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Forum: Daycare and Taxes 07-01-2020, 09:18 AM
Replies: 9
Views: 506
Posted By TomCopeland
Eidl

Use your time-space% of the mortgage payment.
Forum: Daycare and Taxes 06-07-2020, 09:51 AM
Replies: 9
Views: 506
Posted By TomCopeland
EIDL expenses

I don't think you are going to get advance approval for how you spend EIDL money. I also doubt that the SBA will follow up and audit providers because the amounts of money are so small in comparisons...
Forum: Daycare Menus, Breakfast, Lunch and Snack Ideas 06-03-2020, 02:26 PM
Replies: 9
Views: 336
Posted By TomCopeland
Food Program

Start now! You are always better off by claiming on the Food Program. If you cared for one child and served one breakfast, one lunch and one snack each day you would get either $566 or $1,185 a year...
Forum: Daycare and Taxes 05-27-2020, 10:06 AM
Replies: 37
Views: 979
Posted By TomCopeland
Ppp

It is not wrong. So, if your 2019 Schedule C profit was $50,000, the maximum amount you can receive from PPP is $10,416 ($50,000 divided by 12, then multiplied by 2.5). Of that, 75% must be used for...
Forum: Daycare and Taxes 05-26-2020, 10:58 AM
Replies: 37
Views: 979
Posted By TomCopeland
Ppp

I'm not aware of any SBA rule that says you can't spend more on payroll for yourself than indicated by your Schedule C. The total they used from Schedule C determined how much you can get from the...
Forum: Daycare and Taxes 05-24-2020, 09:37 AM
Replies: 9
Views: 506
Posted By TomCopeland
interest

Yes, the interest is 100% deductible if you use the money exclusively for your business.
Forum: Daycare and Taxes 05-24-2020, 09:36 AM
Replies: 37
Views: 979
Posted By TomCopeland
PPP and PUA

Getting the PPP may or may not make you ineligible for unemployment benefits. Each state is different as to how much you can earn and still be eligible for unemployment. You can always stop filing...
Forum: Daycare and Taxes 05-24-2020, 09:33 AM
Replies: 1
Views: 134
Posted By TomCopeland
Eidl

It's 100% deductible because it is used exclusively for your business.
Forum: Daycare and Taxes 05-16-2020, 10:50 AM
Replies: 9
Views: 506
Posted By TomCopeland
EIDL loan

The CARES ACT says the EIDL loan can be used for:
" USE OF FUNDS.—An advance provided under this sub- section may be used to address any allowable purpose for a loan made under section 7(b)(2) of...
Forum: Daycare and Taxes 05-15-2020, 09:42 AM
Replies: 12
Views: 499
Posted By TomCopeland
Ppp

I don't believe you can use it all for your payroll, but you can probably use it all for payroll if you have employees. You can't give a wage increase to yourself or employees.
Forum: Daycare and Taxes 05-14-2020, 02:51 PM
Replies: 12
Views: 499
Posted By TomCopeland
Ppp

You must spend at least 75% on payroll. I believe you must divide the full amount over 8 weeks and report this weekly when filing for unemployment.
Forum: Daycare and Taxes 05-13-2020, 02:38 PM
Replies: 12
Views: 499
Posted By TomCopeland
PPP and unemplloyment

See my article about whether you are better off with the PPP or unemployment: http://tomcopelandblog.com/apply-for-sba-loans-on-monday-april-27th
Forum: Daycare and Taxes 05-13-2020, 02:36 PM
Replies: 12
Views: 499
Posted By TomCopeland
Ppp

The forgivable part of the PPP loan is your profit from your 2019 Schedule C (line 31) divided by 12 = your average monthly profit x 2.5. So, if your annual profit was $36,000, your average monthly...
Forum: Daycare and Taxes 05-07-2020, 10:40 AM
Replies: 37
Views: 979
Posted By TomCopeland
PPP and PUA

If you get unemployment and PPP, you would report the PPP as income divided over 8 weeks. This may or may not disqualify you for unemployment for those 8 weeks. After that you can continue to get...
Forum: Daycare and Taxes 05-06-2020, 10:50 AM
Replies: 37
Views: 979
Posted By TomCopeland
PPP and unemplloyment

You provide payroll for yourself by writing a check to yourself each week or transfer money from one bank account to another. The PPP money should be reported as income to unemployment spread over 8...
Forum: Daycare and Taxes 05-04-2020, 01:26 PM
Replies: 37
Views: 979
Posted By TomCopeland
EIDL and PPP

You can spend the EIDL money on any business expense you want. You can spend the PPP money on payroll for yourself as well as mortgage loan interest/rent, utilities and credit card/car loan interest.
Forum: Daycare and Taxes 05-04-2020, 01:24 PM
Replies: 37
Views: 979
Posted By TomCopeland
Eidl

You do not have to repay the EIDL money. It's a forgivable loan.
Forum: Daycare and Taxes 04-28-2020, 07:52 AM
Replies: 2
Views: 336
Posted By TomCopeland
unemployment

Each state will have a different answer to this question. Some states would require you to report this as income. Others don't. Some states ask you to report your net income rather than your gross...
Forum: Daycare and Taxes 04-26-2020, 07:24 AM
Replies: 2
Views: 296
Posted By TomCopeland
unemployment

Expenses can include: food, supplies, a portion of utilities, and anything else purchased that you used in your business.
Forum: Daycare and Taxes 04-20-2020, 02:57 PM
Replies: 2
Views: 289
Posted By TomCopeland
expenses

You can deduct your expenses on your 2017 tax return when you were operating your business. You can't deduct any expenses after 2017 when your business was closed.
Forum: Daycare and Taxes 04-19-2020, 07:20 AM
Replies: 1
Views: 317
Posted By TomCopeland
unemployment

Whatever you get from unemployment has nothing to do with your ability to qualify for the SBA loans and has nothing to do with how much you will get from the loans.
Forum: Daycare and Taxes 04-19-2020, 07:19 AM
Replies: 1
Views: 259
Posted By TomCopeland
Loans

You can get money from EIDL and PPP and file for unemployment. Nothing prevents you from applying. If you get one or more loans this may affect your unemployment benefits. There are no federal...
Forum: Daycare and Taxes 04-17-2020, 03:13 PM
Replies: 9
Views: 613
Posted By TomCopeland
farm animals

They go on Schedule C. List them as supplies.
Forum: Daycare and Taxes 04-15-2020, 05:34 PM
Replies: 9
Views: 582
Posted By TomCopeland
unemployment

Many states have not yet fixed their online unemployment application form to handle the self employed. When they do they will call it the Pandemic Unemployment Assistance (PUA) program. Look for this...
Forum: Daycare and Taxes 04-13-2020, 09:43 PM
Replies: 4
Views: 403
Posted By TomCopeland
unemployment

State unemployment benefits are retroactive to when you lost a lot of money. After the state signs their agreement with the federal government, you will get an additional $600 per week from the...
Forum: Daycare and Taxes 04-12-2020, 12:06 PM
Replies: 4
Views: 403
Posted By TomCopeland
unemployment

Each state has its own rules about unemployment compensation. I don't know why they said you didn't make enough money. That doesn't make sense. It could be because the state's unemployment...
Forum: Daycare and Taxes 04-12-2020, 12:04 PM
Replies: 3
Views: 380
Posted By TomCopeland
SBA loan/grant program

1) No. It's $10,000 total. The $1,000 per employee hasn't yet been officially announced.
2) True. They are overwhelmed.
3) True. See my article on this:...
Forum: Daycare and Taxes 04-06-2020, 09:27 AM
Replies: 8
Views: 709
Posted By TomCopeland
Paycheck Protection Program

No. You can use your lost profit as "payroll" for this program. I'll be writing about this in the next day or so on my website: www.tomcopelandblog.com
Forum: Daycare and Taxes 04-06-2020, 09:25 AM
Replies: 9
Views: 613
Posted By TomCopeland
animals

Yes, you can because you are incorporating these animals into learning activities with children. I wouldn't try to deduct 100% of these expenses since I assume they also have personal use. The...
Forum: Daycare and Taxes 04-06-2020, 09:23 AM
Replies: 2
Views: 264
Posted By TomCopeland
unmarried

Since you aren't married and your name is not on the deed, you can't claim any portion of mortgage interest, property tax, and house depreciation. You can deduct expenses you pay for such as...
Forum: Daycare and Taxes 04-04-2020, 08:35 AM
Replies: 5
Views: 530
Posted By TomCopeland
unemployment

Yes, it is more than frustrating! I'll be writing about the Paycheck Protection Program on my website this coming week, which offers forgiveable loans.
Forum: Daycare and Taxes 04-04-2020, 08:34 AM
Replies: 9
Views: 548
Posted By TomCopeland
unemployment

This is not uncommon. Most states haven't yet updated their online application form to address the self employed. You'll just have to wait until they catch up. Unemployment benefits are retroactive...
Forum: Daycare and Taxes 04-03-2020, 10:10 AM
Replies: 9
Views: 548
Posted By TomCopeland
unemployment

What is VA? The added $600 a week in federal unemployment benefits are taxable income that don't need to be paid back.
Forum: Daycare and Taxes 04-03-2020, 10:05 AM
Replies: 8
Views: 709
Posted By TomCopeland
Sba

Apply for the Paycheck Protection Program through your local SBA office.
Forum: Daycare and Taxes 04-01-2020, 11:19 AM
Replies: 8
Views: 709
Posted By TomCopeland
SBA loan/grant program

You can apply for unemployment and you are eligible for the SBA loan/grant program. You can do both.
Forum: Daycare and Taxes 04-01-2020, 11:17 AM
Replies: 9
Views: 548
Posted By TomCopeland
unemployment

I updated my article to say that providers who lose income whether they are open or closed are entitled to unemployment benefits. They will get whatever state benefits they are eligible for, plus...
Forum: Daycare and Taxes 03-29-2020, 07:00 AM
Replies: 1
Views: 390
Posted By TomCopeland
shut down

Good question. The answer is that it's not clear. I would ask DHS if you can't follow these procedures do they recommend that you shut down? If so, you would be eligible. If they don't recommend you...
Forum: Daycare and Taxes 03-28-2020, 02:25 PM
Replies: 2
Views: 308
Posted By TomCopeland
depreciation?

Is this a kitchen remodeling or a repair? If it's a repair you can deduct the business portion in one year. If it's an improvement you must depreciate the business portion over 39 years. This is a...
Forum: Daycare and Taxes 03-28-2020, 02:22 PM
Replies: 3
Views: 361
Posted By TomCopeland
unemployment

You are eligible for unemployment and you should file. You don't have to have the virus to be eligible. It's true that most states have an online application to file for unemployment but it's not set...
Forum: Daycare Center and Family Home Forum 03-20-2020, 09:53 AM
Replies: 4
Views: 618
Posted By TomCopeland
waiver form

You are not responsible for any illness contracted by a child while in your program unless the parent can prove you deliberately created the conditions that led to the illness. So, don't worry about...
Forum: Daycare Center and Family Home Forum 03-17-2020, 02:27 PM
Replies: 33
Views: 1,473
Posted By TomCopeland
Free Webinar: Dealing with the Financial Side of the Coronavirus

I'm offering a free webinar on "Dealing with the Financial Side of the Coronavirus" on Monday, March 23rd starting at 8pm Eastern Time.
To register:...
Forum: Daycare Center and Family Home Forum 03-11-2020, 02:10 PM
Replies: 310
Views: 63,196
Posted By TomCopeland
Free webinar on Coronavirus for child care professionals

I'll be on a panel discussion of the coronavirus and how it will affect child care programs on Friday, March 20th from 2:00-3:30pm Eastern Time.

It's called Bracing for COVID-19: What Early...
Forum: Daycare and Taxes 03-02-2020, 09:54 AM
Replies: 4
Views: 520
Posted By TomCopeland
Substitute

Because she is in the business of providing substitute care, she is an independent contractor and you don't need to pay any payroll taxes. Issue her a Form 1099 if you pay her more than $600 in a...
Forum: Daycare and Taxes 03-02-2020, 09:53 AM
Replies: 2
Views: 418
Posted By TomCopeland
Photoshop

Because you are married, it doesn't matter if your husband pays something out of his checking account for your business. So, because you are using Photoshop for your business you can deduct the...
Forum: Daycare and Taxes 03-02-2020, 09:52 AM
Replies: 25
Views: 19,934
Posted By TomCopeland
S Corp

Before switching to an S Corp, make sure you understand all the tax consequences. You will lose the ability to depreciate your home. You must set up an "accountable plan" or other process to deduct...
Forum: Daycare and Taxes 03-02-2020, 09:50 AM
Replies: 25
Views: 19,934
Posted By TomCopeland
Llc?

There are various types of LLCs: single person LLC, partnership LLC, S and C Corp LLC. In all cases they do provide some personal liability protection so I don't know why someone would say you need...
Forum: Daycare and Taxes 02-24-2020, 03:35 PM
Replies: 2
Views: 357
Posted By TomCopeland
cameras

Conservatively, apply your time-space% to these expenses because you do use them personally. Assertively, you could claim a higher percentage than your time-space% if you can argue that it's used...
Forum: Daycare and Taxes 02-24-2020, 03:33 PM
Replies: 4
Views: 520
Posted By TomCopeland
Substitutes

You must treat her as an employee unless she is in the business of providing substitute care for other providers. Withhold Social Security/Medicare taxes and file Form 944, W-2 and W-3 at the end of...
Forum: Daycare and Taxes 02-17-2020, 11:58 AM
Replies: 2
Views: 545
Posted By TomCopeland
home depreciation

You are a child care provider entitled to depreciate your home. Add up all the hours you worked in your home for the five months and divide by the total number of hours in five months. Multiply this...
Forum: Daycare and Taxes 02-17-2020, 11:55 AM
Replies: 1
Views: 290
Posted By TomCopeland
deductions

Yes, you can deduct the business portion of any expense, no matter what the cost, with the exception of the purchase of a home, home improvement or home addition. Multiply the $300 by your...
Forum: Daycare and Taxes 02-13-2020, 06:36 PM
Replies: 23
Views: 932
Posted By TomCopeland
overtime hours

A director is an exempt employee which means they are not required to pay you overtime pay. However, these are very long hours with no benefits. You should think twice about taking this job.
Forum: Daycare and Taxes 02-11-2020, 10:12 AM
Replies: 6
Views: 924
Posted By TomCopeland
ac/heat pump

This sounds like a home improvement that should be depreciated over 39 years and it represents more than half of the cooling/heating system in your home. See my article about exceptions to this...
Forum: Daycare and Taxes 02-07-2020, 08:04 AM
Replies: 6
Views: 561
Posted By TomCopeland
Kidkare

I would recommend keep bugging KidKare because you will need access to your records if you are audited. If you send me an email at tomcopeland@live.com I will forward your complaint to my contact...
Forum: Daycare and Taxes 02-07-2020, 08:01 AM
Replies: 2
Views: 435
Posted By TomCopeland
Time-Space%

Your answer is correct! Do not worry that it is higher than last year. This is common.
Forum: Daycare and Taxes 02-07-2020, 07:15 AM
Replies: 6
Views: 924
Posted By TomCopeland
water heater

Providers can deduct the business portion of any expense in one year, without having to depreciate it. The exceptions are the purchase of a home, home improvement and home addition.
Forum: Daycare and Taxes 02-07-2020, 07:14 AM
Replies: 5
Views: 507
Posted By TomCopeland
zero income

I assume you were ready to care for children in 2019. In that case you can claim any business expenses on Schedule C and show a loss. That loss will reduce your husband's taxable income. You want to...
Forum: Daycare and Taxes 01-30-2020, 10:55 AM
Replies: 3
Views: 478
Posted By TomCopeland
end of year receipt

Nope. There is not even a requirement you give the parent a receipt or your EIN unless the parent previously gave you Form W-10. So, tell the parent they have all the information they need. If you...
Forum: Daycare and Taxes 01-28-2020, 02:29 PM
Replies: 29
Views: 40,247
Posted By TomCopeland
hours

To count hours in the calculation of your time-space% you must be in your home when daycare children are not present. Hours spent away from your home, even if on activities exclusively for your...
Forum: Daycare and Taxes 01-28-2020, 09:16 AM
Replies: 6
Views: 480
Posted By TomCopeland
car expenses

I don't understand what you are saying. If you used the standard mileage rate on your old car and sold it, and plan to use the standard mileage rate on the new car, then you don't have to deal with...
Forum: Daycare and Taxes 01-27-2020, 09:13 AM
Replies: 6
Views: 480
Posted By TomCopeland
sold a car

Take the original price of the old car and subtract from it all the depreciation you claimed. Then add the purchase price of the new vehicle to this. That's your basis in the new vehicle.
Forum: Daycare and Taxes 01-22-2020, 10:51 AM
Replies: 1
Views: 452
Posted By TomCopeland
actual business use percent

When using an actual business use percent instead of your time-space% you need to try to estimate the actual business use based on a couple weeks of observing how often the dishwasher is used for...
Forum: Daycare and Taxes 01-11-2020, 07:41 AM
Replies: 1
Views: 620
Posted By TomCopeland
tax credit

No, there is no special tax credit for new providers. However, there are hundreds of household expenses you can deduct. And, you can deduct the business portion of all items you owned in your home...
Forum: Daycare and Taxes 01-11-2020, 07:40 AM
Replies: 1
Views: 478
Posted By TomCopeland
house expenses

No, you can't rent to yourself. Calculate your time-space% and deduct this business portion of house expenses on Form 8829 Expenses for Business Use of Your Home. Since you will have an exclusive use...
Forum: Daycare and Taxes 01-11-2020, 07:38 AM
Replies: 23
Views: 932
Posted By TomCopeland
tracking hours

Track two months worth of these hours on a calendar or on KidKare. Then use the average for these two months for the rest of the year.
Forum: Daycare and Taxes 01-08-2020, 08:03 AM
Replies: 1
Views: 517
Posted By TomCopeland
Roof

The money you received from insurance is not income and you can't deduct it. You can deduct your out of pocket expenses. For the roof, depreciate your time-space% of the $2,000 over 39 years. For the...
Forum: Daycare and Taxes 01-08-2020, 08:01 AM
Replies: 46
Views: 28,442
Posted By TomCopeland
unlicensed provider

Yes. You can claim the child care tax credit. You want to get her Social Security number.
Forum: Daycare and Taxes 01-08-2020, 08:00 AM
Replies: 25
Views: 19,934
Posted By TomCopeland
Llc

You can get $1million occurrence and $3 million aggregate insurance from most companies. That's the max. If a parent sues you, you contact your business liability agent and they take care of the...
Forum: Daycare and Taxes 01-08-2020, 07:57 AM
Replies: 25
Views: 19,934
Posted By TomCopeland
Single person LLC

The advantage of a single person LLC is that your tax forms are the same as a sole proprietor and that means you can deduct expenses in the same way. If you set up any other type of LLC the forms are...
Forum: Daycare and Taxes 01-08-2020, 07:55 AM
Replies: 5
Views: 645
Posted By TomCopeland
100% deduction

Anything you buy now you will be able to deduct this year. Go ahead.
Forum: Daycare and Taxes 01-02-2020, 02:36 PM
Replies: 23
Views: 932
Posted By TomCopeland
Time-Space%

It's a somewhat good analogy. When you have an exclusive use room it's considered business use, even if no one is in the room. But, if you are doing business activities in the room when children are...
Forum: Daycare and Taxes 01-02-2020, 02:33 PM
Replies: 4
Views: 399
Posted By TomCopeland
Sorry, I was think about an HRA. My fault. Yes,...

Sorry, I was think about an HRA. My fault. Yes, you can continue to deduct these premiums even though you were closed for a few months.
Forum: Daycare and Taxes 01-02-2020, 12:58 PM
Replies: 23
Views: 932
Posted By TomCopeland
Time-Space%

It's okay to argue with me! Although I didn't take what you said as an argument. It's always appropriate to ask me or your tax preparer or the IRS, "Where does it say that?"
If your husband is self...
Forum: Daycare and Taxes 01-02-2020, 09:50 AM
Replies: 23
Views: 932
Posted By TomCopeland
Time-Space%

There is no IRS publication that says you can or can't count an hour you are open but don't care for children. However, if you aren't caring for children you aren't using your home for your business...
Forum: Daycare and Taxes 01-02-2020, 09:27 AM
Replies: 23
Views: 932
Posted By TomCopeland
Time-Space%

If you open at 7am and no child shows up before 6:30am, you can't count this half hour just because you are open. However, if you are doing some business activity during that time, you can count the...
Forum: Daycare and Taxes 01-02-2020, 09:24 AM
Replies: 26
Views: 3,173
Posted By TomCopeland
hours

You can record these hours anywhere. I suggest putting them on a calendar. You want to record the time of day and what you did. You can count any time you are in your home when children are not...
Forum: Daycare and Taxes 01-02-2020, 09:20 AM
Replies: 25
Views: 19,934
Posted By TomCopeland
Llc?

You are not required to become an LLC! 99% of providers are self employed. If you set up a single person LLC, you will deduct all the same deductions as being self employed. If you set up any other...
Forum: Daycare and Taxes 01-02-2020, 09:16 AM
Replies: 5
Views: 505
Posted By TomCopeland
tax info

You can either let them contact you or require them to pick up a copy.
Forum: Daycare and Taxes 01-02-2020, 09:15 AM
Replies: 13
Views: 2,907
Posted By TomCopeland
when to deduct expenses

You can deduct items you purchased for your business before you get your license. Your accountant is wrong. Save the receipts.
Forum: Daycare and Taxes 01-02-2020, 09:13 AM
Replies: 5
Views: 505
Posted By TomCopeland
tax credit

It's the parent's responsibility to ask you for tax information, not yours. Most providers give it to parents without being asked. You are not required to give a receipt or your tax id to parents.
Forum: Daycare and Taxes 01-02-2020, 09:12 AM
Replies: 5
Views: 645
Posted By TomCopeland
Deductions

You can deduct as a 100% business items that are used 100% for your business. Make sure it's 100% business use and not 95% business use. Any expense can be deducted in one year (100% or partly...
Forum: Daycare and Taxes 01-02-2020, 09:10 AM
Replies: 4
Views: 470
Posted By TomCopeland
Time-Space%

Your time-space% appears on IRS Form 8829, line 7. You do need to know if he is applying your time-space% on items that are shared and is deducting 100% on items used exclusively for your business....
Forum: Daycare and Taxes 01-02-2020, 08:53 AM
Replies: 4
Views: 399
Posted By TomCopeland
health insurance premiums

You cannot deduct health insurance premiums for yourself as a business expense unless you have set up an HRA (health reimbursement account). If you do have an HRA you can deduct these premiums even...
Forum: Daycare and Taxes 12-31-2019, 10:33 AM
Replies: 1
Views: 382
Posted By TomCopeland
when to deposit income?

2019. Report income in the year you receive it, not the year you earned it. See my article on this: http://tomcopelandblog.com/when-do-you-report-income-3
Forum: Daycare and Taxes 12-29-2019, 07:51 AM
Replies: 2
Views: 479
Posted By TomCopeland
Hours

Unfortunately, you can't count hours spent on business activities away from your home. It's good that you were with your husband, though!
Forum: Daycare Center and Family Home Forum 12-07-2019, 08:32 AM
Replies: 5
Views: 1,004
Posted By TomCopeland
termination notice

" _______ (date) will be the last day of care for your child _______ (name). Payment is due through this date. Thank you for the opportunity to provide care for your child. Signed __________ (name of...
Forum: Daycare and Taxes 11-20-2019, 07:31 AM
Replies: 5
Views: 681
Posted By TomCopeland
Caring for own child - deductible?

I appreciate it that you are taking on this responsibility. Unfortunately, you cannot deduct any business expenses associated with an adopted child (or biological child).
Forum: Daycare and Taxes 11-07-2019, 08:22 PM
Replies: 3
Views: 501
Posted By TomCopeland
employee?

She is probably an independent contractor because she works for a number of providers. To make her case stronger she should get a business name and register it.
Forum: Daycare and Taxes 11-07-2019, 09:59 AM
Replies: 3
Views: 501
Posted By TomCopeland
Substitutes

Here are two articles to read: http://tomcopelandblog.com/are-your-helpers-employees-or-independent-contractors

http://tomcopelandblog.com/the-many-responsibilities-of-hiring-an-employee
Forum: Daycare and Taxes 10-10-2019, 09:17 AM
Replies: 46
Views: 28,442
Posted By TomCopeland
unlicensed

You are correct. If you are in violation of your state child care licensing rules and care for more than 6 children, parents cannot claim the child care tax credit.
Forum: Daycare and Taxes 10-08-2019, 09:20 AM
Replies: 3
Views: 758
Posted By TomCopeland
Licensed?

I don't know the answer to this question. I recommend calling the California Department of Labor and ask the question. You don't have to give your name.
Forum: Daycare and Taxes 10-01-2019, 08:15 AM
Replies: 3
Views: 682
Posted By TomCopeland
driveway

Add up all the costs, multiply by your time-space% and deduct in one year as a repair. You can't deduct anything for your labor. If you pay someone to do the work you can deduct the time-space% of...
Forum: Daycare and Taxes 09-17-2019, 09:26 AM
Replies: 1
Views: 675
Posted By TomCopeland
home addition

A home addition must be depreciated over 39 years. Add up all the costs, multiply by your time-space % (assuming you do use the addition for your business) and spread this over 39 years on Form 4562.
Forum: Daycare and Taxes 09-13-2019, 01:24 PM
Replies: 1
Views: 607
Posted By TomCopeland
Kitchen remodel

Claim the time-space% of the appliances (dishwasher, fridge, and stove) n one year. If the remaining items cost less than $2,500 deduct them also in one year. If you only put in the appliances,...
Forum: Daycare Center and Family Home Forum 08-27-2019, 09:30 AM
Replies: 118
Views: 5,602
Posted By TomCopeland
wait lists

Is it legal to charge a fee to be on a wait list? Yes. Is it legal to move someone to the top of the wait list if they pay a fee? Yes. Is it legal to move someone up the wait list even if they don't...
Forum: Daycare and Taxes 08-21-2019, 09:42 AM
Replies: 46
Views: 28,442
Posted By TomCopeland
unlicensed

File Schedule C. If you are legally unlicensed you can also claim house expenses on Form 8829. If you are operating illegally you can't claim any house expenses (those shown on Form 8829).
Forum: Daycare and Taxes 08-20-2019, 10:44 AM
Replies: 6
Views: 715
Posted By TomCopeland
estimated taxes

Yes, your combined gross income.
Forum: Daycare and Taxes 08-19-2019, 03:17 PM
Replies: 6
Views: 715
Posted By TomCopeland
tax withholding

40% is too much. Not knowing how much your business expenses will be, I estimate that you will owe about 20% federal tax on the 100k of gross income. You will also owe state income tax, and I don't...
Forum: Daycare and Taxes 08-19-2019, 03:14 PM
Replies: 2
Views: 543
Posted By TomCopeland
plumbing

If the work represents less than half of the plumbing for your home, treat it as a repair and deduct your time-space% of the cost in one year. If it represents more than half of the plumbing for your...
Forum: Daycare and Taxes 08-16-2019, 09:26 AM
Replies: 5
Views: 924
Posted By TomCopeland
provider not licensed

Even if you are operating illegally you must still report your income on Schedule C. Since you are operating illegally you cannot claim any house expenses on Form 8829, but you can claim all other...
Forum: Daycare and Taxes 08-07-2019, 06:58 AM
Replies: 0
Views: 867
Posted By TomCopeland
2019-2020 CACFP Reimbursement Rates

The USDA has just released the Food Program reimbursement rates for July 2019 - June 2020:
Breakfast: Tier I - $1.33; Tier II - $.48
Lunch/Supper: Tier I - $2.49; Tier II - $1.50
Snack: Tier I -...
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