Forum: Daycare and Taxes 07-26-2021, 04:34 PM

Replies: 5 Replace a Driveway Views: 535 Posted By Daycarefamily and do I deduct this on form 8829 or schedule C? and do I deduct this on form 8829 or schedule C?

Forum: Daycare and Taxes 07-26-2021, 03:55 PM

Replies: 5 Replace a Driveway Views: 535 Posted By Daycarefamily Should I file the safe harbor election for small... Should I file the safe harbor election for small taxpayers for this?

Forum: Daycare and Taxes 07-26-2021, 03:51 PM

Replies: 5 Replace a Driveway Views: 535 Posted By Daycarefamily Replace a Driveway If I replace my driveway this year because its old and cracking and falling apart, can I depreciate 100%? It will cost $40k to replace. What if I expand it also to meet zoning requirements stating...

Forum: Daycare Center and Family Home Forum 12-20-2020, 11:39 AM

Replies: 4 COVID Business Liability Views: 894 Posted By Daycarefamily Thanks for the links. We honestly weren't sure... Thanks for the links. We honestly weren't sure what the liability risks were. One less thing to worry about.

Forum: Daycare Center and Family Home Forum 12-20-2020, 09:31 AM

Replies: 4 COVID Business Liability Views: 894 Posted By Daycarefamily COVID Business Liability We have been worried about the legal ramifications of COVID since this pandemic began, but see little discussion of it. Senate republicans are trying to get business protection laws passed but dems...

Forum: Daycare and Taxes 06-06-2020, 03:56 PM

Replies: 0 High Net Worth and Taxes Views: 1,580 Posted By Daycarefamily High Net Worth and Taxes https://www.advisorperspectives.com/articles/2020/06/02/irs-fails-to-pursue-thousands-of-rich-tax-cheats-watchdog-says.

Forum: Daycare and Taxes 05-23-2020, 07:48 PM

Replies: 1 EIDL Loan Interest Deduction Views: 1,572 Posted By Daycarefamily EIDL Loan Interest Deduction If I use 100% of my EIDL loan towards payroll, is the interest 100% deductible or is is subject to time/space %?

Forum: Daycare and Taxes 05-23-2020, 07:42 PM

Replies: 37 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,343 Posted By Daycarefamily Update. We received $2,000 EIDL Grant. We... Update. We received $2,000 EIDL Grant. We received $24,600 EIDL loan. We received the EIDL loan after the PPP loan. Not sure if we can roll it in to the PPP now. Anyone attempt this? We...

Forum: Daycare and Taxes 05-23-2020, 07:30 PM

Replies: 9 EIDL Proceed Usages... and After Things are Back to Normal Views: 2,474 Posted By Daycarefamily Hi, is that interest expense 100% deductible... Hi, is that interest expense 100% deductible considering its a business loan?

Forum: Daycare and Taxes 05-03-2020, 12:56 PM

Replies: 37 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,343 Posted By Daycarefamily How is Everyone's Luck with EIDL, PPP, Unemployment? We applied for the EIDL grant/loan on 3/30 first thing in the morning, still haven't got anything. SBA reps told us there was issues with the forms submitted on 3/29 and 3/30. They suggest to be...

Forum: Daycare and Taxes 04-18-2020, 07:19 PM

Replies: 9 Success with Filing For ANY Benefits? Views: 2,084 Posted By Daycarefamily We are in NH. EIDL - nothing PPP - zip ... We are in NH. EIDL - nothing PPP - zip PUA - nada Stimulus check - nil We have two customers left, for now. We figure we will get something by the time the shut-down is lifted, we will...

Forum: Daycare and Taxes 04-12-2020, 05:54 PM

Replies: 3 Questions about Stimulus/Cares/SBA Views: 1,715 Posted By Daycarefamily I just noticed you replied today, EASTER! Happy... I just noticed you replied today, EASTER! Happy Easter to you and your family and thanks for going above and beyond!

Forum: Daycare and Taxes 04-12-2020, 05:39 PM

Replies: 5 California Unemployment Benefits Views: 2,151 Posted By Daycarefamily Check this out: ... Check this out: https://www.uc.pa.gov/COVID-19/CARES-Act/Pages/PUA-FAQs.aspx If this is done universally they you should be good retro to January!!

Forum: Daycare and Taxes 04-12-2020, 05:31 PM

Replies: 4 Denied Unemployment Claim Views: 1,830 Posted By Daycarefamily If I had to guess on what I've read, they deny... If I had to guess on what I've read, they deny you at the state level then you get approved under PUA. https://www.uc.pa.gov/COVID-19/CARES-Act/Pages/PUA-FAQs.aspx. Sadly the PUA is...

Forum: Daycare and Taxes 04-12-2020, 05:22 PM

Replies: 3 Questions about Stimulus/Cares/SBA Views: 1,715 Posted By Daycarefamily Thanks for the reply. We would never have made... Thanks for the reply. We would never have made it in this business without your books and advice, online and especially with the tax review you offer! We do appreciate your hard work.

Forum: Daycare and Taxes 04-11-2020, 04:37 PM

Replies: 3 Questions about Stimulus/Cares/SBA Views: 1,715 Posted By Daycarefamily Questions about Stimulus/Cares/SBA Some rumors i've read online that hope others can chime in on. 1. SBA eidl grant is $1k for each business + $1k per employee. 2. SBA eidl grant will take weeks to process even though congress...

Forum: Daycare and Taxes 04-19-2019, 06:12 PM

Replies: 23 Ugh, Taxes Just Got Done Views: 3,279 Posted By Daycarefamily t/s mine was 37%. Everyone needs to read Tom Copeland's audit archives to see what gets you audited. Practice aggressive tax avoidance NOT evasion/fraud. http://tomcopelandblog.com/irs-auditsdocuments

Forum: Daycare and Taxes 04-19-2019, 06:05 PM

Replies: 5 Viable Business? Views: 2,513 Posted By Daycarefamily Hi home costs Also if you own an expensive home this can help a great deal!!

Forum: Daycare and Taxes 04-19-2019, 06:04 PM

Replies: 5 Viable Business? Views: 2,513 Posted By Daycarefamily Do you have kids Employing your kids under 18 can really help. IRS doesn't like it but if you do it properly they will leave you alone.

Forum: Daycare and Taxes 04-05-2019, 05:40 PM

Replies: 3 Tax review by Tom Copeland Views: 2,222 Posted By Daycarefamily Worth it It's very worth it. I found out that I actually had been audited via correspondence two or three years ago, he explained the process and suggested that I'm likely in the clear considering they never...

Forum: Daycare and Taxes 03-31-2019, 05:14 PM

Replies: 3 Tax review by Tom Copeland Views: 2,222 Posted By Daycarefamily Tax review by Tom Copeland Not sure if everyone is aware but Tom Copeland will review your tax returns if you are a member of Kidcare and The Child Care Business partnership. I emailed him my business returns, he replied with...

Forum: Daycare and Taxes 03-23-2019, 09:56 AM

Replies: 1 Home Back-Up Generator Views: 1,692 Posted By Daycarefamily Home Back-Up Generator If I install a home backup generator that costs more than $2500, can this be depreciated in one year or is it considered a home improvement?

Forum: Daycare and Taxes 02-10-2019, 09:40 AM

Replies: 4 pg 141 Of Tom Copeland's Tax Workbook Views: 1,461 Posted By Daycarefamily So then it is $400k. Thank you for clearing that... So then it is $400k. Thank you for clearing that up.

Forum: Daycare and Taxes 02-09-2019, 05:02 PM

Replies: 2 pg #159 of Toms Tax Workbook Views: 1,592 Posted By Daycarefamily Thank you for the insight. Thank you for the insight.

Forum: Daycare and Taxes 02-09-2019, 04:58 PM

Replies: 4 pg 141 Of Tom Copeland's Tax Workbook Views: 1,461 Posted By Daycarefamily So the 2017 phaseouts do apply in 2018!! There... So the 2017 phaseouts do apply in 2018!! There is alot of bad information online. Some online sites are saying that 2018 phaseouts are $400k for married filing jointly. Thanks you for the...

Forum: Daycare and Taxes 02-09-2019, 02:40 PM

Replies: 2 pg #159 of Toms Tax Workbook Views: 1,592 Posted By Daycarefamily pg #159 of Toms Tax Workbook On pg #159, it states that its unreasonable to pay your child $6,000 if business profit is $15,000. I don't see anywhere in Tom Copeland's audit archives where this has been an issue. Has anyone...

Forum: Daycare and Taxes 02-09-2019, 02:05 PM

Replies: 4 pg 141 Of Tom Copeland's Tax Workbook Views: 1,461 Posted By Daycarefamily pg 141 Of Tom Copeland's Tax Workbook Says the child tax credit phases out under 2017 levels but it has been increased for 2018.

Forum: Daycare and Taxes 02-09-2019, 05:43 AM

Replies: 1 Form 3115 Views: 1,367 Posted By Daycarefamily Form 3115 I've never bothered capturing depreciation using form 3115 due to the fact that I never owe enough taxes to make it worth it. In an audit, can a taxpayer try to recover past allowable deductions to...

Forum: Daycare and Taxes 02-09-2019, 05:34 AM

Replies: 3 Hiring Tom Copeland for an Audit Views: 1,559 Posted By Daycarefamily Hiring Tom Copeland for an Audit Hi. I have done my own taxes for 20 years and never been audited. I have heard too many horror stories from people who use "professionals" that make stupid mistakes probably because tax season is...

Forum: Daycare and Taxes 01-28-2019, 05:18 PM

Replies: 2 Purchasing Supplies Views: 1,403 Posted By Daycarefamily You are the best, thank you!! You are the best, thank you!!

Forum: Daycare and Taxes 01-28-2019, 05:16 PM

Replies: 2 Replacing a 15 Year Old Driveway Views: 1,541 Posted By Daycarefamily Thank you!! Thank you!!

Forum: Daycare and Taxes 01-28-2019, 05:14 PM

Replies: 2 Standard Deduction and Form 8829 Views: 1,344 Posted By Daycarefamily Thank you!! Thank you!!

Forum: Daycare and Taxes 01-27-2019, 06:11 PM

Replies: 2 Purchasing Supplies Views: 1,403 Posted By Daycarefamily Purchasing Supplies My spouse is the only person listed as an owner of the daycare business. If I purchase supplies for the business can the IRS gig that in an audit? E.G. I purchase something off of Amazon and the...

Forum: Daycare and Taxes 01-27-2019, 03:21 PM

Replies: 2 Replacing a 15 Year Old Driveway Views: 1,541 Posted By Daycarefamily Replacing a 15 Year Old Driveway Hi. Our existing driveway is too beat up to repair so we are planning to replace it this summer. Will this be considered a home improvement or maintenance? Its my understanding that a...

Forum: Daycare and Taxes 01-27-2019, 03:14 PM

Replies: 2 Standard Deduction and Form 8829 Views: 1,344 Posted By Daycarefamily Standard Deduction and Form 8829 Hi. My spouse and I have always itemized on our joint returns. We will likely use the standard deduction in tax year 2018 on our 1040. Can we still deduct mortgage interest and taxes on 8829...

Forum: Daycare and Taxes 01-09-2018, 08:00 AM

Replies: 2 Hi, New Here With A Tax Question Views: 2,083 Posted By Daycarefamily Hi, New Here With A Tax Question Hi, husband of a family of six. Wife runs a residential day care with the help of our four daughters. I do the legal, tax and policy admin for the business. If I take a business deduction for...