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Forum: Daycare and Taxes 08-10-2020, 12:23 PM
Replies: 2
Views: 1,412
Posted By tn0087
Ah, I see. Thank you, Tom!

Ah, I see. Thank you, Tom!
Forum: Daycare and Taxes 08-10-2020, 09:20 AM
Replies: 2
Views: 1,412
Posted By tn0087
To Anyone Who Received PPP Funds, How Are You Tracking Expenses?

Assuming PPP forgiveness goes through as planned and funds used from PPP are forgiven, does anyone know yet what that does to expenses paid for with that PPP income in 2020?

Hypothetical 2019...
Forum: Daycare and Taxes 07-09-2020, 01:58 PM
Replies: 1
Views: 1,524
Posted By tn0087
New to the PPParty... Can I take a lump sum?

With the new EZ loan form, it appears self employed people do not need to track weekly payroll amounts and, instead, forgiveness is determined by owner compensation. It also seems you don't have to...
Forum: Daycare and Taxes 06-07-2020, 10:40 AM
Replies: 9
Views: 2,484
Posted By tn0087
Thanks, Tom. That does help. I don't think I...

Thanks, Tom. That does help. I don't think I caught that the loan can be used for mortgage principle as well.
Forum: Daycare and Taxes 06-07-2020, 07:03 AM
Replies: 9
Views: 2,484
Posted By tn0087
Tom, as a follow up, do you know if there is...

Tom, as a follow up, do you know if there is anywhere that we can reach out to get "approval" for fund usage? I'm comfortable the fence request I originally posted will be fine to use the funds for,...
Forum: Daycare and Taxes 05-17-2020, 09:38 AM
Replies: 9
Views: 2,484
Posted By tn0087
Thanks Tom!

Thanks Tom!
Forum: Daycare and Taxes 05-15-2020, 01:51 PM
Replies: 9
Views: 2,484
Posted By tn0087
EIDL Proceed Usages... and After Things are Back to Normal

Hi Everyone,

Has anyone gotten good information around how the EIDL loan can be used? I've seen some stipulations, but they generally have the disclaimer "other operating expenses" that would...
Forum: Daycare and Taxes 04-01-2020, 07:12 AM
Replies: 9
Views: 2,212
Posted By tn0087
one more thought...

Perhaps a potential avenue for unemployment would be the high risk group for your husband/son, so that might be an option? (check out https://www.daycare.com/forum/showthread.php?t=93231).
Forum: Daycare and Taxes 04-01-2020, 07:05 AM
Replies: 9
Views: 2,212
Posted By tn0087
Not Tom, but sharing what I can

Hi AC,
I'm obviously not Tom, but I think he touched on this on his blog: http://tomcopelandblog.com/are-family-child-care-providers-entitled-to-unemployment-benefits.
Since your state has not...
Forum: Daycare and Taxes 03-29-2020, 11:16 AM
Replies: 8
Views: 2,474
Posted By tn0087
@Tom - CARES Act, SBA EIDL Loans, and Daycare

Hi Tom,
This may be more nuanced than you can touch on in a forum post, but I am curious your thoughts around home daycares pursuing the SBA's Economic Injury loan as a result of coronavirus...
Forum: Daycare and Taxes 02-23-2019, 08:18 AM
Replies: 2
Views: 1,435
Posted By tn0087
I forgot to add, can we deduct the T/S% of the...

I forgot to add, can we deduct the T/S% of the down payment that we made as an expense as well?
Forum: Daycare and Taxes 02-23-2019, 07:52 AM
Replies: 2
Views: 1,435
Posted By tn0087
New Vehicle - Question from Tom's Tax Webinar

Hey Tom (or anyone else who attended),
In the webinar for the 2018 tax changes (thanks again for doing that) I believe you mentioned that even when taking the standard mileage deduction you can...
Forum: Daycare and Taxes 02-22-2017, 01:21 PM
Replies: 2
Views: 3,121
Posted By tn0087
Thanks, Tom!

Thanks, Tom!
Forum: Daycare and Taxes 02-18-2017, 10:48 AM
Replies: 2
Views: 3,121
Posted By tn0087
Deduct Upgrades for New Home Construction Individually?

Hi Everyone,
In February of this year we moved into a new home we had built. We elected to pay for several upgrades out-of-pocket which was done at closing. My question is, do we itemize these...
Forum: Daycare and Taxes 03-04-2016, 03:12 PM
Replies: 5
Views: 3,213
Posted By tn0087
getting there....

A couple more questions on this if you have a second.

1. Can we deduct the cost of hiring movers to move us from our old home to the new home? If so, what time/space would we use? Can we use the...
Forum: Daycare and Taxes 02-13-2016, 04:51 PM
Replies: 5
Views: 3,213
Posted By tn0087
Thanks, Tom! Can we claim time - space % on the...

Thanks, Tom! Can we claim time - space % on the interest we paid in 2015 on the construction loan? Or is there a reason that has to wait until 2016?
Forum: Daycare and Taxes 02-13-2016, 07:51 AM
Replies: 5
Views: 3,213
Posted By tn0087
Sale of Home and New Construction Crossing Over Tax Year... Yikes!

I'm hoping I can explain this situation in a way that someone understands to help provide some guidance with our tax filing for 2015. I'm looking in your direction, Tom, but I'd love to hear if...
Forum: Daycare and Taxes 11-10-2013, 08:45 AM
Replies: 2
Views: 3,338
Posted By tn0087
State Required Pool Fence

Hi Everyone,

We have an above-ground pool in our fenced backyard. Having a fenced backyard is sufficient for NYS law to own a pool; however, because the pool sides are not 48" all the way around,...
Forum: Daycare and Taxes 08-19-2013, 05:00 PM
Replies: 2
Views: 3,127
Posted By tn0087
Thanks!

It never ceases to amaze me how active you are on this forum. Thanks for the help, Tom!

Tim
Forum: Daycare and Taxes 07-30-2013, 06:15 PM
Replies: 2
Views: 3,127
Posted By tn0087
Partial Driveway Replacement - Depreciation or Write-off

Hi,

We are replacing approximately 40% of our driveway due to drainage issues which have caused it to heave and crack. The remaining 60% of the driveway is not being touched as it is in good...
Forum: Daycare and Taxes 02-01-2013, 08:25 AM
Replies: 1
Views: 2,635
Posted By tn0087
Write Off / Depreciate Bicycle

'Tis the tax season, and with it come the tax questions. I have two instances where I am not sure where I fall in the grey area between t/s write-off and t/s depreciation:

1. Bikes
We have...
Forum: Daycare and Taxes 12-04-2012, 05:18 PM
Replies: 10
Views: 6,382
Posted By tn0087
Tax Implications of Mortgage Refinance

Hi,

I was wondering if anyone has gone through a mortgage refinance while their daycare was open, or if Tom might be able to weigh in on this. Essentially, we are refinancing our mortgage to a...
Forum: Daycare and Taxes 02-10-2012, 02:27 PM
Replies: 1
Views: 2,201
Posted By tn0087
First Filing Mistake (That I'm Aware Of...)

I was finishing the archiving of my 2011 receipts when I stumbled upon a receipt for a Dyson vacuum we purchased in March (I completely forgot about the fact we purchased it this year...). Needless...
Forum: Daycare and Taxes 11-23-2011, 03:49 PM
Replies: 2
Views: 3,809
Posted By tn0087
That's great news! Thanks for the quick response...

That's great news! Thanks for the quick response as always!!!

Tim
Forum: Daycare and Taxes 11-23-2011, 01:04 PM
Replies: 2
Views: 3,809
Posted By tn0087
Depreciate/Write-Off Carpet Replacement

We recently had an 'incident' in which a corner of our living room carpet was damaged by one of the daycare children. We plan to replace the carpet completely; however, it is a scenario where the...
Forum: Daycare and Taxes 05-08-2011, 05:04 PM
Replies: 3
Views: 1,965
Posted By tn0087
Mileage for Bank Trips to Deposit Daycare Checks

I apologize if this was asked and I just missed it, but I was wondering if mileage can be claimed for the trip to the bank to deposit daycare income checks.

Thanks,
Tim
Forum: Daycare and Taxes 04-18-2011, 02:08 PM
Replies: 3
Views: 4,437
Posted By tn0087
T/S or 100% for Playground Mulch?

We were informed that the playset in our backyard would need to be mulched before the daycare children could play in the backyard as part of NY state's requirements for 2011. I'm not sure if this is...
Forum: Daycare and Taxes 02-13-2011, 12:11 PM
Replies: 3
Views: 4,662
Posted By tn0087
Thank you!

I am not sure how you manage to keep up with all of the requests on this site, Tom, but I am thrilled that you do. That was exactly the information I needed!

Thanks again!
Tim
Forum: Daycare and Taxes 02-09-2011, 05:38 PM
Replies: 3
Views: 4,662
Posted By tn0087
Depreciating Items Purchased Prior To Starting Business

Hi Tom,

I have purchased your Record-Keeping Guide which has played an absolutely essential role in completing my taxes. I am currently using Turbo Tax (though probably will not next year as I...