H.R. 1054 aims to amend the Internal Revenue Code to increase the tax deduction available to elementary and secondary school teachers for certain expenses. Specifically, it proposes raising the deduction limit from $250 to $1,000 for eligible educators. This change is...
Simple Explanation
H.R. 1054 is a plan that wants to let teachers keep more of their money by allowing them to claim up to $1,000 instead of just $250 for things they buy for their classrooms, like supplies. This change will start for anyone who files taxes after 2025.