Flexible Education Spending Accounts?

Smrt Mama — Sat, 20 Feb 2010 02:31:42 +0000

Homeschoolers vary pretty widely on opinions over the topic of whether or not homeschoolers should receive a tax exemption (since their children don’t go to public schools) or tax deduction (for materials costs). Some fear a tax exemption could lead to tighter regulation of what constitutes legal and acceptable homeschooling. Some feel it’s necessary to offset the additional incurred costs of homeschooling. I can see the concerns on both sides of the aisle.

What if, instead of homeschooling affording you an exemption or deduction, you could set up a flexible education spending account at the beginning of each year, just like you can currently do with medical expenses? The money you put in would be pre-tax, anyone with a school-aged child could set one up (homeschooling or not), and certain items would be considered “educational,” just like they currently are for Georgia’s tax-exempt weekends. You’d either make your purchases through pre-approved vendors/publishers of educational materials (those vendors or publishers could apply to be on your FESA’s approved vendors list just like pharmacies/med. supply vendors do now) or you would send in your receipts afterwards.

Books/curricula, educational software, and basic school supplies could be included. It could be a good way to help offset the cost without creating a lot of additional regulation for homeschoolers.

Thoughts?

Smrt Lernins » thoughts from the peanut gallery?

Flexible Education Spending Accounts?