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Forum: Daycare and Taxes 10-27-2018, 04:55 PM
Replies: 2
Views: 139
Posted By TomCopeland
Warranty

You can deduct your time-space% of warranties on appliances and the service charge. These are considered "ordinary and necessary" for your business.
Forum: Daycare and Taxes 10-24-2018, 01:57 PM
Replies: 10
Views: 1,487
Posted By TomCopeland
suppies

Yes! Not a problem to do so.
Forum: Daycare and Taxes 10-23-2018, 09:42 AM
Replies: 2
Views: 73
Posted By TomCopeland
start up expenses

It doesn't matter where you put these expenses on Schedule C as long as your start-up expenses were less than $5,000.
Forum: Daycare and Taxes 10-23-2018, 09:41 AM
Replies: 2
Views: 107
Posted By TomCopeland
printer

If you use it 100% for your business (never, ever any personal use), then deduct 100% of the cost. No need to track for 2 months. What you do want to track for 2 months is the hours you spend working...
Forum: Daycare and Taxes 10-23-2018, 09:40 AM
Replies: 10
Views: 1,487
Posted By TomCopeland
Expenses

Depends. If you use the cleaning supplies for business and personal purposes, then use your time-space%. Some providers have children of their own, so their toys would also be time-space%. It all...
Forum: Daycare and Taxes 10-23-2018, 09:39 AM
Replies: 2
Views: 79
Posted By TomCopeland
Expenses

If you are using Direct TV and Netflix with the children, then claim your time-space% of these expenses. Yes, $25 per child or parent. If you give a gift that is opened by the child in your home and...
Forum: Daycare and Taxes 10-11-2018, 12:15 PM
Replies: 9
Views: 10,062
Posted By TomCopeland
Llc

Yes, you can set up an LLC as an S or C corporation. It only makes sense to do this if you are making a lot of money. That's because if you are the employee of the corporation the corporation will...
Forum: Daycare and Taxes 10-09-2018, 10:37 AM
Replies: 4
Views: 146
Posted By TomCopeland
Turbo Tax

Yes, family child care is a home office. When you enter your house expenses as a provider Turbo Tax will split your property tax and mortgage interest between Form 8829 and Schedule A (itemizing)....
Forum: Daycare and Taxes 09-23-2018, 02:46 PM
Replies: 3
Views: 272
Posted By TomCopeland
education expenses

Yes, if you are not trying to get a first post secondary degree, the classes would be deductible.
Forum: Daycare and Taxes 09-22-2018, 08:26 AM
Replies: 3
Views: 272
Posted By TomCopeland
If you already have a post secondary degree, you...

If you already have a post secondary degree, you can deduct 100% of the cost of the AA degree in ECE. If you don't have a post secondary degree, you can't deduct any of the cost. See my article for...
Forum: Daycare and Taxes 09-21-2018, 02:07 PM
Replies: 6
Views: 588
Posted By TomCopeland
tracking hours

You do want to keep at least 2 months of careful records tracking all the hours you work in your home doing business activities. Use the average of these two months for the rest of the year. This...
Forum: Daycare and Taxes 08-27-2018, 10:18 AM
Replies: 13
Views: 958
Posted By TomCopeland
standard deduction

Assuming your itemized deductions are above $24,000 (the amount you can claim as a standard deduction for married couples), then are better off itemizing. This will still have no impact whatsoever on...
Forum: Daycare and Taxes 08-24-2018, 02:21 PM
Replies: 13
Views: 958
Posted By TomCopeland
standard deduction

Taking the standard deduction does mean not be able to claim as personal expenses property tax, mortgage interest, medical expenses, charitable contributions and all other expenses that used to show...
Forum: Daycare and Taxes 08-24-2018, 02:19 PM
Replies: 1
Views: 133
Posted By TomCopeland
time-space% in summer

You have a choice. Count all the hours you work in your home during this time doing things such as cleaning, activity preparation, etc. Your time-space% will be lower, but then apply it to 12 months...
Forum: Daycare and Taxes 08-22-2018, 10:42 AM
Replies: 3
Views: 285
Posted By TomCopeland
damage

You essentially agree with me. Damage directly caused by children (broken windows, fan lights) can be 100% deducted. Wear and tear over the years, I would argue is not 100% business, because you are...
Forum: Daycare and Taxes 08-21-2018, 10:43 AM
Replies: 3
Views: 285
Posted By TomCopeland
damaged blinds

I'd deduct your time-space% of the cost of the blinds because the damage was caused over a long period of time. If they were broken all at once, I'd deduct 100% of the cost. There is no written rule...
Forum: Daycare and Taxes 08-16-2018, 12:18 PM
Replies: 13
Views: 958
Posted By TomCopeland
Food Program

The higher personal standard deduction has nothing to do with the Food Program. That is, you must always claim the CACFP reimbursements as income (except for those received for your own eligible...
Forum: Daycare and Taxes 08-15-2018, 08:51 PM
Replies: 13
Views: 958
Posted By TomCopeland
withholding

The standard deduction for a single person this year is $12,000. So, if you paid your son less than this, he won't owe income taxes on it. If he is under age 18 you won't owe any Social...
Forum: Daycare Center and Family Home Forum 08-15-2018, 09:54 AM
Replies: 61
Views: 2,033
Posted By TomCopeland
Discrimination?

If you are consistently enforcing your late pick up, by terminating other families who are constantly late, then by terminating a family whose child has a disability for being consistently late is...
Forum: Daycare and Taxes 08-15-2018, 09:51 AM
Replies: 13
Views: 958
Posted By TomCopeland
2018 tax changes

The higher standard deduction means many fewer providers will itemize their personal expenses on Schedule A. Providers will still be able to claim the business portion of property taxes and mortgage...
Forum: Daycare Center and Family Home Forum 08-13-2018, 11:53 AM
Replies: 29
Views: 1,435
Posted By TomCopeland
Showing up late

Believe it or not, I had a provider tell me this:
A parent showed up late for the interview. The provider asked the parent why she was late. The parent said, "I was meeting with my lawyer and we're...
Forum: Daycare Center and Family Home Forum 08-13-2018, 11:46 AM
Replies: 61
Views: 2,033
Posted By TomCopeland
Ada

Not enough. You have to find the solution to providing appropriate care for a child with a disability. So, if the experts tell you can provide care with some training and help from the...
Forum: Daycare Center and Family Home Forum 08-08-2018, 12:41 PM
Replies: 61
Views: 2,033
Posted By TomCopeland
Special needs child

Not exactly. The Americans with Disabilities Act says that you must treat a child as having a disability if you have reason to believe that the child has a disability. In other words, the parents can...
Forum: Daycare and Taxes 07-12-2018, 10:10 AM
Replies: 3
Views: 649
Posted By TomCopeland
Rates

You can charge different rates to different parents as long as it's not based on race, sex, religion, ethnic background, national origin or disability. I would not lower your rates. Instead, you can...
Forum: Daycare and Taxes 07-10-2018, 10:17 AM
Replies: 1
Views: 261
Posted By TomCopeland
closing the business

There is no tax consequence regarding your home, until you decide to sell it. When you do sell it you will owe taxes on the depreciation you claimed (or were entitled to claim). Here's an article...
Forum: Daycare and Taxes 07-03-2018, 08:31 AM
Replies: 2
Views: 364
Posted By TomCopeland
time-space%

Your percentage is about average. Claim all of these hours. As long as you have a record showing these hours, don't worry about an audit. I've won audits where providers had many more hours.
Forum: Daycare Center and Family Home Forum 06-27-2018, 03:40 PM
Replies: 19
Views: 995
Posted By TomCopeland
how to say no

I understand why this is a safe way to tell a parent no, but I don't like it. First, you are lying to the parent and this is not professional. Second, the parent could find out later that you are...
Forum: Daycare Center and Family Home Forum 06-27-2018, 03:30 PM
Replies: 19
Views: 821
Posted By TomCopeland
parent won't leave

I agree with all the advice about how to stop this behavior. Remember - the snack is tax deductible ($.73 per snack)!
Forum: Daycare and Taxes 06-27-2018, 12:32 PM
Replies: 7
Views: 765
Posted By TomCopeland
video

Here's the video: https://www.facebook.com/TomCopelandblog/videos/1795935210469601/

Yes, you can deduct your time-space% of your plants and bushes.
Forum: Daycare and Taxes 06-27-2018, 12:26 PM
Replies: 13
Views: 444
Posted By TomCopeland
child care tax credit

Whether or not a parent is entitled to claim the child care tax credit is something for the parent to deal with, not the provider. It really doesn't matter whether or not you are putting all or some...
Forum: Daycare and Taxes 06-27-2018, 07:59 AM
Replies: 13
Views: 444
Posted By TomCopeland
child care tax credit

Good question. The child care tax credit is only available when parents are working or in school. Sorry. See #2:...
Forum: Daycare and Taxes 06-26-2018, 12:15 PM
Replies: 13
Views: 444
Posted By TomCopeland
child care income

Any money earned from parents is income. But, it doesn't count towards a parent's child care tax credit if they are not working or attending school. So, I'd call it other income and not include it on...
Forum: Daycare and Taxes 06-15-2018, 12:33 PM
Replies: 9
Views: 10,062
Posted By TomCopeland
Llc

No matter how you incorporate your business, if you are sued they can take your business assets. This includes all money from your business and your business property (equipment, toys, as well as the...
Forum: Daycare Center and Family Home Forum 05-29-2018, 02:25 PM
Replies: 5
Views: 690
Posted By TomCopeland
second job?

Here's an article I wrote about this: http://tomcopelandblog.com/have-a-second-job-many-family-child-care-providers-do
Forum: Daycare Center and Family Home Forum 05-29-2018, 02:12 PM
Replies: 11
Views: 527
Posted By TomCopeland
bartering

I hate to bring this up, but when you exchange services, it's bartering and there are tax consequences. See my article: http://tomcopelandblog.com/tax-consequences-bartering-parent-services-child-care
Forum: Daycare and Taxes 05-17-2018, 12:53 PM
Replies: 4
Views: 641
Posted By TomCopeland
partners?

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...
Forum: Daycare and Taxes 05-02-2018, 12:46 PM
Replies: 7
Views: 765
Posted By TomCopeland
tracking hours

I recommend entering these extra hours for two months each year and then use the average for these months for the rest of the year. I don't recommend trying to enter these hours every day (too...
Forum: Daycare and Taxes 04-24-2018, 11:39 AM
Replies: 1
Views: 518
Posted By TomCopeland
garage door opener

As long as you use your car for business purposes, you can deduct the time-space% of the garage door opener.
Forum: Daycare Center and Family Home Forum 04-18-2018, 02:14 PM
Replies: 4
Views: 467
Posted By TomCopeland
tracking hours

Yes, you can track your hours there. I would carefully track hours when children are not present for at least 2 months and use the average from these two months for the rest of the year. Your record...
Forum: Daycare and Taxes 04-17-2018, 02:43 PM
Replies: 5
Views: 380
Posted By TomCopeland
college courses

This is a tricky question. If you already have a post secondary degree, then you can deduct the cost of the classes and the time you spend in your home on homework when children are not present.
If...
Forum: Daycare and Taxes 04-17-2018, 11:16 AM
Replies: 3
Views: 421
Posted By TomCopeland
fence

You can deduct your time-space% of the $800 in one year - no depreciation. If your time-space% was 30%, you would create a $240 tax deduction. Depending on your family's tax bracket, you would save...
Forum: Daycare and Taxes 04-16-2018, 12:22 PM
Replies: 3
Views: 421
Posted By TomCopeland
expense categories

In the end, it doesn't matter what category you put your expenses in. They all get added together on the tax forms. I'd put all of your above expenses under utilities. See my...
Forum: Daycare Center and Family Home Forum 04-16-2018, 11:25 AM
Replies: 4
Views: 467
Posted By TomCopeland
book

Remember to keep track of the hours you spend reading my book when children are not present in your home. These get added to your time-space% calculation!
Forum: Daycare and Taxes 04-10-2018, 02:56 PM
Replies: 3
Views: 482
Posted By TomCopeland
taxes

You will owe 15.3% Social Security/Medicare tax on your profit. You will also owe federal and state income tax (if you state does have state income taxes) on your profit as well. File Schedule C to...
Forum: Daycare and Taxes 04-10-2018, 10:29 AM
Replies: 3
Views: 470
Posted By TomCopeland
snacks

Nope. Unless you live in Alaska or Hawaii, you can deduct $.73 per snack.
Forum: Daycare and Taxes 04-10-2018, 10:27 AM
Replies: 12
Views: 739
Posted By TomCopeland
tax forms

Tell dad to back off. You are doing the right thing. Refuse to discuss this with him anymore.
Forum: Daycare and Taxes 04-09-2018, 10:59 AM
Replies: 3
Views: 470
Posted By TomCopeland
expenses

Assuming your Food Program didn't count any meals and snacks served to your own children and assuming that you entered all the meals and snacks you served the children, including those that were not...
Forum: Daycare and Taxes 04-09-2018, 10:54 AM
Replies: 9
Views: 563
Posted By TomCopeland
time-space%

This looks correct.
Forum: Daycare and Taxes 04-07-2018, 02:37 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
meal counts

Yes, you can use this food program statement as proof of how many meals and snacks you served. But this only represents your reimbursed snacks, then you need to have your own records showing your...
Forum: Daycare and Taxes 04-07-2018, 02:36 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
travel time

You can't count time spent away from your home. So, shopping, going to the bank, grocery store, trainings, etc. don't count because you are not in your home.
Forum: Daycare and Taxes 04-07-2018, 02:35 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
time-space%

The average number of hours providers care for children is 11 hours a day. That is equal to 33% of the year. The average number of hours providers conduct business activities in their home after...
Forum: Daycare and Taxes 04-07-2018, 02:32 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
telephone

You or your husband can't deduct any portion of the first phone line into your home. You can deduct part of a second line as can your husband.
Forum: Daycare and Taxes 04-07-2018, 02:31 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
meal counts

Track meal counts on attendance sheets is all you need to do. Any other method that shows the name of the child and the type and number of meals and snacks served every day will work.
Forum: Daycare and Taxes 04-06-2018, 09:08 PM
Replies: 24
Views: 1,312
Posted By TomCopeland
time-space%

You can't automatically add an hour a day for cleaning, etc. You can add the hours you actually are working doing these activities when children are not present. It could be more or less than an hour...
Forum: Daycare and Taxes 04-06-2018, 09:06 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
food

Assuming you serve 1296 pm snacks that were not reimbursed by the food program, yes, you can deduct $946 for serving them. Keep records showing you served these snacks.
Forum: Daycare and Taxes 04-06-2018, 09:04 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
expenses

Any expenses that is used by both your business and your family can be deducted using your time-space%. No way your internet, cable tv and landline are used 100% for your business, but you could...
Forum: Daycare and Taxes 04-06-2018, 03:20 PM
Replies: 24
Views: 1,312
Posted By TomCopeland
time-space%

Here's an article about this: http://tomcopelandblog.com/the-time-space-percentage-quiz
Forum: Daycare and Taxes 04-06-2018, 03:18 PM
Replies: 24
Views: 1,312
Posted By TomCopeland
book

www.redleafpress.org; 800-423-8309
Here's the e-book: https://www.redleafpress.org/FCC-Record-Keeping-Guide-9th-Edition-e-book-P1200.aspx
Forum: Daycare and Taxes 04-06-2018, 03:16 PM
Replies: 53
Views: 1,323
Posted By TomCopeland
meals/snacks

You can deduct up to one breakfast, one lunch, one supper and three snacks per day per child, if you serve that many. One snack for one child each day is worth a $189 deduction per year. Be sure to...
Forum: Daycare and Taxes 04-06-2018, 09:53 AM
Replies: 24
Views: 1,312
Posted By TomCopeland
expenses

The $25 limit per child only refers to gifts to children, not supplies. You can categorize expenses however you want. My book Family Child Care Record Keeping Guide lists over 1,000 deductions. See...
Forum: Daycare and Taxes 04-05-2018, 11:53 AM
Replies: 3
Views: 428
Posted By TomCopeland
expense categories

You don't have to separate these expenses. Call them toys or call them supplies. It doesn't matter.
Forum: Daycare and Taxes 04-05-2018, 11:53 AM
Replies: 5
Views: 1,894
Posted By TomCopeland
mileage

You can count miles for trips that are "primarily" for business. So, if you buy more than 50% of the food for your business, you can count the trip. Otherwise, no.
Forum: Daycare and Taxes 04-04-2018, 11:27 AM
Replies: 2
Views: 486
Posted By TomCopeland
remodeling

Since you are not added square footage to your home, this is remodeling, not a home addition. Therefore, assuming you will be using both remodeled rooms on a regular basis for your business, take the...
Forum: Daycare and Taxes 04-04-2018, 11:24 AM
Replies: 1
Views: 411
Posted By TomCopeland
food expenses

Using the Redleaf Press Calendar Keeper is all you need. You only need to record attendance and the type of meals and snacks served to each child. No menus or receipts are needed. So, it can look...
Forum: Daycare and Taxes 04-03-2018, 12:06 PM
Replies: 1
Views: 368
Posted By TomCopeland
exclusive use rooms

The answer is yes. Draw an imaginary line around the space that is 100% business use. Count this as an exclusive use room. Count the rest of the space as regular use. To claim an exclusive use room...
Forum: Daycare and Taxes 04-03-2018, 12:04 PM
Replies: 3
Views: 430
Posted By TomCopeland
summer camp

You cannot count the cost of an overnight camp towards the child care tax credit. If your own child is under age 13 and you send them to a day camp while you are caring for children, then you can...
Forum: Daycare and Taxes 03-30-2018, 09:04 AM
Replies: 1
Views: 385
Posted By TomCopeland
teen daughter working in home

First, you need to check to see if she is in compliance with child care licensing rules. In some states, children of providers must meet all licensing rules to care for children. Assuming she can...
Forum: Daycare and Taxes 03-30-2018, 09:01 AM
Replies: 2
Views: 481
Posted By TomCopeland
split CACFP income

Yes, you can split this. Write up an agreement between you and your wife that this income is to be divided equally between the two of you. Have your wife report all of the 1099 income on her Schedule...
Forum: Daycare and Taxes 03-28-2018, 11:58 AM
Replies: 6
Views: 628
Posted By TomCopeland
babysitting

I always recommend everyone get an EIN (not EID) to reduce the chances of identity theft. There are no downsides. She is working and earning money, no matter her age.
Forum: Daycare and Taxes 03-28-2018, 08:52 AM
Replies: 2
Views: 415
Posted By TomCopeland
shed

Since it cost less than $2,500 you can deduct the time-space% of the cost in one year - no depreciation.
Forum: Daycare and Taxes 03-23-2018, 08:56 PM
Replies: 2
Views: 559
Posted By TomCopeland
education

Yes, this is a 100% business expense. Count the hours spent in your home doing homework as business time, but don't count any hours away from your home in a classroom.
Forum: Daycare and Taxes 03-23-2018, 08:55 PM
Replies: 24
Views: 1,312
Posted By TomCopeland
expenses

You are not doing anything wrong. What other providers deduct should not be used as a guide to what you can deduct. When you buy something that is used by both your business and your family, use your...
Forum: Daycare and Taxes 03-23-2018, 08:53 PM
Replies: 2
Views: 401
Posted By TomCopeland
insurance

Make sure your umbrella policy will cover you as a family child care provider. Some umbrella policies only raise the limits on personal coverage. If there is an accident in your car, your car...
Forum: Daycare and Taxes 03-21-2018, 10:32 AM
Replies: 3
Views: 591
Posted By TomCopeland
rounding

Yes, you can do this. The IRS recommends it. I do it.
Forum: Daycare and Taxes 03-20-2018, 03:07 PM
Replies: 3
Views: 540
Posted By TomCopeland
Carpet

Good news. Since you bought the carpet after September 27, 2017 you can use the 100% bonus depreciation rule. So, deduct the entire $660.25 in one year on Schedule C (list it as an Other Expense).
Forum: Daycare and Taxes 03-19-2018, 05:25 PM
Replies: 3
Views: 540
Posted By TomCopeland
taxes

You don't need to depreciate the carpet because it cost less than $2,500. Deduct the time-space% in one year. You can choose to depreciate it if you want to not show a loss.

You don't need to...
Forum: Daycare and Taxes 03-16-2018, 09:45 AM
Replies: 4
Views: 623
Posted By TomCopeland
Ira

IRA contributions are deducted from federal/state income taxes, not from your profit. This means you still must pay Social Security taxes on your profit. IRA contributions don't reduce your Social...
Forum: Daycare and Taxes 03-15-2018, 12:21 PM
Replies: 1
Views: 472
Posted By TomCopeland
physical

Because this is required by licensing you can deduct 100% of the cost.
Forum: Daycare and Taxes 03-12-2018, 03:34 PM
Replies: 1
Views: 400
Posted By TomCopeland
insurance

Yes, you want to know the cost of the daycare endorsement because it's 100% deductible. You can deduct the regular homeowners insurance using your time-space%.
Forum: Daycare and Taxes 03-12-2018, 03:33 PM
Replies: 2
Views: 491
Posted By TomCopeland
exclusive use room

Believe it or not, there is a rule that says walking through an exclusive use room does not destroy its exclusivity. So, count this room as exclusive use.
Forum: Daycare and Taxes 03-12-2018, 03:32 PM
Replies: 2
Views: 484
Posted By TomCopeland
hours

What she said!
Forum: Daycare and Taxes 03-12-2018, 03:32 PM
Replies: 10
Views: 490
Posted By TomCopeland
swimming pool deduction

Depreciation begins in the year you started using the pool for your business. So, you can not claim the pool depreciation for 2017 and start depreciating it in 2018 as year 2. You would lose the...
Forum: Daycare and Taxes 03-12-2018, 03:29 PM
Replies: 10
Views: 490
Posted By TomCopeland
parent permission

It will protect you a little bit. You are always responsible for what happens to a child in your care. You want a lot of professional business liability insurance to protect you in this situation.
Forum: Daycare and Taxes 03-12-2018, 03:28 PM
Replies: 10
Views: 490
Posted By TomCopeland
swimming pool

I agree with Play Care!
Forum: Daycare and Taxes 03-10-2018, 01:46 PM
Replies: 3
Views: 488
Posted By TomCopeland
windows

This makes a difference. Since you did the work before September 27th, you can treat this as a repair and deduct your time-space% of this cost in one year, regardless of the cost.
Forum: Daycare and Taxes 03-08-2018, 11:50 AM
Replies: 3
Views: 488
Posted By TomCopeland
Windows

Tricky question. If you did the work before September 27, 2017 you can treat the new windows as a repair if you replaced less than half of the windows. Since you didn't, you must depreciate them as a...
Forum: Daycare and Taxes 03-08-2018, 11:48 AM
Replies: 7
Views: 490
Posted By TomCopeland
parent receipts

I completely agree with BlackCat!
Forum: Daycare and Taxes 03-08-2018, 10:23 AM
Replies: 5
Views: 535
Posted By TomCopeland
Time-Space%

Correct.
Forum: Daycare and Taxes 03-08-2018, 10:22 AM
Replies: 5
Views: 535
Posted By TomCopeland
Time-Space%

Measure from wall to wall, not the counters.
Forum: Daycare and Taxes 03-07-2018, 10:59 AM
Replies: 2
Views: 506
Posted By TomCopeland
state audit

The IRS and states recognize that many parents pay with cash and some providers don't keep careful records and report all their income. It could be that the state is auditing parents who claim they...
Forum: Daycare and Taxes 03-07-2018, 10:56 AM
Replies: 2
Views: 474
Posted By TomCopeland
expenses

You can deduct the time space % of each individual furniture item you purchased and deduct them in one year because they individually cost less than $2,500. Also, since the purchase was after...
Forum: Daycare and Taxes 03-07-2018, 10:53 AM
Replies: 7
Views: 845
Posted By TomCopeland
questions

1) No, the IRS does not expect a provider to use her entire house in the time-space% calculation. You must enter the number of square feet you use regularly or exclusively for your business on Form...
Forum: Daycare and Taxes 03-05-2018, 12:11 PM
Replies: 3
Views: 555
Posted By TomCopeland
repairs

In both situations these are repairs that you can deduct in one year.
Forum: Daycare and Taxes 03-02-2018, 07:41 PM
Replies: 2
Views: 472
Posted By TomCopeland
Time-Space %

Count the hours you work during the school year and divide by the total number of hours in the year during the school year. Deduct expenses during the school year.
Forum: Daycare and Taxes 03-02-2018, 07:40 PM
Replies: 5
Views: 522
Posted By TomCopeland
$2,500 rule

Yes, it's less than $2,500 so it can be deducted in one year, no matter what it is.
Forum: Daycare and Taxes 03-02-2018, 10:11 AM
Replies: 5
Views: 522
Posted By TomCopeland
concrete

Since the concrete cost less than $2,500 it can be deducted in one year. Any item costing less than $2,500 can be deducted in one year. An addition would be a new room, deck or other separate...
Forum: Daycare and Taxes 03-01-2018, 03:35 PM
Replies: 5
Views: 522
Posted By TomCopeland
expenses

You can deduct the concrete in one year using your time-space% because it cost less than $2,500.
To take advantage of the Safe Harbor for Small Taxpayers rule, your home improvements and repairs in...
Forum: Daycare and Taxes 03-01-2018, 03:29 PM
Replies: 2
Views: 472
Posted By TomCopeland
save records

Keep your federal tax records for at least three years after filing your taxes. If you have employees, save payroll records for four years. Some states require you to save state records for four...
Forum: Daycare and Taxes 02-26-2018, 10:11 PM
Replies: 1
Views: 489
Posted By TomCopeland
Deductions

You can deduct 100% of the cost of the parties. Depending on your family's adjusted gross income you can expect to reduce your taxes by about $150-$200 after spending $500.
You can deduct 100% of...
Forum: Daycare and Taxes 02-21-2018, 10:34 AM
Replies: 2
Views: 514
Posted By TomCopeland
Mileage

You can only deduct a trip if the "primary" purpose of the trip is business. You must be able to say that at least 51% of the reason for the trip is business, or you must buy more business stuff than...
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