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Forum: Daycare and Taxes 02-21-2018, 10:34 AM
Replies: 2
Views: 85
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...
Forum: Daycare and Taxes 02-19-2018, 09:38 PM
Replies: 2
Views: 110
Posted By TomCopeland
Utilities

Yes, list the sewage cost under utilities. Don't worry that it seems high - that's where it goes.
Tens of thousands of providers do their own taxes and have used my book to help them. That's the...
Forum: Daycare and Taxes 02-19-2018, 09:36 PM
Replies: 7
Views: 122
Posted By TomCopeland
dogs

I wouldn't try to deduct a dog walker or dog daycare. I think the IRS would not consider this an ordinary and necessary business expense. You can deduct the time-space% of a house cleaner. Get the...
Forum: Daycare and Taxes 02-17-2018, 09:42 PM
Replies: 2
Views: 93
Posted By TomCopeland
CPA fees

You can deduct the cost of a CPA to do your business tax forms (Form 8829, Schedule C, Form 4562, Schedule SE). You can deduct the cost of doing your personal tax forms as an itemized deduction on...
Forum: Daycare and Taxes 02-16-2018, 04:36 PM
Replies: 5
Views: 256
Posted By TomCopeland
home sale

Still not income.
Forum: Daycare and Taxes 02-16-2018, 04:35 PM
Replies: 3
Views: 90
Posted By TomCopeland
Estimated taxes

Your family must pay in at least 90% of what you owe each quarter of the year to avoid a penalty. If your husband withholds enough to cover your taxes, then you don't have to file quarterly estimated...
Forum: Daycare and Taxes 02-16-2018, 04:33 PM
Replies: 3
Views: 89
Posted By TomCopeland
$2,500 rule

Yes, you can deduct your time-space% of the cost of each item in one year, with no depreciation. Enter it on Schedule C, line 27a Other Expenses. Call it Furniture or Equipment.
Forum: Daycare and Taxes 02-14-2018, 12:50 PM
Replies: 12
Views: 379
Posted By TomCopeland
receipts

Keeping personal and business receipts for supplies, etc is the way to protect yourself in an audit.
Forum: Daycare and Taxes 02-13-2018, 11:11 AM
Replies: 12
Views: 379
Posted By TomCopeland
deductions

Wrong. What you are referring to is the question of whether to itemize on Schedule A or take the standard deduction of $24,000 for married couples. This has nothing to do with claiming deductions for...
Forum: Daycare and Taxes 02-13-2018, 11:09 AM
Replies: 2
Views: 62
Posted By TomCopeland
independent contractor?

This is a tricky question that can have enormous consequences if you get it wrong. Here's the IRS explanation of this issue:...
Forum: Daycare and Taxes 02-12-2018, 04:29 PM
Replies: 1
Views: 89
Posted By TomCopeland
Expenses

Totally bogus. I think what this is getting at is that if you are married the new standard deduction for 2018 is $24,000. But this has nothing to do with your ability to claim all business deductions!
Forum: Daycare and Taxes 02-09-2018, 02:09 PM
Replies: 1
Views: 125
Posted By TomCopeland
car expenses

If you use the actual expenses method for claiming car expenses you can deduct all of the expenses you mention.
Forum: Daycare and Taxes 02-09-2018, 08:03 AM
Replies: 1
Views: 93
Posted By TomCopeland
Food Program

You can either include CACFP income with parent income on line 1 of Schedule C, or on line 6 as other income. Your food expenses are probably higher, even a lot higher, than your CACFP income.
Forum: Daycare and Taxes 02-08-2018, 10:13 AM
Replies: 1
Sub
Views: 114
Posted By TomCopeland
substitute

Deduct this under Professional services on Schedule C. If you paid her more than $600 you must issue a Form 1099.
Forum: Daycare and Taxes 02-07-2018, 08:51 AM
Replies: 8
Views: 388
Posted By TomCopeland
W-10

You did the right thing with the parents. Are you using KidKare? If so, cross out the numbers on your Schedule C report so you'll know the correct number to put on your Schedule C.
Forum: Daycare and Taxes 02-06-2018, 03:20 PM
Replies: 1
Views: 91
Posted By TomCopeland
furniture

Yes, assuming you are using them in your business.
Forum: Daycare and Taxes 02-05-2018, 12:48 PM
Replies: 1
Views: 112
Posted By TomCopeland
Turbo tax

You should have to enter property tax, mortgage interest again in the personal section. That will be done by Turbo Tax based on your time space%. You can't deduct your homeowners insurance or repairs...
Forum: Daycare and Taxes 02-05-2018, 12:46 PM
Replies: 12
Views: 379
Posted By TomCopeland
expenses

In order to claim 100% of toilet paper and paper towels, you would have to be able to prove that your family never used the same bathroom, unless you changed the toilet paper rolls each time! So, if...
Forum: Daycare and Taxes 02-05-2018, 12:44 PM
Replies: 2
Views: 89
Posted By TomCopeland
parent payment

No, there isn't. And there shouldn't be. The reason is that you don't know what the parents are going to do about claiming the child care tax credit and it's not your problem. Give the receipt to the...
Forum: Daycare and Taxes 02-04-2018, 10:46 AM
Replies: 12
Views: 379
Posted By TomCopeland
Deductions

All of these deductions meet the IRS definition of "ordinary and necessary" business expenses, so you are good. I assume that you are applying your time-space % to shared items such as utilities,...
Forum: Daycare and Taxes 02-04-2018, 10:44 AM
Replies: 2
Views: 112
Posted By TomCopeland
Piano

Correct. Put this under Other expenses on Schedule C. You can call it whatever you want, perhaps, "Household Items."
Forum: Daycare and Taxes 01-31-2018, 12:37 PM
Replies: 14
Views: 390
Posted By TomCopeland
parents not paying

This discussion is a good example of why it's a good idea to require parents to pay you for the two week notice in advance. You can ask them to pay a little extra each week until you get paid for the...
Forum: Daycare and Taxes 01-31-2018, 10:44 AM
Replies: 17
Views: 25,968
Posted By TomCopeland
parent tax form

Parents are supposed to give providers the W-10 form to get the provider's identification number. Without giving her this form, the provider is not required to give you anything.
Forum: Daycare and Taxes 01-31-2018, 10:42 AM
Replies: 1
Views: 84
Posted By TomCopeland
IRAs

You can contribute up to $6,500 into your Traditional IRA and up to $15,500 into your SIMPLE. Your profit must be at least $22,000 to be able to do this. A Traditional IRA, like a SIMPLE is tax...
Forum: Daycare and Taxes 01-30-2018, 09:14 AM
Replies: 4
Views: 185
Posted By TomCopeland
appliances

Treat each appliance separately and deduct the business portion in one year. If you signed a contract with the contractor after September 27, 2017, deduct it as a 2017 expense.
Forum: Daycare and Taxes 01-29-2018, 12:58 PM
Replies: 4
Views: 185
Posted By TomCopeland
Remodeling

The answer depends on when you did the remodeling. If you did the bathroom after September 27, 2017, you can treat the entire cost as a repair and deduct your time-space % of the cost in one year. If...
Forum: Daycare and Taxes 01-23-2018, 10:24 AM
Replies: 2
Views: 276
Posted By TomCopeland
Sales tax

Include sales tax in the cost of items used for your business. I wrote an article about how to do this on receipts that have both business and personal...
Forum: Daycare and Taxes 01-23-2018, 10:23 AM
Replies: 2
Views: 124
Posted By TomCopeland
Closing business

You only need to keep records for 3 years. Minute Menu will save your records for 4 years. The reports you want to keep are: Depreciation Report, Schedule C Detailed Expenses, Form 8829 Detailed...
Forum: Daycare and Taxes 01-21-2018, 07:43 PM
Replies: 5
Views: 256
Posted By TomCopeland
inheritance

You still don't owe taxes on this.
Forum: Daycare and Taxes 01-19-2018, 02:49 PM
Replies: 2
Views: 192
Posted By TomCopeland
Time-Space %

No, you do count these spaces.
Forum: Daycare and Taxes 01-19-2018, 02:48 PM
Replies: 5
Views: 256
Posted By TomCopeland
inheritance

You don't have to pay taxes on any of this. The first $250,000 of profit on the sale of a home is not taxable.
Forum: Daycare and Taxes 01-18-2018, 10:16 AM
Replies: 8
Views: 369
Posted By TomCopeland
Hvac

Still deduct it entirely in 2018!
Forum: Daycare and Taxes 01-16-2018, 03:12 PM
Replies: 3
Views: 159
Posted By TomCopeland
utilities

You can deduct expenses when you pay them or when you incur the debt (credit card). Since you didn't pay this bill until 2018, record it as a 2018 expense. Your January 2017 bill that paid for...
Forum: Daycare and Taxes 01-16-2018, 10:32 AM
Replies: 3
Views: 225
Posted By TomCopeland
expense categories

One way you can get audited is if a high percentage of your expenses are lumped together. For example, if your income was $40,000 and your supply expenses were $2,000, not a big deal. But if your...
Forum: Daycare and Taxes 01-15-2018, 12:12 PM
Replies: 2
Views: 199
Posted By TomCopeland
rules

The DHS regulations may be referring to a child care center teacher and not family child care. Ask your county licensor for a copy of the rules regarding family child care.
Forum: Daycare and Taxes 01-15-2018, 12:09 PM
Replies: 2
Views: 175
Posted By TomCopeland
standard meal allowance

Yes, for all states except Alaska and Hawaii which are higher.
Forum: Daycare and Taxes 01-12-2018, 02:52 PM
Replies: 3
Views: 225
Posted By TomCopeland
expense categories

There is no rule about what category you can put an expense in. See my article:http://tomcopelandblog.com/go-list-expense-categories
Forum: Daycare and Taxes 01-12-2018, 02:50 PM
Replies: 2
Views: 157
Posted By TomCopeland
egress window

Deduct 100% of the cost as a repair.
Forum: Daycare and Taxes 01-11-2018, 01:53 PM
Replies: 2
Views: 212
Posted By TomCopeland
independent contractor

This is a tricky issue. She should have a business name that she registers with your state. She should get her own EIN. She should work for other providers. She should use her own contract with each...
Forum: Daycare and Taxes 01-11-2018, 01:50 PM
Replies: 3
Views: 200
Posted By TomCopeland
separate home

If you do child care in a home you don't live in, you can deduct 100% of the cost of everything you spend on that home (utilities, supplies, food, toys, furniture, etc.). It doesn't matter if you...
Forum: Daycare and Taxes 01-10-2018, 10:06 AM
Replies: 1
Views: 169
Posted By TomCopeland
Tax Workbook

My Tax Workbook was delivered to Redleaf Press on Monday the 8th. It should be shipped to you by now.
Forum: Daycare and Taxes 01-09-2018, 11:27 AM
Replies: 2
Views: 229
Posted By TomCopeland
Standard deduction

You always want to take the business portion of your property taxes and mortgage interest on IRS Form 8829 Expenses for Business Use of Your Home. Taking the standard deduction on your personal taxes...
Forum: Daycare and Taxes 01-08-2018, 09:22 AM
Replies: 3
Views: 197
Posted By TomCopeland
Tax books

The Tax Workbook is for providers doing their own taxes. The Tax Companion is for providers using a tax preparer. Both are now available from Redleaf Press.
Forum: Daycare and Taxes 01-08-2018, 09:21 AM
Replies: 3
Views: 237
Posted By TomCopeland
Time-Space %

Don't use 8760 hours. Use the number of hours from July 31st - December 31st. See my article on this:http://tomcopelandblog.com/how-to-claim-expenses-when-you-arent-in-business-the-entire-year
Forum: Daycare and Taxes 01-05-2018, 04:19 PM
Replies: 17
Views: 461
Posted By TomCopeland
estimated taxes

If you did child care in 2016, use your taxes from that year as a guide going forward. Once you do your 2017 taxes, use that as a guide going forward.
Forum: Daycare and Taxes 01-05-2018, 10:27 AM
Replies: 14
Views: 343
Posted By TomCopeland
Hours

The IRS Child Care Provider Audit Technique Guide says: "Hours spent cooking, cleaning, and preparing activities for the business of child care could be included in the calculation of the numerator...
Forum: Daycare and Taxes 01-05-2018, 10:21 AM
Replies: 17
Views: 461
Posted By TomCopeland
estimated taxes

Yes, 20% of your income before deductions. This is a rough estimate to cover Social Security/Medicare and federal income taxes. The penalty is a little less than 3%:...
Forum: Daycare and Taxes 01-05-2018, 10:17 AM
Replies: 8
Views: 369
Posted By TomCopeland
windows

The 100% bonus depreciation rule is not set to expire. Things can always change in later years, however.
Forum: Daycare and Taxes 01-05-2018, 10:16 AM
Replies: 7
Views: 312
Posted By TomCopeland
Mileage

If the you are depositing one business check and one personal check, that's not more than half the reason you are going to the bank, so I wouldn't count this trip. The question is, what's the primary...
Forum: Daycare and Taxes 01-04-2018, 02:50 PM
Replies: 7
Views: 312
Posted By TomCopeland
Stamps and mileage

You can deduct stamps when you mail items directly related to your business. This includes paying estimated taxes by mail. You can claim $.535 per business mile as an expense, or you can keep track...
Forum: Daycare and Taxes 01-04-2018, 02:47 PM
Replies: 8
Views: 369
Posted By TomCopeland
Hvac - 2018

The rules changed in 2018. Take the total cost of the HVAC and multiply by your time-space %. Then deduct this amount on your 2018 taxes. In 2018 there is a 100% bonus depreciation rule that says...
Forum: Daycare and Taxes 01-04-2018, 02:44 PM
Replies: 7
Views: 312
Posted By TomCopeland
Expenses

Postage to current clients is 100% deductible. Postage to past clients would only be 100% deductible if the letter was directly related to your business. Deduct the time-space % of postage for house...
Forum: Daycare and Taxes 01-04-2018, 02:35 PM
Replies: 60
Views: 28,630
Posted By TomCopeland
Price fixing?

I don't think I'm full of it! It's legal to get rate information from a public source (DHS). They aren't a competitor. It's also legal to post your own rates publicly. Just like gas stations do....
Forum: Daycare and Taxes 01-04-2018, 02:32 PM
Replies: 60
Views: 28,630
Posted By TomCopeland
Rates

My Family Child Care Marketing Guide is still in print and has a chapter about setting rates and talking about them. It's illegal to share information with a competitor (when both of you know that...
Forum: Daycare and Taxes 01-04-2018, 02:30 PM
Replies: 60
Views: 28,630
Posted By TomCopeland
Price fixing?

It's only illegal to discuss rates with a competitor. So, if you don't live close enough to another provider to be a competitor, then sharing rate information is okay. If you only reveal on this...
Forum: Daycare and Taxes 01-04-2018, 02:27 PM
Replies: 17
Views: 461
Posted By TomCopeland
Estimated taxes

IRS rules say you must be paying in at least 90% of your taxes each quarter. This can be done by having your husband withhold enough through his job to cover your taxes, so then you wouldn't have to...
Forum: Daycare and Taxes 01-04-2018, 02:23 PM
Replies: 14
Views: 343
Posted By TomCopeland
Deductions

http://tomcopelandblog.com/whats-deductible-in-a-family-child-care-business
Forum: Daycare and Taxes 01-04-2018, 02:21 PM
Replies: 14
Views: 343
Posted By TomCopeland
hours worked

Absolutely not! First, you can't automatically claim an hour before and an hour after unless you are actually doing business work during that time. Second, you can claim all hours working in your...
Forum: Daycare and Taxes 12-23-2017, 02:01 PM
Replies: 6
Views: 537
Posted By TomCopeland
taxes 2018

The higher standard deduction only affects your personal income taxes, it does not affect your business profit and the Social Security/Medicare taxes you must pay on your business profit. Therefore,...
Forum: Daycare and Taxes 12-21-2017, 04:26 PM
Replies: 6
Views: 537
Posted By TomCopeland
New Tax Law & Family Child Care

I've written an article explaining how the new tax law affects family child care providers:http://tomcopelandblog.com/new-tax-law-means-family-child-care
Forum: Daycare and Taxes 12-20-2017, 06:30 PM
Replies: 30
Views: 841
Posted By TomCopeland
Health insurance

Our health care system is in much better shape than it was before the ACA. You fail to acknowledge all the positives of the ACA. Insurance premiums have risen at a slower rate than before the law....
Forum: Daycare and Taxes 12-20-2017, 02:02 PM
Replies: 30
Views: 841
Posted By TomCopeland
Health insurance

The problem with you saying that you only want to buy the type of health insurance you want is that you don't know what's going to happen to your health in the future. So, you buy a cheap policy now...
Forum: Daycare and Taxes 12-19-2017, 11:08 AM
Replies: 30
Views: 841
Posted By TomCopeland
New tax bill

I'm waiting for Congress to pass the bill before I write about it. I'll be posting an article about it shortly thereafter and how it affects family child care.
Forum: Daycare and Taxes 12-12-2017, 01:28 PM
Replies: 2
Views: 350
Posted By TomCopeland
tax credit

That's a good question! Does the fact that the tax credit reduces your insurance premiums mean that you can't deduct the full insurance premium through a Section 105 plan? I don't know. Ask the...
Forum: Daycare and Taxes 11-23-2017, 10:23 AM
Replies: 1
Views: 558
Posted By TomCopeland
Sep

Yes, you can set up a SEP because your employee hasn't worked for you for 3 of the last 5 years. Yes, you can undue her $6,500 contribution to the IRA by withdrawing it. You may want to look at...
Forum: Daycare and Taxes 11-21-2017, 10:15 AM
Replies: 8
Views: 866
Posted By TomCopeland
child care tax credit

Yes. But the provider won't know if this happened or not, and should still give the receipt to those that paid her.
Forum: Daycare and Taxes 11-15-2017, 03:29 PM
Replies: 8
Views: 866
Posted By TomCopeland
gift

Payment by the grandparent cannot be claimed by the parent towards the parents child care tax credit. The grandma can't claim the child care tax credit because the child is not their dependent. It's...
Forum: Daycare and Taxes 11-14-2017, 05:45 PM
Replies: 6
Views: 753
Posted By TomCopeland
Earned Income Credit

The Senate and House tax bills are different so I'm waiting a little longer before discussing them. The change in the Earned Income Credit would be a big pain in the neck because it would require...
Forum: Daycare and Taxes 11-12-2017, 04:33 PM
Replies: 6
Views: 753
Posted By TomCopeland
Tax reform?

I have not seen anything that would change what family child care providers can deduct as a business expense. When I know more what is being proposed, I'll be writing about it on my blog. So far,...
Forum: Daycare and Taxes 11-08-2017, 11:57 AM
Replies: 3
Views: 802
Posted By TomCopeland
home sale

You'll want to depreciate your home because it's a big deduction and because you will owe taxes on the amount you depreciate when you sell your home. If you don't claim the home depreciation, you...
Forum: Daycare and Taxes 11-05-2017, 09:45 AM
Replies: 5
Views: 991
Posted By TomCopeland
KidKare

Nope. I don't own Minute Menu. I don't owe it under their new name of KidKare. I don't get any royalties from them. They have hired me to do some webinars for them. I have a Child Care Business...
Forum: Daycare and Taxes 10-21-2017, 07:44 AM
Replies: 1
Views: 920
Posted By TomCopeland
gifts

Deduct the time-space% of the cost of gifts used by your family and your business.
Forum: Daycare and Taxes 10-20-2017, 02:28 PM
Replies: 6
Views: 937
Posted By TomCopeland
Time

If you wouldn't be spending time in this garden if you weren't in business, and you aren't eating any of the food for your family, I'd count 100% of the time you spend on the garden when children are...
Forum: Daycare and Taxes 10-20-2017, 02:26 PM
Replies: 2
Views: 821
Posted By TomCopeland
Cacfp

I believe you can qualify for the higher Tier I rate at any time during the year if you can show your current monthly income. Check with your food program sponsor to be sure about this. If your child...
Forum: Daycare and Taxes 10-18-2017, 11:48 PM
Replies: 6
Views: 937
Posted By TomCopeland
garden

There is no clear guidance from the IRS on this question. To count these hours would be taking a very assertive position. I think this would be challenged by the IRS in an audit. If it's only 20 or...
Forum: Daycare and Taxes 10-18-2017, 06:37 PM
Replies: 6
Views: 937
Posted By TomCopeland
time

The general rule is this: you can only count time spent in your home as a business activity if you wouldn't be doing it if you weren't in business. I assume that your family eats some of the...
Forum: Daycare and Taxes 10-17-2017, 09:38 AM
Replies: 4
Views: 1,003
Posted By TomCopeland
grass

If the cost of the new grass is $2,500 or less, you can treat it as a repair and deduct the time-space % in one year. Since you use the grass for personal, as well as business use, it's not 100%...
Forum: Daycare and Taxes 10-17-2017, 09:37 AM
Replies: 2
Views: 1,068
Posted By TomCopeland
taxes

It's hard to respond effectively without knowing more about your situation. As your income goes up, your taxes go up. It could be that you were kicked into a higher tax bracket and that means some of...
Forum: Daycare and Taxes 10-12-2017, 10:42 AM
Replies: 5
Views: 1,003
Posted By TomCopeland
depreciation

Yes, my book will help you. Since you didn't do a complete remodeling of your kitchen you can treat the expense as a repair and deduct your time-space % of the cost in one year.
Forum: Daycare and Taxes 10-11-2017, 01:56 PM
Replies: 8
Views: 1,306
Posted By TomCopeland
Insurance

I've posted an insurance directory on my website of companies that insure providers: http://tomcopelandblog.com/child-care-insurance-directory-3
Forum: Daycare and Taxes 10-11-2017, 01:55 PM
Replies: 5
Views: 1,003
Posted By TomCopeland
Depreciation

Depreciation is the most complicated part of your taxes. I've written a lot about this on my blog. My 2017 Family Child Care Tax Workbook and Organizer goes into great detail on how to depreciate...
Forum: Daycare and Taxes 09-28-2017, 03:29 PM
Replies: 4
Views: 1,094
Posted By TomCopeland
Insurance

Whenever you have a question about whether you are covered for an accident, it's always a good idea to talk to your insurance agent. Policies vary in what they cover. Your insurance agent is your...
Forum: Daycare and Taxes 09-28-2017, 10:06 AM
Replies: 8
Views: 1,306
Posted By TomCopeland
License exempt

As long as you are operating legally under your state's child care licensing rules (legally exempt) you can deduct your business expenses in the same way as if you were licensed. However, it is...
Forum: Daycare and Taxes 09-28-2017, 10:04 AM
Replies: 4
Views: 1,094
Posted By TomCopeland
Liability

Your homeowners insurance may or may not cover you in this situation since it's a business activity. Ask your insurance agent and get his answer in writing. In most cases, you'll need business...
Forum: Daycare and Taxes 09-26-2017, 08:46 AM
Replies: 2
Views: 1,111
Posted By TomCopeland
actual food expenses

To claim the actual cost of food expenses for your business, you'll need attendance records showing what meals each child ate, food receipts for all business and personal food, and a method showing...
Forum: Daycare and Taxes 09-22-2017, 03:08 PM
Replies: 8
Views: 1,242
Posted By TomCopeland
retirement

I would consult with a lawyer regarding your status as married, but living separately. You want to know if you will be better off divorced and getting a divorce settlement that can help with your...
Forum: Daycare and Taxes 09-19-2017, 12:08 PM
Replies: 3
Views: 998
Posted By TomCopeland
windows/home

Here's an example: $5,000 to replace all your windows x your time-space% (let's say it's 40%) = $2,000. Claim half of this in 2017 using the 50% bonus depreciation rule = $1,000 on Form 4562....
Forum: Daycare and Taxes 09-19-2017, 12:05 PM
Replies: 4
Views: 1,089
Posted By TomCopeland
fees

Yes, such fees should be included in the end of the year total you give parents for them to claim the child care tax credit. See IRS Publication 503.
Forum: Daycare and Taxes 09-16-2017, 10:54 AM
Replies: 1
Views: 952
Posted By TomCopeland
car expense

You could only claim this expense if you use the actual expenses method for claiming car expenses.
Forum: Daycare and Taxes 09-13-2017, 11:13 AM
Replies: 3
Views: 1,310
Posted By TomCopeland
Closing temporarily

You should file your normal tax forms for this year. You don't need to announce that you are closing. Your time-space % should be calculated based on the months you were in business and you will...
Forum: Daycare and Taxes 09-12-2017, 10:39 AM
Replies: 3
Views: 950
Posted By TomCopeland
Grill

Since you don't use the grill for your business, you can't deduct the new grill as a business expense.
Forum: Daycare and Taxes 09-12-2017, 10:38 AM
Replies: 3
Views: 998
Posted By TomCopeland
Mortgage

1) You can deduct the time-space % of your mortgage interest, not your mortgage payment. Your mortgage payment also includes principal on your home. You deduct the principal by depreciating your...
Forum: Daycare and Taxes 09-01-2017, 02:10 PM
Replies: 17
Views: 1,305
Posted By TomCopeland
1099

No, they don't have to give you a statement, but they should.
Forum: Daycare and Taxes 09-01-2017, 11:37 AM
Replies: 17
Views: 1,305
Posted By TomCopeland
food program

Food Program sponsors are not required to issue Form 1099 to providers. Some do, the vast majority don't. I posted a letter on my website from the IRS saying Form 1099 is not required. You should not...
Forum: Daycare and Taxes 08-29-2017, 03:37 PM
Replies: 5
Views: 1,319
Posted By TomCopeland
health insurance

Getting health insurance through the ACA is your best bet.
Forum: Daycare and Taxes 08-28-2017, 09:38 AM
Replies: 18
Views: 1,638
Posted By TomCopeland
Food Program

Providers are always better off financially if they join the Food Program!
You can deduct food expenses in the same way whether or not you are on the Food Program. You can use the standard meal...
Forum: Daycare and Taxes 08-27-2017, 01:40 PM
Replies: 7
Views: 1,299
Posted By TomCopeland
$2,500 rule

Yes, completely deductible in one year. Same with the $400 machine. Go crazy.
Forum: Daycare and Taxes 08-27-2017, 01:39 PM
Replies: 7
Views: 1,299
Posted By TomCopeland
$2,500 rule

This rule is for all businesses.
Forum: Daycare and Taxes 08-25-2017, 03:34 PM
Replies: 7
Views: 1,299
Posted By TomCopeland
Toys

New IRS rules say that you don't have to depreciate any individual item that costs less than $2,500!

KidKare works the same way as Minute Menu with regards to depreciation. That is, it only lists...
Forum: Daycare Center and Family Home Forum 08-23-2017, 09:17 AM
Replies: 11
Views: 1,816
Posted By TomCopeland
business structure

Much as it might sense to operate like this, you can't do it! You are trying to operate as two businesses, when you aren't. The IRS will either treat you as a partnership or that she is your...
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