Daycare.com Forum

Daycare.com Forum (https://www.daycare.com/forum/index.php)
-   Daycare and Taxes (https://www.daycare.com/forum/forumdisplay.php?f=8)
-   -   New Daycare with Mom/Filing Taxes Issues? (https://www.daycare.com/forum/showthread.php?t=89494)

deartasia 05-16-2018 09:15 PM

New Daycare with Mom/Filing Taxes Issues?
 
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.

Cat Herder 05-17-2018 04:49 AM

Would this be a center or in-home? Who owns the building?

deartasia 05-17-2018 07:09 AM

Quote:

Originally Posted by Cat Herder (Post 674879)
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".

TomCopeland 05-17-2018 11:53 AM

partners?
 
Quote:

Originally Posted by deartasia (Post 674871)
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

deartasia 05-20-2018 08:09 PM

Quote:

Originally Posted by TomCopeland (Post 674941)
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


All times are GMT -7. The time now is 10:26 PM.