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Forum: Daycare and Taxes 09-13-2019, 01:24 PM
Replies: 1
Views: 62
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: 1,945
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: 18
Views: 23,428
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: 205
Posted By TomCopeland
estimated taxes

Yes, your combined gross income.
Forum: Daycare and Taxes 08-19-2019, 03:17 PM
Replies: 6
Views: 205
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: 117
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: 375
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: 219
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 -...
Forum: Daycare and Taxes 08-05-2019, 11:00 AM
Replies: 4
Views: 521
Posted By TomCopeland
standard meal allowance rule

When you use the standard meal allowance rate to claim food expenses you do not save any food receipts. You do not deduct the actual cost of the food. You add up the meals and snacks you serve the...
Forum: Daycare and Taxes 07-24-2019, 11:56 AM
Replies: 4
Views: 217
Posted By TomCopeland
home depreciation

You will only owe tax on house depreciation when you sell your home. You want to depreciate your home even if you only plan to be in business for one year! Let's say you are entitled to claim $1,000...
Forum: Daycare and Taxes 07-24-2019, 09:58 AM
Replies: 4
Views: 217
Posted By TomCopeland
Home depreciation

In the year you sell your home you will owe taxes on the amount of house depreciation you claimed (or were entitled to claim!). The taxes you pay will depend on your family's tax bracket in the year...
Forum: Daycare and Taxes 07-05-2019, 08:00 AM
Replies: 4
Views: 956
Posted By TomCopeland
kitchen remodel

Since the cost is less than $2,500 you can deduct the business portion in one year on Schedule C. Call it a repair.
Forum: Daycare and Taxes 07-03-2019, 10:30 AM
Replies: 1
Views: 237
Posted By TomCopeland
fence

You can deduct the business portion of the fence in one year, rather than depreciating it. If you are required to put up the fence by licensing, deduct 100% of the cost. If you have personal reasons...
Forum: Daycare and Taxes 06-06-2019, 08:21 AM
Replies: 5
Views: 479
Posted By TomCopeland
receipts

No. You must save your business receipts for at least three years, in some states four years. This includes receipts for craft materials, curriculum, food (if you use the actual expense method), car,...
Forum: Daycare and Taxes 06-05-2019, 10:19 AM
Replies: 5
Views: 479
Posted By TomCopeland
Itemize or standard deduction?

Many more providers will take the standard deduction and no longer itemize under the new tax laws. If so, there is no reason to keep receipts for medical expenses, charitable contributions, etc....
Forum: Daycare and Taxes 06-05-2019, 10:17 AM
Replies: 4
Views: 230
Posted By TomCopeland
Hra

Federal law does not require you to pay your husband to set up an HRA. I won a US Tax Court case on this point. Some HRA companies (TASC for one) has its own rules and requires some salary be paid to...
Forum: Daycare and Taxes 06-04-2019, 11:19 AM
Replies: 4
Views: 230
Posted By TomCopeland
Hra

Yes, assuming you have an HRA plan in both years.
Forum: Daycare and Taxes 05-27-2019, 10:32 AM
Replies: 2
Views: 364
Posted By TomCopeland
closed?

As long as you are still be paid to care for children, you are still in business. If you are now operating legally according to your state law you can continue to deduct all the same expenses. If you...
Forum: Daycare and Taxes 05-17-2019, 10:07 AM
Replies: 3
Views: 371
Posted By TomCopeland
new tax law

The new tax laws make no changes in your ability to use your time-space% on house expenses (property taxes, mortgage interest, house insurance, utilities, house repairs and house depreciation). There...
Forum: Daycare and Taxes 05-03-2019, 11:48 AM
Replies: 2
Views: 426
Posted By TomCopeland
holding fee

If you refund any money, report it as a business expense. Call it "parent refund" and put under Other Expense on Schedule C. Assuming your got the fee in 2018 and refunded part of it in 2019, you and...
Forum: Daycare and Taxes 04-24-2019, 12:17 PM
Replies: 3
Views: 369
Posted By TomCopeland
fence record keeping

Keep your notes as to how you calculated your actual business use percentage for at least three years after filing your tax return.
Forum: Daycare and Taxes 04-23-2019, 02:25 PM
Replies: 3
Views: 369
Posted By TomCopeland
fence

The conservative answer: deduct your time-space% of the cost. Why? Because your own children do get the benefit of the fence.
The assertive answer: deduct 100% of the cost. Why? Because you wouldn't...
Forum: Daycare and Taxes 04-21-2019, 10:03 AM
Replies: 23
Views: 828
Posted By TomCopeland
expense categories

It doesn't matter what expense category you put your deductions in. Your categories are fine. However, you can also deduct: mortgage interest, house depreciation, repairs, food, furniture,...
Forum: Daycare and Taxes 04-21-2019, 10:00 AM
Replies: 23
Views: 828
Posted By TomCopeland
time-space%

There is a comprehensive discussion of how to calculate your time-space percentage in my Family Child Care Record Keeping Guide.
Forum: Daycare and Taxes 04-18-2019, 06:58 AM
Replies: 25
Views: 14,302
Posted By TomCopeland
time and receipts

You can count the time you spend on activities for your business that you wouldn't be doing if you weren't in business. Since you would be mowing the lawn and weeding, etc even if you weren't in...
Forum: Daycare and Taxes 04-17-2019, 09:08 AM
Replies: 2
Views: 299
Posted By TomCopeland
taxes

#1 - Basically, yes. When you file Form 1040SE you actually pay a tax equivalent to 14.1% of the $80,000.
#2 - You will add your profit ($80,000) to your husband's gross income ($100,000) on Form...
Forum: Daycare and Taxes 04-10-2019, 03:11 PM
Replies: 23
Views: 828
Posted By TomCopeland
time-space%

Include the garage and basement in the total square feet of your home. They are probably used regularly for your business. If the 144 square foot room is used exclusively for your business, enter it...
Forum: Daycare and Taxes 04-10-2019, 03:09 PM
Replies: 4
Views: 281
Posted By TomCopeland
expenses

Yes and yes.
Forum: Daycare and Taxes 04-09-2019, 07:46 AM
Replies: 23
Views: 828
Posted By TomCopeland
space%

To claim a room as regularly used for your business it needs to be used more than "occasionally." If you use it 2-3 times per week to go in there to get stuff for your business, that's regularly...
Forum: Daycare and Taxes 04-06-2019, 06:48 PM
Replies: 1
Views: 387
Posted By TomCopeland
food expenses

When you amend your tax return you will redo Schedule C to show the higher food deduction. Then you will fill out Form 1040 and Schedule SE to reflect this change and finally Form 1040X. You can go...
Forum: Daycare and Taxes 04-06-2019, 10:50 AM
Replies: 7
Views: 474
Posted By TomCopeland
employees

You can deduct any amount you pay someone to help you care for children, whether it's full or part time. However, you must pay payroll taxes even for part time workers.
Forum: Daycare and Taxes 04-03-2019, 02:32 PM
Replies: 9
Views: 434
Posted By TomCopeland
section 179

If you used Section 179, that goes on Form 4562, Part I. If you depreciated the home improvement it would go on line 19i.

Line 14 is for items other than home improvements or home additions that...
Forum: Daycare and Taxes 04-03-2019, 02:30 PM
Replies: 9
Views: 434
Posted By TomCopeland
Section 179

A home improvement is depreciated over 39 years. So, if she goes out of business in 5 years she will have to report as income the amount of 34 years of depreciation.
Forum: Daycare and Taxes 04-03-2019, 10:28 AM
Replies: 9
Views: 434
Posted By TomCopeland
renter

Renters can deduct home improvements that they pay for even though they are renting, since they paid for it!
Forum: Daycare and Taxes 04-03-2019, 09:23 AM
Replies: 9
Views: 434
Posted By TomCopeland
time-space%

You are correct based on the following assumptions. You don't have a garage and the basement area is never used personally. That means you don't have a furnace or laundry room in the basement.

The...
Forum: Daycare and Taxes 04-01-2019, 06:48 AM
Replies: 3
Views: 387
Posted By TomCopeland
tax return review

I can review your tax return for free if you are a member of my Child Care Business Partnership that costs $15 a year. You must be using the accounting section of KidKare to be a member of the...
Forum: Daycare and Taxes 03-29-2019, 10:38 AM
Replies: 1
Views: 287
Posted By TomCopeland
repairs

Put repairs to your home on Form 8829. Put repairs to items you brought into your home on Schedule C.
Forum: Daycare and Taxes 03-29-2019, 10:35 AM
Replies: 11
Views: 451
Posted By TomCopeland
depreciation

If you count 12 months you can deduct 12 months of depreciation. If you only count 10 months, you get 10 months of depreciation.
Forum: Daycare and Taxes 03-28-2019, 08:49 AM
Replies: 11
Views: 451
Posted By TomCopeland
time-space%

If you are going to use 8760 as the total number of hours in the year, then you are entitled to claim 12 months worth of house expenses. If you are going to use 7056 hours in the year, then you only...
Forum: Daycare and Taxes 03-28-2019, 08:45 AM
Replies: 11
Views: 451
Posted By TomCopeland
time-space%

There is no rule that says you can't treat your business as open for ten months a year. It's logical that if you are only open for ten months a year you can only claim expenses for those ten months....
Forum: Daycare and Taxes 03-28-2019, 08:40 AM
Replies: 3
Views: 255
Posted By TomCopeland
Mileage

No. That's commuting which is not considered business mileage.
Forum: Daycare and Taxes 03-27-2019, 09:26 AM
Replies: 11
Views: 451
Posted By TomCopeland
summer off

If you say you are open for twelve months a year, then count the utilities for 12 months. If you say you are open for 10 months a year, don't count house expenses for 12 months. If you are open for...
Forum: Daycare and Taxes 03-25-2019, 11:41 AM
Replies: 1
Views: 343
Posted By TomCopeland
generator

Since it's not considered a home improvement (it's not permanently attached to your home) you can treat this as a home repair and deduct your time-space% of this in one year.
Forum: Daycare and Taxes 03-25-2019, 11:39 AM
Replies: 11
Views: 451
Posted By TomCopeland
summer off

Here's an article I've written about this: http://tomcopelandblog.com/will-take-time-off-summer
Forum: Daycare and Taxes 03-22-2019, 10:58 AM
Replies: 2
Views: 310
Posted By TomCopeland
section 179

The de minimis safe harbor rule allows you to deduct any expense under $2,500 in one year (100% business or shared). Any expense over $2,500 can also be deducted in one year (exception - home, home...
Forum: Daycare and Taxes 03-22-2019, 10:53 AM
Replies: 2
Views: 271
Posted By TomCopeland
mileage

You do not need to record the odometer reading, just the date, destination and total miles.
Forum: Daycare and Taxes 03-20-2019, 10:58 AM
Replies: 5
Views: 2,003
Posted By TomCopeland
Mortgage insurance premiums

Yes, as long as they are not paid on cash-out refinances or home equity loans.
Forum: Daycare and Taxes 03-20-2019, 10:56 AM
Replies: 5
Views: 2,003
Posted By TomCopeland
time-space%

Here's an article on how to calculate your time-space%: http://tomcopelandblog.com/the-time-space-percentage-quiz
Forum: Daycare and Taxes 03-20-2019, 10:54 AM
Replies: 3
Views: 315
Posted By TomCopeland
I would deduct the time-space% of Sams Club. See...

I would deduct the time-space% of Sams Club. See this article:http://backalleytaxes.com/deduction-club-dues/
Forum: Daycare and Taxes 03-19-2019, 06:56 AM
Replies: 3
Views: 315
Posted By TomCopeland
memberships

Deduct them as Activity Expenses on Schedule C, line 27a. You can only deduct the zoo and children's museum membership at 100% if you only go there with daycare children.
Forum: Daycare and Taxes 03-19-2019, 06:42 AM
Replies: 3
Views: 359
Posted By TomCopeland
sales tax

Yes, the delivery fee and warranty should be included in the cost of the couch and deducted on Schedule C, line 27a as an Other Expense. Call it "Furniture."
Forum: Daycare and Taxes 03-18-2019, 10:32 AM
Replies: 3
Views: 359
Posted By TomCopeland
safe harbor

That is the correct deduction and you should attach the safe harbor statement to your tax return. If doing efile doesn't automatically attach this statement then you should mail it in. The benefit of...
Forum: Daycare and Taxes 03-14-2019, 11:53 AM
Replies: 2
Views: 389
Posted By TomCopeland
deduction

The business portion of any individual expense can be deducted in one year. A home addition needs to be depreciated over 39 years unless it meets one of two exceptions. See my article on this:...
Forum: Daycare and Taxes 03-08-2019, 05:44 AM
Replies: 1
Views: 349
Posted By TomCopeland
depreciation

The short answer is yes.
Forum: Daycare and Taxes 03-06-2019, 09:17 AM
Replies: 2
Views: 377
Posted By TomCopeland
fence

You can deduct this in one year and don't have to depreciate it. Add up all the costs for both installers and include both charges. How much of the cost can you deduct? The conservative answer would...
Forum: Daycare and Taxes 03-05-2019, 07:51 AM
Replies: 2
Views: 348
Posted By TomCopeland
time-space%

As a general rule you will use your time-space% for all items that are used by both your family and your business. In some cases where your actual business use is much higher than your time-space%...
Forum: Daycare and Taxes 03-05-2019, 07:47 AM
Replies: 9
Views: 433
Posted By TomCopeland
Tax return

It's likely that what is happening is that you are qualified to get the Earned Income Credit. This credit is a little strange in that there are circumstances where claiming more expenses reduces your...
Forum: Daycare and Taxes 02-28-2019, 02:38 PM
Replies: 1
Views: 335
Posted By TomCopeland
toilet seat

Yes, you can deduct 100% of the mini seat. You need to have the KidKare accounting section to participate in my Child Care Business Partnership program.
Forum: Daycare and Taxes 02-28-2019, 02:37 PM
Replies: 16
Views: 554
Posted By TomCopeland
vacation cruise

I have done training several times on a cruise ship around the Hawaiian, just sayin...
Forum: Daycare and Taxes 02-27-2019, 09:09 AM
Replies: 16
Views: 554
Posted By TomCopeland
parent receipt

I agree with this response!
Forum: Daycare and Taxes 02-23-2019, 03:23 PM
Replies: 9
Views: 492
Posted By TomCopeland
house depreciation

No, what I said doesn't apply. Since you are not in violation of state child care licensing rules, you are exempt from licensing rules. This means you are entitled to claim house depreciation and...
Forum: Daycare and Taxes 02-23-2019, 03:21 PM
Replies: 5
Views: 375
Posted By TomCopeland
computer

I'm not an expert on Schedule D or Form 8849. However, if you disposed the computer and didn't sell it, and $200 represents the unclaimed depreciation, you should show a $200 loss that you can deduct...
Forum: Daycare and Taxes 02-23-2019, 03:18 PM
Replies: 2
Views: 279
Posted By TomCopeland
car expenses

You can never use your time-space % to claim any portion of your car expenses. Time-Space % has to do with the use of your home, not your car. You are correct that when using the standard mileage...
Forum: Daycare and Taxes 02-22-2019, 01:10 PM
Replies: 3
Views: 1,345
Posted By TomCopeland
unlicensed

If you are exempt from licensing rules you can claim all deductions as if you were licensed. If you are in violation of licensing rules you can't claim house expenses on Form 8829, but you can claim...
Forum: Daycare and Taxes 02-22-2019, 01:06 PM
Replies: 9
Views: 492
Posted By TomCopeland
house depreciation

Since you are not entitled to claim house depreciation because you are in violation of state licensing laws, you will not be taxed on any depreciation when you sell your home.
Forum: Daycare and Taxes 02-22-2019, 10:48 AM
Replies: 5
Views: 375
Posted By TomCopeland
computer

If you were depreciating the first computer that broke, you can claim any remaining unclaimed depreciation in the year it broke. What form did your tax preparer use?
Forum: Daycare and Taxes 02-20-2019, 10:13 PM
Replies: 2
Views: 378
Posted By TomCopeland
socks

Nope. It's personal and not deductible.
Forum: Daycare and Taxes 02-18-2019, 05:24 PM
Replies: 3
Views: 428
Posted By TomCopeland
questions

It will be easier for me to answer your questions by phone. Call me at 651-280-5991. I'm doing training in California until the end of the month.
Forum: Daycare and Taxes 02-14-2019, 09:32 AM
Replies: 2
Views: 370
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 02-14-2019, 09:30 AM
Replies: 7
Views: 500
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, 01:27 PM
Replies: 4
Views: 521
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, 03:52 PM
Replies: 1
Views: 397
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, 03:50 PM
Replies: 7
Views: 500
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, 06:06 AM
Replies: 3
Views: 430
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, 06:04 AM
Replies: 10
Views: 625
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, 09:25 PM
Replies: 4
Views: 368
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, 04:44 PM
Replies: 3
Views: 430
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, 04:41 PM
Replies: 1
Views: 305
Posted By TomCopeland
Form 3115

Yes! Go for it!
Forum: Daycare and Taxes 02-09-2019, 04:40 PM
Replies: 4
Views: 368
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, 04:38 PM
Replies: 2
Views: 334
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, 02:49 PM
Replies: 3
Views: 605
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, 03:46 PM
Replies: 3
Views: 361
Posted By TomCopeland
filing separate

Yes, that's correct.
Forum: Daycare and Taxes 02-06-2019, 03:45 PM
Replies: 2
Views: 401
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, 09:17 AM
Replies: 4
Views: 380
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, 09:15 AM
Replies: 3
Views: 361
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, 02:41 PM
Replies: 4
Views: 374
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, 02:40 PM
Replies: 4
Views: 380
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, 02:38 PM
Replies: 3
Views: 412
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, 01:08 PM
Replies: 4
Views: 405
Posted By TomCopeland
income statement

Each state has different rules about this.
Forum: Daycare and Taxes 02-01-2019, 09:46 PM
Replies: 2
Views: 401
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, 07:49 AM
Replies: 2
Views: 402
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, 03:40 PM
Replies: 1
Views: 326
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, 07:49 AM
Replies: 2
Views: 409
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, 07:49 AM
Replies: 2
Views: 382
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, 07:48 AM
Replies: 2
Views: 421
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, 09:02 AM
Replies: 3
Views: 578
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, 09:41 AM
Replies: 3
Views: 578
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, 09:39 AM
Replies: 10
Views: 625
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, 08:52 AM
Replies: 10
Views: 625
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, 11:17 AM
Replies: 7
Views: 518
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
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