Tax Reform Bill
I know it wouldn't effect this year, but does anyone have any insite as to if the changes being proposed for the tax overhaul will change our ability to deduct for our small business/self employment expenses?
The loss of deductions is just for personal not for self employment, right? Please tell me I'm right. |
Tax reform?
Originally Posted by Vesta: |
Thank you for replying.
I'm just feeling kind of twitchy about it. I like to worry about things well in advance. It's super useful:o |
K. When will your blog piece be up, Tom? We got the following msg forwarded from NAEYC this morning about additional documentation required for the EITC. It's a bit baffling, because the IRS already requires tons of documentation.
************************************* What's at stake? If this idea becomes law, family child care providers who claim the EITC will have to meet the additional burden of providing documents and records to substantiate their income from self-employment. Some family child care providers who are eligible to claim the EITC may have their claims reduced or denied if the records they produce do not satisfy IRS auditors. Even if they end up receiving the credit, their refund may be significantly delayed - both because their EITC claim involves IRS review of additional documentation, and because IRS agents will have to put more effort into processing EITC claims by other self-employed tax filers. This may result in families losing access to an important tax benefit that helps them make ends meet and support their children. ************************************* Sincerely, Mary Beth and the NAFCC team |
We're getting a call to action from the NAEYC to call representatives, but it's not clear in their email what the other documentation is, and how bad it would be. No details.
|
From what I read it sounds like we might have to provide receipts, credit card statements, client list and when they used services with their contact info. This is only if claiming EIC.
|
Earned Income Credit
Originally Posted by Mom2Two: |
All times are GMT -7. The time now is 04:05 PM. |