Taxes and DH

[midaycare]

So my DH does pretty well in his job and I'm wondering if the daycare will help us out on our taxes?

Everyone always says the deductions you get from having a daycare are so good, but how does that play out? Just for my income, or does it help both of us on our taxes?

TIA

[TomCopeland]

So my DH does pretty well in his job and I'm wondering if the daycare will help us out on our taxes?

Everyone always says the deductions you get from having a daycare are so good, but how does that play out? Just for my income, or does it help both of us on our taxes?

TIA

Money you earn doing child care will increase your taxes. It won't lower your husband's taxes. But, this is a good thing for your family, because you will be bringing in more money to your family after you pay your taxes.

You will be able to deduct a portion of many expenses that your family already pays for (property tax, mortgage interest, utilities, house insurance, house repairs, household items and supplies). This will help reduce your taxes which means you will keep more money that you earned.

[midaycare]

Money you earn doing child care will increase your taxes. It won't lower your husband's taxes. But, this is a good thing for your family, because you will be bringing in more money to your family after you pay your taxes.

You will be able to deduct a portion of many expenses that your family already pays for (property tax, mortgage interest, utilities, house insurance, house repairs, household items and supplies). This will help reduce your taxes which means you will keep more money that you earned.

Thank you Tom - I worded that very poorly. Yes, I was wondering if we will be able to keep more money from what we currently pay into taxes. Sounds like we probably will.

[MarinaVanessa]

Thank you Tom - I worded that very poorly. Yes, I was wondering if we will be able to keep more money from what we currently pay into taxes. Sounds like we probably will.

I recommend Tom Copeland's Family Child Care Record Keeping guide. It explains EVERYTHING about what you can claim as a deduction and how to do it :)

[midaycare]

I recommend Tom Copeland's Family Child Care Record Keeping guide. It explains EVERYTHING about what you can claim as a deduction and how to do it :)

I have it, as well as most of his other guides :). I was just wondering if having a daycare helped anyone out on their taxes, from the deductions you can claim.

[rebekki78]

I do not get any more back on my tax return, in fact, because I don't pay anything in, we received a little less then the amount we got back when I was working at a factory. But we also claim 4 children, so that helps.

My tax preparer stated it this way: Because we have so many children to claim and we get so much back, any amount that I would have needed to pay in will just come off of that amount that we receive back, so I should never have to worry about paying in until our children grow up.

I know other providers who are licensed for a group home and have no children who pay quarterly taxes since they would owe so much at the end of the year. So it totally depends on your situation.