TEACHERS BEWARE!!!

Okay I'm driving in to work this morning listening to the radio and they mentioned something I had not heard of that affects teachers so I thought I would pass it along as much as I can so those of you who are teachers will be aware of this change. (I know that was a horrible run on - teacher's don't shoot me!)

The IRS has implemented a new law on those who have annualized salaries. I had no clue what that was but it was explained that in the example of a teacher they work 9 months and can either opt to receive payments for those 9 months or have it paid out over 12 months.

Well for those of you who opt to have it paid out over 12 months will receive a new 20% tax. That's right 20%!!!!!!

The DJ's on Mix 102.9 (Dallas station) said they were watching the news last night (I believe they mentioned Fox 4) and saw this. In the news segment they went to the Dallas IRS to get more information on it and they had no clue of this new tax!

And supposedly you can waive this new tax but you have to fill out a form BEFORE the school year starts. If you fill it out after the school year starts there are penalties involved. When the news called the IRS to ask what type of form should be used they didn't know if there was an "official" one that had been approved yet. Boy they have it together huh?

Sorry I've not done any research on any of the above details. I just sat down at my desk and thought I would share what they mentioned. I know that Mix 102.9 was getting calls from some teachers who potentially knew about this so maybe they might put something on their website later. Otherwise, if you're a teacher - you might want to do some research before the new season begins!

~ Wolf Lover Girl