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The IRS is bumping up the tax deduction limit for the amount of money school teachers spend on school supplies. Starting this year, educators can deduct up to $300 of out-of-pocket classroom expenses, up from $250. It's the first increase in 20 years. The agency says the limit will rise in $50 increments in future years based on inflation adjustments. Eligible teachers include those in K through 12, principals, aides or counselors who spend more than 900 hours at school during the academic year.