforms, supplies and equipment required by your child's school will be exempt from the 4 percent tax during the sales tax holiday. Purchases made during the year may also be eligible for a tax deduction, so LDR officials encourage you to save your receipts.
Revenue Department Spokesman Byron Henderson says there are three income tax breaks that are available under the Louisiana School Tuition and Expense Deductions:
Income Tax Deduction for Elementary and Secondary School Tuition - Allows an income tax deduction for amounts paid during the year for tuition and fees at a qualifying nonpublic elementary or secondary school. The deduction is for 100 percent of qualified expenses paid per dependent, limited to $5,000 per dependent.
Income Tax Deduction for a Quality Public Education – Allows an income tax deduction for the following expenses for a dependent enrolled in a public elementary or secondary school:
Purchases of school uniforms required by schools for general day-to-day use
Purchases of textbooks, curricula or other instructional materials required by schools
Purchases of school supplies required by schools
Henderson says the deduction is 50 percent per dependent of qualified expenses.
Income Tax Deduction for Home-Schooling Expenses – Allows an income tax deduction for amounts paid for the purchase of textbook and curricula necessary for home-schooling. The deduction is for 50 percent of qualified expenses paid per dependent, limited to $5,000 per dependent.
Save your receipts for when you are filing you 2014 Louisiana Income Tax Return.
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