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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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05-20-2018 08:09 PM
deartasia
Quote:
Originally Posted by TomCopeland View Post
This is very tricky and would advise talking with a tax professional and a lawyer before moving forward. You either have to establish a formal partnership and file it with the state, or have the owner of the house hire the other person or set up a corporation. In the end, I believe the best option is to have the owner of the house hire the other person. Call me at 651-280-5991 for more feedback. I don't charge anything for answering questions. See also my article:http://tomcopelandblog.com/thing-informal-partnership

Thank you very much!
I appreciate your advice
05-17-2018 11:53 AM
TomCopeland
Quote:
Originally Posted by deartasia View Post
I'm planning on opening a Daycare with my mother, July 2018. We are going into this business as partners, 50/50, so my concern is how would we claim certain things as total income, write offs when filing taxes next year? We are both married and file jointly with our husbands.

If anyone has any experience or knowledge regarding this matter, it would be greatly appreciated.
This is very tricky and would advise talking with a tax professional and a lawyer before moving forward. You either have to establish a formal partnership and file it with the state, or have the owner of the house hire the other person or set up a corporation. In the end, I believe the best option is to have the owner of the house hire the other person. Call me at 651-280-5991 for more feedback. I don't charge anything for answering questions. See also my article:http://tomcopelandblog.com/thing-informal-partnership
05-17-2018 07:09 AM
deartasia
Quote:
Originally Posted by Cat Herder View Post
Would this be a center or in-home? Who owns the building?
In home. She owns the home. I pay all utilities, major and minor repairs, upgrade large appliances, etc...

This forum has been a beacon of wisdom and is making me think about a few things before it's "too late".
05-17-2018 04:49 AM
Cat Herder Would this be a center or in-home? Who owns the building?
05-16-2018 09:15 PM
deartasia I'm planning on opening a Daycare with my mother, July 2018. We are going into this business as partners, 50/50, so my concern is how would we claim certain things as total income, write offs when filing taxes next year? We are both married and file jointly with our husbands.

If anyone has any experience or knowledge regarding this matter, it would be greatly appreciated.

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