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Forum: Daycare and Taxes Yesterday, 10:32 AM
Replies: 2
Views: 55
Posted By TomCopeland
KidKare categories

Yes, you can create your own expense categories. Just type in your category over an existing category. Call it "equipment"
For each expense you enter you will choose whether it's 100% business or...
Forum: Daycare and Taxes Yesterday, 10:30 AM
Replies: 7
Views: 141
Posted By TomCopeland
dependent care expense

Fill out IRS Form 2441. The school program doesn't have an EIN, so you leave it blank on this form.
Forum: Daycare and Taxes 02-13-2019, 02:27 PM
Replies: 1
Views: 62
Posted By TomCopeland
standard meal allowance

Yes, you can use these rates for 2018. They are the same for 2019.
Forum: Daycare and Taxes 02-11-2019, 04:52 PM
Replies: 1
Views: 74
Posted By TomCopeland
tax workbook

The 2018 Family Child Care Tax Workbook and Organizer is now available to do your 2018 taxes: https://www.redleafpress.org/Family-Child-Care-2018-Tax-Workbook-Organizer-P1993.aspx
Forum: Daycare and Taxes 02-11-2019, 04:50 PM
Replies: 7
Views: 141
Posted By TomCopeland
child care tax credit

The maximum child care expense you can use towards determining how much credit you will get is $6,000 for two or more children.
Forum: Daycare and Taxes 02-11-2019, 07:06 AM
Replies: 3
Views: 115
Posted By TomCopeland
child care business partnership

It's a service I offer to providers using the KidKare accounting section. It costs $15 a year and I can review your tax returns, provide help in using the accounting section, help if you are audited....
Forum: Daycare and Taxes 02-11-2019, 07:04 AM
Replies: 10
Views: 240
Posted By TomCopeland
deductions

As long as you are using them in your business use your time-space%.
Forum: Daycare and Taxes 02-09-2019, 10:25 PM
Replies: 4
Views: 85
Posted By TomCopeland
child care tax credit

Actually, now that I looked at this closer I was wrong! The credit for 2018 starts to phaseout out at $400,000 for married filing jointly and $200,000 for single. So, you were right! I got it wrong...
Forum: Daycare and Taxes 02-09-2019, 05:44 PM
Replies: 3
Views: 115
Posted By TomCopeland
hire Tom Copeland?

Thanks for the compliment, but I don't represent providers who are being audited. If you use KidKare and have the accounting section and join my Child Care Business Partnership, I can provide a lot...
Forum: Daycare and Taxes 02-09-2019, 05:41 PM
Replies: 1
Views: 65
Posted By TomCopeland
Form 3115

Yes! Go for it!
Forum: Daycare and Taxes 02-09-2019, 05:40 PM
Replies: 4
Views: 85
Posted By TomCopeland
Child tax credit

Both are true. If you make more than $110,000 married filing jointly, the $2000 tax credit will be reduced by $50 for every $1,000 of income above this amount.
Forum: Daycare and Taxes 02-09-2019, 05:38 PM
Replies: 2
Views: 65
Posted By TomCopeland
hiring own child

Providers can deduct all "ordinary and necessary" expenses for their business. My point is that there is a line which you shouldn't cross in paying your own children. That line is one of...
Forum: Daycare and Taxes 02-07-2019, 03:49 PM
Replies: 3
Views: 116
Posted By TomCopeland
Qualified Business Income Deduction

Yes! This is a big deal. You'll be able to reduce your federal taxable income by the lower of your business profit and your family's taxable income. I'll be writing about this on my blog next week.
Forum: Daycare and Taxes 02-06-2019, 04:46 PM
Replies: 3
Views: 69
Posted By TomCopeland
filing separate

Yes, that's correct.
Forum: Daycare and Taxes 02-06-2019, 04:45 PM
Replies: 2
Views: 77
Posted By TomCopeland
going out of business

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...
Forum: Daycare and Taxes 02-06-2019, 10:17 AM
Replies: 4
Views: 94
Posted By TomCopeland
Turbo tax

There is no line k on Schedule C, so I don't know what is going on.
Forum: Daycare and Taxes 02-06-2019, 10:15 AM
Replies: 3
Views: 69
Posted By TomCopeland
filing separate

You can still claim all the same business expenses associated with your home, even if you file separately and even if your name is not on the mortgage loan.
Forum: Daycare and Taxes 02-05-2019, 03:41 PM
Replies: 4
Views: 129
Posted By TomCopeland
time

Yes, you can count the hours and the cost of making the blankets. You can only deduct up to $25 per parent as a business gift expense.
Forum: Daycare and Taxes 02-05-2019, 03:40 PM
Replies: 4
Views: 94
Posted By TomCopeland
Qbi?

This is the Qualified Business Income Deduction worksheet. This is asking for your family's taxable income so it can determine how much to reduce your federal taxable income by. So, fill out the rest...
Forum: Daycare and Taxes 02-05-2019, 03:38 PM
Replies: 3
Views: 141
Posted By TomCopeland
home office deduction

Yes, as long as you are not in violation of your state child care licensing law. If not, since you are earning money caring for children, even if it's only one child part time, you can claim home...
Forum: Daycare and Taxes 02-02-2019, 02:08 PM
Replies: 4
Views: 126
Posted By TomCopeland
income statement

Each state has different rules about this.
Forum: Daycare and Taxes 02-01-2019, 10:46 PM
Replies: 2
Views: 134
Posted By TomCopeland
rent to yourself?

I assume you are a sole proprietor (self employed). If so, you can't rent to yourself and claim business expenses. Even if you incorporated and the corporation rented from you, you'd still have to...
Forum: Daycare and Taxes 01-30-2019, 08:49 AM
Replies: 2
Views: 121
Posted By TomCopeland
file joint or separate?

In the vast majority of cases you are better off filing jointly. However, there are a number of personal circumstances that may make it better to file separately. The only way to know is to have your...
Forum: Daycare and Taxes 01-29-2019, 04:40 PM
Replies: 1
Views: 95
Posted By TomCopeland
expenses

If you use the fireplace in your business you could deduct time-space% of the cost. Same for the basement. If either costs are less than $2,500 you can deduct the business portion in one year. If...
Forum: Daycare and Taxes 01-28-2019, 08:49 AM
Replies: 2
Views: 134
Posted By TomCopeland
house expenses

You can still deduct your time-space% of mortgage interest and property taxes on Form 8829.
Forum: Daycare and Taxes 01-28-2019, 08:49 AM
Replies: 2
Views: 118
Posted By TomCopeland
driveway

A driveway is a land improvement, not a home improvement. Therefore, you can deduct the business portion (time-space%) in one year on Form 4562, line 14.
Forum: Daycare and Taxes 01-28-2019, 08:48 AM
Replies: 2
Views: 155
Posted By TomCopeland
supplies

Since you are married, it doesn't matter who pays for what. Anything you buy that is used in her business is deductible.
Forum: Daycare and Taxes 01-24-2019, 10:02 AM
Replies: 3
Views: 219
Posted By TomCopeland
Hvac

Sorry for the confusion. There was some confusion about whether home improvements done in 2018 could be deducted in one year. Some said yes, some said no. After further research I revised my thinking...
Forum: Daycare and Taxes 01-23-2019, 10:41 AM
Replies: 3
Views: 219
Posted By TomCopeland
A/C unit

This would be a home improvement you must depreciate over 39 years, using your time-space%. If the purchase price of your home was above $400,000 you may be eligible for the Safe Harbor for Small...
Forum: Daycare and Taxes 01-23-2019, 10:39 AM
Replies: 10
Views: 240
Posted By TomCopeland
expense categories

As long as any one expense category is not, say, 10 times more than the next lowest category, don't worry about this. You can list expenses by categories of 100% business and time-space%. Most...
Forum: Daycare and Taxes 01-22-2019, 09:52 AM
Replies: 10
Views: 240
Posted By TomCopeland
expense categories

Your expense categories are fine. As others have stated, you need to identify which items are 100% business and which are shared between your business and your family. You don't need separate expense...
Forum: Daycare and Taxes 01-21-2019, 12:17 PM
Replies: 7
Views: 198
Posted By TomCopeland
unlicensed

You can use the standard meal allowance! Here's an article I wrote about start up expenses: http://tomcopelandblog.com/the-start-up-rule-how-to-claim-expenses-before-your-business-began
Forum: Daycare and Taxes 01-20-2019, 11:48 AM
Replies: 2
Views: 123
Posted By TomCopeland
mileage rate

The standard mileage rate for 2018 is $.545. The rate for 2019 is $.58
Forum: Daycare and Taxes 01-18-2019, 04:16 PM
Replies: 5
Views: 154
Posted By TomCopeland
broken fans

Deduct 100% of the cost.
Forum: Daycare and Taxes 01-18-2019, 03:55 PM
Replies: 5
Views: 154
Posted By TomCopeland
broken laptop

Deduct 100% of the cost.
Forum: Daycare and Taxes 01-18-2019, 03:54 PM
Replies: 7
Views: 307
Posted By TomCopeland
unlicensed

Yes, you must file IRS Form 1040Schedule C Profit or Loss From Business. You can also claim house expenses on IRS Form 8829 Expenses for Business Use of Your Home.
Forum: Daycare and Taxes 01-17-2019, 12:37 PM
Replies: 6
Views: 194
Posted By TomCopeland
depreciation

Claiming depreciation from a purchase in 2008 is entered on Form 4562, line 17. You'll need to know how much depreciation is allowed this year by looking at what depreciation rule was followed...
Forum: Daycare and Taxes 01-17-2019, 12:36 PM
Replies: 6
Views: 194
Posted By TomCopeland
tax software

I don't recommend using any tax software. I'll be writing about them next week.
Forum: Daycare and Taxes 01-17-2019, 12:35 PM
Replies: 1
Views: 109
Posted By TomCopeland
house painting

Deduct this on Form 8829 Expenses for Business Use of Your Home as a repair - no depreciation.
Forum: Daycare and Taxes 01-17-2019, 12:34 PM
Replies: 1
Views: 109
Posted By TomCopeland
medical reimbursement plan

You don't set up an HRA through his work. You have to set this up through an outside company, such as TASC. You can set it up for medical expenses starting now.
Forum: Daycare and Taxes 01-15-2019, 11:05 AM
Replies: 6
Views: 194
Posted By TomCopeland
finding a tax preparer

Unfortunately, it's not uncommon for providers to not be able to find a tax preparer who understands their business. You could do your own taxes with my book 2018 Family Child Care Tax Workbook and...
Forum: Daycare and Taxes 01-14-2019, 10:16 AM
Replies: 2
Views: 163
Posted By TomCopeland
time-space%

Everyone is different, so knowing what others claim for their time-space% is not helpful. The average number of hours providers care for children is 11 hours per day, or 33% of the year. The average...
Forum: Daycare and Taxes 01-13-2019, 08:50 PM
Replies: 5
Views: 187
Posted By TomCopeland
mileage

You can only count trips that are "primarily" for business purposes. Which means more than half of the purchase of the trip was business. In your case the purpose of the trip was for a personal...
Forum: Daycare and Taxes 01-10-2019, 03:44 PM
Replies: 7
Views: 307
Posted By TomCopeland
unlicensed

You need to contact the Michigan child care licensing office to find out whether you are operating legally or not under your state rules. You don't have to give your real name when you call. ...
Forum: Daycare and Taxes 01-09-2019, 03:58 PM
Replies: 5
Views: 169
Posted By TomCopeland
expenses

Expenses are either 100% business or shared (use your time-space%). You can lump 100% supplies together with time-space% supplies and put them on one line on Schedule C, as long as you are keeping...
Forum: Daycare and Taxes 01-09-2019, 03:56 PM
Replies: 4
Views: 125
Posted By TomCopeland
meal and car expenses

If the provider uses the standard meal allowance method there is no need to save any food receipts. Simply multiply the number of meals/snacks served by the standard rate. Will contract info and...
Forum: Daycare and Taxes 01-09-2019, 10:13 AM
Replies: 5
Views: 169
Posted By TomCopeland
expense categories

My Family Child Care Record Keeping Guide lists over 1,000 deductions and the expense category they belong under. In the end, it doesn't matter what expense category you put expenses on your tax...
Forum: Daycare and Taxes 01-08-2019, 12:03 PM
Replies: 1
Views: 122
Posted By TomCopeland
tax preparer

You want a tax preparer who has experience doing family child care taxes because there are many tax issues unique to family child care. A CPA is not a requirement, since most CPAs deal with larger...
Forum: Daycare and Taxes 01-08-2019, 12:00 PM
Replies: 1
Views: 127
Posted By TomCopeland
time-space%

Yes, these hours count. Any time you spend in your home on business activities when children are not present count!
Forum: Daycare and Taxes 01-08-2019, 11:59 AM
Replies: 8
Views: 268
Posted By TomCopeland
deduct meals

Yes, you can.
Forum: Daycare and Taxes 01-08-2019, 11:56 AM
Replies: 9
Views: 239
Posted By TomCopeland
KidKare

Your data on KidKare is saved for three years after you quit using KidKare. So, you will be able to get your accounting info for three years even after you stop using it. It's always a good idea to...
Forum: Daycare and Taxes 01-04-2019, 12:51 PM
Replies: 5
Views: 159
Posted By TomCopeland
phone deduction

Many years ago Congress passed a rule that disallowed the deduction for the first phone line into a home based business. I asked the IRS whether a provider who is required to have a phone (and didn't...
Forum: Daycare and Taxes 01-03-2019, 03:08 PM
Replies: 5
Views: 159
Posted By TomCopeland
phone deduction

You can't deduct the first phone line into your home, whether it's a landline or cell phone. Choose one to be your first phone line. So, you could say that your husband's phone is the first line and...
Forum: Daycare and Taxes 01-03-2019, 03:06 PM
Replies: 8
Views: 268
Posted By TomCopeland
food expenses

If children bring all the ingredients for a meal or snack, you can't deduct this. But if the children bring a sandwich and you serve milk, that's a lunch you can deduct.
Forum: Daycare and Taxes 01-03-2019, 11:36 AM
Replies: 8
Views: 268
Posted By TomCopeland
food deductions

You can always deduct up to one breakfast, one lunch, one supper and three snacks per day per child if you serve that many. This includes reimbursed and non reimbursed meals and snacks.
Forum: Daycare and Taxes 01-03-2019, 11:34 AM
Replies: 9
Views: 293
Posted By TomCopeland
watch your tax preparer

Yes, it's a great idea to take your tax return home and review it before it's filed.
Forum: Daycare and Taxes 01-02-2019, 11:03 AM
Replies: 9
Views: 293
Posted By TomCopeland
watch your tax preparer

It is common for providers to give their tax preparers numbers for their income and expenses and do nothing more to see if the numbers that appear on their tax return are correct.
This creates many...
Forum: Daycare and Taxes 12-28-2018, 08:10 PM
Replies: 5
Views: 211
Posted By TomCopeland
bills paid

When you sign and mail a check it is considered paid as of that date, not the date it is received, so deduct it on your 2018 taxes. It doesn't matter to you that the company reports it as income in...
Forum: Daycare and Taxes 12-20-2018, 10:03 AM
Replies: 2
Views: 252
Posted By TomCopeland
child tax credit

The child tax credit has doubled in 2018 from $1,000 per child to $2,000. This is a personal tax credit, not a business tax deduction.
Forum: Daycare and Taxes 12-19-2018, 05:52 PM
Replies: 5
Views: 195
Posted By TomCopeland
security system

Same answer, it's deductible. Unless it was purchased specifically for your business, I'd use your time-space%. It didn't make that clear in my earlier answer.
Forum: Daycare and Taxes 12-14-2018, 12:36 PM
Replies: 3
Views: 243
Posted By TomCopeland
Remodeling

If the total cost (not counting tools) was more than $2,500 you need to treat this as a home improvement and depreciate it over 39 years. Deduct your time-space% of the tools separately in one year.
Forum: Daycare and Taxes 12-14-2018, 12:35 PM
Replies: 3
Views: 164
Posted By TomCopeland
Receipts

You always want a written record of each business expense. If you can download the receipt at the end of the year, that's okay. If you can go online at the Walmart website and get your receipts, that...
Forum: Daycare and Taxes 12-07-2018, 08:21 AM
Replies: 5
Views: 171
Posted By TomCopeland
donation

The value of the tickets are income to you. Since you will be using the tickets for your clients and their children, you can then deduct the value of the tickets as a business expense. The business...
Forum: Daycare and Taxes 12-07-2018, 08:19 AM
Replies: 4
Views: 218
Posted By TomCopeland
closing down

Once you close down you no longer claim any remaining depreciation. You don't have to pay anything back. I've written an article about closing your business:...
Forum: Daycare and Taxes 12-06-2018, 08:12 PM
Replies: 5
Views: 171
Posted By TomCopeland
donation

If you are given a gift to your day care children from a parent, it's taxable income.
Forum: Daycare and Taxes 12-05-2018, 01:18 PM
Replies: 4
Views: 267
Posted By TomCopeland
flowers

You can deduct expenses that are "ordinary and necessary" for your business. You could argue that the flowers do attract potential clients and are what make your home a home for children. Apply your...
Forum: Daycare and Taxes 12-03-2018, 08:16 PM
Replies: 4
Views: 218
Posted By TomCopeland
television

If you use your television on a regular basis for your business, multiply the cost by your time-space% and deduct it in one year. You can count the hours shoveling and snowblowing in your total hours.
Forum: Daycare and Taxes 12-02-2018, 07:32 PM
Replies: 3
Views: 222
Posted By TomCopeland
Land improvement

The new tax law allows you to deduct the business portion of the $12,000 in one year, no depreciation. Even though you haven't paid it off. You can also deduct the business portion of the interest...
Forum: Daycare and Taxes 11-14-2018, 12:22 PM
Replies: 2
Views: 503
Posted By TomCopeland
deduction

If it costs less than $2,500 you can deduct the business portion in one year by attaching a statement to your tax return stating that you are electing this rule. Deduct it on Schedule C. If it costs...
Forum: Daycare and Taxes 10-27-2018, 04:55 PM
Replies: 2
Views: 318
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: 1,697
Posted By TomCopeland
suppies

Yes! Not a problem to do so.
Forum: Daycare and Taxes 10-23-2018, 09:42 AM
Replies: 2
Views: 230
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: 277
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: 1,697
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: 253
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: 10,641
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: 375
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: 517
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: 517
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: 818
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: 1,378
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: 1,378
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: 272
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: 480
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: 480
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: 1,378
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: 1,378
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: 2,480
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: 1,378
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: 1,661
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: 2,480
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: 2,480
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: 804
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: 424
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: 507
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: 1,198
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: 1,006
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: 997
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: 643
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: 643
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:...
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