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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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Topic Review (Newest First)
02-07-2019 10:38 AM
tenderhearts ok thank you
02-06-2019 03:45 PM
TomCopeland
Quote:
Originally Posted by tenderhearts View Post
I was curious if when I ever decide to close my daycare if I will be having to pay back a lot in taxes for all of the deductions I have taken for our home? I'm really afraid of that.
The only time you will have to pay back some of the deductions you claimed is the depreciation you claimed (or were entitled to claim) on your home, and any deductions you took using the Section 179 rule (and you went out of business before the end of the depreciation period.)
02-06-2019 12:32 PM
tenderhearts I was curious if when I ever decide to close my daycare if I will be having to pay back a lot in taxes for all of the deductions I have taken for our home? I'm really afraid of that.

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