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Forum: Daycare and Taxes 06-06-2020, 03:56 PM
Replies: 0
Views: 139
Posted By Daycarefamily
High Net Worth and Taxes

https://www.advisorperspectives.com/articles/2020/06/02/irs-fails-to-pursue-thousands-of-rich-tax-cheats-watchdog-says.
Forum: Daycare and Taxes 05-23-2020, 07:48 PM
Replies: 1
Views: 155
Posted By Daycarefamily
EIDL Loan Interest Deduction

If I use 100% of my EIDL loan towards payroll, is the interest 100% deductible or is is subject to time/space %?
Forum: Daycare and Taxes 05-23-2020, 07:42 PM
Replies: 37
Views: 1,020
Posted By Daycarefamily
Update. We received $2,000 EIDL Grant. We...

Update.

We received $2,000 EIDL Grant.
We received $24,600 EIDL loan.

We received the EIDL loan after the PPP loan. Not sure if we can roll it in to the PPP now. Anyone attempt this?

We...
Forum: Daycare and Taxes 05-23-2020, 07:30 PM
Replies: 9
Views: 580
Posted By Daycarefamily
Hi, is that interest expense 100% deductible...

Hi, is that interest expense 100% deductible considering its a business loan?
Forum: Daycare and Taxes 05-03-2020, 12:56 PM
Replies: 37
Views: 1,020
Posted By Daycarefamily
How is Everyone's Luck with EIDL, PPP, Unemployment?

We applied for the EIDL grant/loan on 3/30 first thing in the morning, still haven't got anything. SBA reps told us there was issues with the forms submitted on 3/29 and 3/30. They suggest to be...
Forum: Daycare and Taxes 04-18-2020, 07:19 PM
Replies: 9
Views: 594
Posted By Daycarefamily
We are in NH. EIDL - nothing PPP - zip ...

We are in NH.

EIDL - nothing
PPP - zip
PUA - nada
Stimulus check - nil

We have two customers left, for now.

We figure we will get something by the time the shut-down is lifted, we will...
Forum: Daycare and Taxes 04-12-2020, 05:54 PM
Replies: 3
Views: 397
Posted By Daycarefamily
I just noticed you replied today, EASTER! Happy...

I just noticed you replied today, EASTER! Happy Easter to you and your family and thanks for going above and beyond!
Forum: Daycare and Taxes 04-12-2020, 05:39 PM
Replies: 5
Views: 564
Posted By Daycarefamily
Check this out: ...

Check this out:

https://www.uc.pa.gov/COVID-19/CARES-Act/Pages/PUA-FAQs.aspx

If this is done universally they you should be good retro to January!!
Forum: Daycare and Taxes 04-12-2020, 05:31 PM
Replies: 4
Views: 419
Posted By Daycarefamily
If I had to guess on what I've read, they deny...

If I had to guess on what I've read, they deny you at the state level then you get approved under PUA.

https://www.uc.pa.gov/COVID-19/CARES-Act/Pages/PUA-FAQs.aspx.

Sadly the PUA is...
Forum: Daycare and Taxes 04-12-2020, 05:22 PM
Replies: 3
Views: 397
Posted By Daycarefamily
Thanks for the reply. We would never have made...

Thanks for the reply. We would never have made it in this business without your books and advice, online and especially with the tax review you offer! We do appreciate your hard work.
Forum: Daycare and Taxes 04-11-2020, 04:37 PM
Replies: 3
Views: 397
Posted By Daycarefamily
Questions about Stimulus/Cares/SBA

Some rumors i've read online that hope others can chime in on.
1. SBA eidl grant is $1k for each business + $1k per employee.
2. SBA eidl grant will take weeks to process even though congress...
Forum: Daycare and Taxes 04-19-2019, 06:12 PM
Replies: 23
Views: 1,580
Posted By Daycarefamily
t/s

mine was 37%. Everyone needs to read Tom Copeland's audit archives to see what gets you audited. Practice aggressive tax avoidance NOT evasion/fraud.
http://tomcopelandblog.com/irs-auditsdocuments
Forum: Daycare and Taxes 04-19-2019, 06:05 PM
Replies: 5
Views: 932
Posted By Daycarefamily
Hi home costs

Also if you own an expensive home this can help a great deal!!
Forum: Daycare and Taxes 04-19-2019, 06:04 PM
Replies: 5
Views: 932
Posted By Daycarefamily
Do you have kids

Employing your kids under 18 can really help. IRS doesn't like it but if you do it properly they will leave you alone.
Forum: Daycare and Taxes 04-05-2019, 05:40 PM
Replies: 3
Views: 930
Posted By Daycarefamily
Worth it

It's very worth it. I found out that I actually had been audited via correspondence two or three years ago, he explained the process and suggested that I'm likely in the clear considering they never...
Forum: Daycare and Taxes 03-31-2019, 05:14 PM
Replies: 3
Views: 930
Posted By Daycarefamily
Tax review by Tom Copeland

Not sure if everyone is aware but Tom Copeland will review your tax returns if you are a member of Kidcare and The Child Care Business partnership. I emailed him my business returns, he replied with...
Forum: Daycare and Taxes 03-23-2019, 09:56 AM
Replies: 1
Views: 770
Posted By Daycarefamily
Home Back-Up Generator

If I install a home backup generator that costs more than $2500, can this be depreciated in one year or is it considered a home improvement?
Forum: Daycare and Taxes 02-10-2019, 09:40 AM
Replies: 4
Views: 699
Posted By Daycarefamily
So then it is $400k. Thank you for clearing that...

So then it is $400k. Thank you for clearing that up.
Forum: Daycare and Taxes 02-09-2019, 05:02 PM
Replies: 2
Views: 682
Posted By Daycarefamily
Thank you for the insight.

Thank you for the insight.
Forum: Daycare and Taxes 02-09-2019, 04:58 PM
Replies: 4
Views: 699
Posted By Daycarefamily
So the 2017 phaseouts do apply in 2018!! There...

So the 2017 phaseouts do apply in 2018!! There is alot of bad information online. Some online sites are saying that 2018 phaseouts are $400k for married filing jointly. Thanks you for the...
Forum: Daycare and Taxes 02-09-2019, 02:40 PM
Replies: 2
Views: 682
Posted By Daycarefamily
pg #159 of Toms Tax Workbook

On pg #159, it states that its unreasonable to pay your child $6,000 if business profit is $15,000. I don't see anywhere in Tom Copeland's audit archives where this has been an issue. Has anyone...
Forum: Daycare and Taxes 02-09-2019, 02:05 PM
Replies: 4
Views: 699
Posted By Daycarefamily
pg 141 Of Tom Copeland's Tax Workbook

Says the child tax credit phases out under 2017 levels but it has been increased for 2018.
Forum: Daycare and Taxes 02-09-2019, 05:43 AM
Replies: 1
Views: 616
Posted By Daycarefamily
Form 3115

I've never bothered capturing depreciation using form 3115 due to the fact that I never owe enough taxes to make it worth it. In an audit, can a taxpayer try to recover past allowable deductions to...
Forum: Daycare and Taxes 02-09-2019, 05:34 AM
Replies: 3
Views: 799
Posted By Daycarefamily
Hiring Tom Copeland for an Audit

Hi. I have done my own taxes for 20 years and never been audited. I have heard too many horror stories from people who use "professionals" that make stupid mistakes probably because tax season is...
Forum: Daycare and Taxes 01-28-2019, 05:18 PM
Replies: 2
Views: 694
Posted By Daycarefamily
You are the best, thank you!!

You are the best, thank you!!
Forum: Daycare and Taxes 01-28-2019, 05:16 PM
Replies: 2
Views: 711
Posted By Daycarefamily
Thank you!!

Thank you!!
Forum: Daycare and Taxes 01-28-2019, 05:14 PM
Replies: 2
Views: 689
Posted By Daycarefamily
Thank you!!

Thank you!!
Forum: Daycare and Taxes 01-27-2019, 06:11 PM
Replies: 2
Views: 694
Posted By Daycarefamily
Purchasing Supplies

My spouse is the only person listed as an owner of the daycare business. If I purchase supplies for the business can the IRS gig that in an audit? E.G. I purchase something off of Amazon and the...
Forum: Daycare and Taxes 01-27-2019, 03:21 PM
Replies: 2
Views: 711
Posted By Daycarefamily
Replacing a 15 Year Old Driveway

Hi. Our existing driveway is too beat up to repair so we are planning to replace it this summer. Will this be considered a home improvement or maintenance? Its my understanding that a...
Forum: Daycare and Taxes 01-27-2019, 03:14 PM
Replies: 2
Views: 689
Posted By Daycarefamily
Standard Deduction and Form 8829

Hi. My spouse and I have always itemized on our joint returns. We will likely use the standard deduction in tax year 2018 on our 1040. Can we still deduct mortgage interest and taxes on 8829...
Forum: Daycare and Taxes 01-09-2018, 08:00 AM
Replies: 2
Views: 1,321
Posted By Daycarefamily
Hi, New Here With A Tax Question

Hi, husband of a family of six. Wife runs a residential day care with the help of our four daughters. I do the legal, tax and policy admin for the business.

If I take a business deduction for...
Showing results 1 to 31 of 31

 
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