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Forum: Daycare and Taxes 11-15-2017, 03:29 PM
Replies: 6
Views: 191
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: 170
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: 170
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: 180
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: 317
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: 368
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: 230
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: 226
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: 230
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: 230
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: 274
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: 270
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: 286
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: 582
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: 286
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: 319
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: 582
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: 319
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: 412
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: 473
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: 354
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: 367
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: 301
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: 518
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: 326
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: 354
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: 495
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: 495
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: 509
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: 789
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: 494
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: 494
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: 494
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: 1,120
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...
Forum: Daycare and Taxes 08-22-2017, 12:11 PM
Replies: 10
Views: 1,847
Posted By TomCopeland
education costs

There are caps on the education tax credits. There are no caps on education expenses as a business deduction, assuming you qualify.
Forum: Daycare and Taxes 08-22-2017, 12:10 PM
Replies: 9
Views: 479
Posted By TomCopeland
refund?

I assume you reported as income the money parents paid you initially. If so, then deduct the $800 as a business expense and call it "Parent Refund" under Other Expenses on Schedule C.
Forum: Daycare and Taxes 08-03-2017, 09:27 PM
Replies: 2
Views: 447
Posted By TomCopeland
respite care

Yes, count these hours as part of your time-space%. This is still considered child care as far as the IRS is concerned, so claim all your same expenses for caring for these children together with...
Forum: Daycare and Taxes 07-31-2017, 10:29 AM
Replies: 2
Views: 359
Posted By TomCopeland
car expenses

You have two options when claiming car expenses. You can save receipts for all expenses related to the car (gas, oil, repairs, car insurance, depreciation, car wash, etc) and deduct the business...
Forum: Daycare and Taxes 07-31-2017, 10:26 AM
Replies: 18
Views: 789
Posted By TomCopeland
Food Program

This is a great misconception of the financial impact of the Food Program. When you join the food program you do not lose the ability to deduct your food expenses in the same way as before you were...
Forum: Daycare and Taxes 07-31-2017, 10:21 AM
Replies: 1
Views: 369
Posted By TomCopeland
expenses

If the room where the egress window is used 100% for your business, you can deduct 100% of the expense and treat it as a repair. New IRS rules have expanded the definition of repairs. Replacing less...
Forum: Daycare and Taxes 07-28-2017, 10:29 AM
Replies: 1
Views: 429
Posted By TomCopeland
not married

Since you are not married, you can only deduct expenses you actually pay for: utilities, house repairs. Not property tax, mortgage, house insurance or house depreciation.

Time to get married!
Forum: Daycare Center and Family Home Forum 07-05-2017, 03:14 PM
Replies: 51
Views: 1,083
Posted By TomCopeland
Illegal

It's true that there are no national standards about licensing. Therefore, what is legal in one state is illegal in another. That's true for many laws. However, to say that there is no difference in...
Forum: Daycare Center and Family Home Forum 07-05-2017, 11:51 AM
Replies: 51
Views: 1,083
Posted By TomCopeland
Illegal

My two cents on this issue:
* I think everyone agrees that keeping children safe is the number one priority for family child care providers. Licensing rules provide a minimum of health and safety...
Forum: Daycare and Taxes 06-27-2017, 03:34 PM
Replies: 5
Views: 516
Posted By TomCopeland
tax fees

$325 is very reasonable. Tax preparation fees can vary for a variety of reasons: your personal circumstances (tax credits, children, medical expenses, investments, owing property, unusual...
Forum: Daycare and Taxes 06-22-2017, 08:56 AM
Replies: 9
Views: 794
Posted By TomCopeland
Contract enforcement

Parents sometimes feel they don't have to follow the contract they signed because sometimes providers don't treat their contract seriously. Providers need to consistently enforce their contract....
Forum: Daycare and Taxes 06-21-2017, 12:59 PM
Replies: 9
Views: 794
Posted By TomCopeland
Who terminated?

Providers need to be careful about termination and not assume a parent is terminating the contract until they get confirmation from a parent. So, in this case it sounds like the provider terminated...
Forum: Daycare and Taxes 06-16-2017, 08:49 AM
Replies: 2
Views: 524
Posted By TomCopeland
Meals

You can deduct meals (and other expenses) for caring for a child whose parent is not paying you only if this is part of a business relationship. In other words, she is an ongoing client and you are...
Forum: Daycare and Taxes 06-10-2017, 07:06 PM
Replies: 5
Views: 643
Posted By TomCopeland
Outdoor space

You can count time if you would not be doing this work if you weren't in business. So, time to maintain trails that you wouldn't do if you were not in business would count in your time-space %....
Forum: Daycare and Taxes 06-08-2017, 02:26 PM
Replies: 3
Views: 514
Posted By TomCopeland
Getting started

What BlackCat says is true. In addition, if you are operating illegally you can't claim house related expenses, but you can deduct other expenses. If you are licensed or exempt from licensing...
Forum: Daycare and Taxes 06-01-2017, 09:50 AM
Replies: 9
Views: 830
Posted By TomCopeland
Clothing

Clothing that you wear with your business name on it, or a logo or words about family child care would be deductible as advertising. It's not clear if a t-shirt that said, "Children are our future"...
Forum: Daycare and Taxes 05-22-2017, 12:39 PM
Replies: 3
Views: 942
Posted By TomCopeland
start up costs

The limits for start up costs do not include land improvements or home improvements. They only include items you would normally deduct in one year. Start up costs also only apply to items you...
Forum: Daycare Center and Family Home Forum 05-08-2017, 11:11 AM
Replies: 22
Views: 1,117
Posted By TomCopeland
Bankruptcy

Sorry to hear about your difficulties. I'm not an expert on bankruptcy. I would recommend speaking with a lawyer before you went ahead and filed for bankruptcy. That's because there are consequences...
Forum: Daycare Center and Family Home Forum 05-08-2017, 09:59 AM
Replies: 22
Views: 1,117
Posted By TomCopeland
Bankruptcy

Sorry to hear about your difficulties. I'm not an expert on bankruptcy. I would recommend speaking with a lawyer before you went ahead and filed for bankruptcy. That's because there are consequences...
Forum: Daycare and Taxes 05-02-2017, 10:26 AM
Replies: 1
Views: 771
Posted By TomCopeland
Staff expenses

Since you are an employee you could only claim these as a Miscellaneous Itemized Deduction on Schedule A, assuming you itemize your taxes. However, you'd have to have a lot of these expenses (more...
Forum: Daycare Center and Family Home Forum 04-28-2017, 09:34 AM
Replies: 2
Views: 340
Posted By TomCopeland
wind damage

You should definitely talk to your business liability insurance agent. You don't have to make a claim after talking to her/him. Ask for their advice, that's why you have a policy with them.
Forum: Daycare and Taxes 04-27-2017, 10:04 AM
Replies: 5
Views: 868
Posted By TomCopeland
what is a meal?

As long as you are serving any amount of food to a child you can count it as a meal or snack for purposes of claiming it as a food deduction using the standard meal allowance method.
Forum: Daycare and Taxes 04-25-2017, 02:56 PM
Replies: 5
Views: 780
Posted By TomCopeland
Income

I would challenge them on the issue of using your gross income instead of your net income (profit). You want to see in writing that self employed people must use their gross income. They may not be...
Forum: Daycare and Taxes 04-16-2017, 01:32 PM
Replies: 1
Views: 718
Posted By TomCopeland
tax software

Using tax software is problematic unless you already know what you can deduct, know what tax form it belongs, and know how to determine how much you can deduct for each item before you enter it into...
Forum: Daycare and Taxes 04-16-2017, 01:29 PM
Replies: 3
Views: 735
Posted By TomCopeland
furniture

Yes, that counts. Count the bed.
Forum: Daycare and Taxes 04-10-2017, 11:26 AM
Replies: 3
Views: 735
Posted By TomCopeland
furniture

You can't deduct the furniture because you aren't using it for your business. If daycare children slept on the bed, you could deduct part of the cost of the bed. Same thing with a dresser. But, since...
Forum: Daycare and Taxes 04-04-2017, 09:17 AM
Replies: 10
Views: 1,847
Posted By TomCopeland
education expenses

Assuming you are eligible to deduct your education expenses, you can deduct 100% of these expenses on your Schedule C. There are two federal tax credits: the Lifetime Learning Credit and the American...
Forum: Daycare and Taxes 03-28-2017, 11:38 AM
Replies: 6
Views: 770
Posted By TomCopeland
business account

There is no right or wrong about having a separate business checking account. Most providers only use a personal checking account for business and personal purposes.

A separate business account...
Forum: Daycare and Taxes 03-27-2017, 11:38 AM
Replies: 2
Views: 750
Posted By TomCopeland
bathtub

Treat all of these costs as a repair, multiply by your time-space % and deduct in one year.
Forum: Daycare and Taxes 03-22-2017, 03:31 PM
Replies: 5
Views: 921
Posted By TomCopeland
car insurance

Ask that your agent put this in writing. If it's not in writing, you can't be positive you will be covered.
Forum: Daycare and Taxes 03-22-2017, 12:03 PM
Replies: 1
Views: 716
Posted By TomCopeland
casualty loss

You can't deduct any expense that was covered by insurance. You can deduct or depreciate your out of pocket expenses such as deductibles, etc.

If you had been depreciating some of the items that...
Forum: Daycare and Taxes 03-22-2017, 11:57 AM
Replies: 5
Views: 921
Posted By TomCopeland
car insurance

If you get an umbrella policy you want to make sure its coverage applies to the business use of your car. Some umbrella policies only kick in for personal use.

$500,000/$1,000,000 means you have...
Forum: Daycare and Taxes 03-21-2017, 10:26 AM
Replies: 1
Views: 723
Posted By TomCopeland
home improvement

There's no simple answer. In general, you lump together all expenses when doing a major remodeling and treat as one expense you depreciate over 39 years. To take out fixtures and treat them as 7 year...
Forum: Daycare and Taxes 03-17-2017, 02:55 PM
Replies: 5
Views: 952
Posted By TomCopeland
password

I don't know why you can't reset your password. I did reset my password on KidKare two days ago without trouble. Have you tried shutting down your computer and going back in again?
Forum: Daycare and Taxes 03-17-2017, 02:54 PM
Replies: 5
Views: 952
Posted By TomCopeland
payment

Your subscription to MMK will continue until it expires. At the end of this time you will be charged $8 a month to continue on KidKare. You can cancel at any time.

I don't know why you can't...
Forum: Daycare and Taxes 03-16-2017, 10:10 AM
Replies: 2
Views: 876
Posted By TomCopeland
camper

You can't treat the camper as a second home. You could claim a portion of the cost of the camper and electric bills based on a business use percentage. If children use it 30 days a year, then the...
Forum: Daycare and Taxes 03-14-2017, 10:44 AM
Replies: 3
Views: 878
Posted By TomCopeland
mosquito control

You can deduct your time-space % of mosquito control. You can't deduct 100% because your family gets the benefit of it. Something is deductible based on how it's used, not why you purchase it.
Forum: Daycare and Taxes 03-09-2017, 09:45 AM
Replies: 2
Views: 841
Posted By TomCopeland
Food

Yes, you must claim as income the reimbursements you receive from the Food Program. The exception is that reimbursements for your own children are not income.

You can deduct as a business expense...
Forum: Daycare and Taxes 03-08-2017, 02:30 PM
Replies: 3
Views: 781
Posted By TomCopeland
Hours

Here's a list: http://tomcopelandblog.com/what-hours-can-you-count
Forum: Daycare and Taxes 03-07-2017, 04:30 PM
Replies: 1
Views: 749
Posted By TomCopeland
rennovations

You can deduct appliances in one year. If you use them 100% for your business, deduct 100% of the cost. If you use them for business and personal purposes, use your time-space % and deduct them in...
Forum: Daycare and Taxes 03-06-2017, 03:56 PM
Replies: 4
Views: 901
Posted By TomCopeland
home depreciation

When you sell your home and make a profit on the sale, you face two potential taxes. First, tax on the profit on the sale of your home. You can avoid paying most of the this tax if your profit is...
Forum: Daycare and Taxes 03-04-2017, 06:24 PM
Replies: 4
Views: 901
Posted By TomCopeland
depreciation

Carpeting is 7 year depreciation. If you started depreciating it over 39 years you can switch to 7 year depreciation. That's because it should have been depreciated over 7 years to begin with.
I...
Forum: Daycare and Taxes 03-04-2017, 06:09 PM
Replies: 2
Views: 754
Posted By TomCopeland
association taxes

A fcc associations should be filing an annual IRS Form 990. If the bank account is in the name of an individual, that individual may owe taxes on the income. If the bank account is in the name of the...
Forum: Daycare and Taxes 03-03-2017, 11:51 AM
Replies: 1
Views: 792
Posted By TomCopeland
Expenses

You can lump together expenses such as supplies rather than listing them separately. So, yes, say "art supplies".
Forum: Daycare and Taxes 03-03-2017, 11:50 AM
Replies: 1
Views: 723
Posted By TomCopeland
questions

Unless your husband has an exclusive use space for a home office he can't deduct miles from his home to places of work.
He can file Schedule C EZ if he earned less than $25,000 and has business...
Forum: Daycare and Taxes 03-02-2017, 10:50 AM
Replies: 3
Views: 816
Posted By TomCopeland
payroll taxes

Yes, you can deduct your share of all employee payroll taxes that you pay.
Forum: Daycare and Taxes 02-28-2017, 10:18 AM
Replies: 2
Views: 973
Posted By TomCopeland
payroll services

Here's an article I wrote about payroll services: http://tomcopelandblog.com/payroll-services-right
Forum: Daycare and Taxes 02-28-2017, 10:16 AM
Replies: 3
Views: 816
Posted By TomCopeland
wages

When entering expenses for your business on Schedule C, TurboTax will have a screen that says "wages." Enter them there. Look for a screen that shows all the expense categories for your business and...
Forum: Daycare and Taxes 02-27-2017, 10:30 AM
Replies: 2
Views: 842
Posted By TomCopeland
time-space %

Calculate your time-space % based on the number of hours from January - end of July. If that is 30%, then use 30% of the household expenses for the first 7 months of the year.
Forum: Daycare and Taxes 02-27-2017, 10:28 AM
Replies: 7
Views: 853
Posted By TomCopeland
food deduction

As long as you use the standard meal allowance rate, you cannot deduct the extra cost of this food. It's food, not a supply. If you use the actual cost of food to claim food expenses, you can deduct...
Forum: Daycare and Taxes 02-22-2017, 05:13 PM
Replies: 2
Views: 888
Posted By TomCopeland
estimated taxes

There is a place in TurboTax to enter your estimated tax payments. You could search for this in the search box. I think it shows up near the end of the program.
Forum: Daycare and Taxes 02-20-2017, 09:12 PM
Replies: 1
Views: 782
Posted By TomCopeland
What hours to count?

You can only count hours spent on activities that you wouldn't otherwise be doing if you weren't in business. So, since you would still be mowing your lawn and doing landscaping if you weren't in...
Forum: Daycare and Taxes 02-19-2017, 01:33 PM
Replies: 2
Views: 818
Posted By TomCopeland
home improvements

If the upgrades were not one project, but several projects, deduct in one year any one project that cost less than $2,500.
Forum: Daycare and Taxes 02-17-2017, 10:10 AM
Replies: 2
Views: 870
Posted By TomCopeland
rent

Since you pay her a monthly amount to live in the house, you can deduct your time-space % of this as rent. She must report it as income on Schedule E and can claim some house expenses to offset this...
Forum: Daycare and Taxes 02-15-2017, 02:51 PM
Replies: 1
Views: 797
Posted By TomCopeland
insurance

I've written an article on this: http://tomcopelandblog.com/is-insurance-deductible
Forum: Daycare and Taxes 02-15-2017, 02:50 PM
Replies: 14
Views: 1,286
Posted By TomCopeland
Caregiver

My previous posts may be confusing. In the situation where the parent brings her child to the home of the caregiver, the parent is not the employer of the caregiver and the caregiver is self...
Forum: Daycare and Taxes 02-15-2017, 02:45 PM
Replies: 2
Views: 771
Posted By TomCopeland
child care tax credit

You can claim the child care tax credit when you send your own child to a preschool program (up to Kindergarten). Fill out Form 2441. This is not a business expense, but is a personal tax credit....
Forum: Daycare and Taxes 02-15-2017, 10:59 AM
Replies: 14
Views: 1,286
Posted By TomCopeland
nanny

Not in this situation. A provider who cares for a child in the home of the parent of the child is not self employed. She is the employee of the parent (nanny, or household employee).
Forum: Daycare and Taxes 02-14-2017, 10:11 AM
Replies: 14
Views: 1,286
Posted By TomCopeland
nanny?

If the provider is caring for your children in your home, then you are her employer and should be withholding Social Security/Medicare taxes from her pay if you paid her more than $2,000 in a year....
Forum: Daycare and Taxes 02-14-2017, 10:07 AM
Replies: 1
Views: 773
Posted By TomCopeland
background checks

Yes, this would be 100% deductible.
Forum: Daycare and Taxes 02-12-2017, 11:00 AM
Replies: 2
Views: 836
Posted By TomCopeland
transportation

You can't deduct the cost of transporting your own child, it's considered a personal expense.
Forum: Daycare and Taxes 02-10-2017, 11:24 AM
Replies: 7
Views: 991
Posted By TomCopeland
employee

Each state has its own rules about whether hiring a daughter requires you to pay unemployment taxes or get workers compensation insurance. Most states don't require this when hiring your own...
Forum: Daycare and Taxes 02-10-2017, 11:22 AM
Replies: 7
Views: 991
Posted By TomCopeland
employee

A person could be treated as an independent contractor and not be subject to workers compensation insurance or unemployment taxes if the person: operates as a self employed person who workers for...
Forum: Daycare and Taxes 02-10-2017, 11:14 AM
Replies: 3
Views: 808
Posted By TomCopeland
Turbo Tax

Here's part of an article I wrote about TurboTax:
"The next screen is entitled “Business conducted in home office” and directs you to “Enter the percentage of time you spend conducting business in...
Forum: Daycare and Taxes 02-08-2017, 08:10 PM
Replies: 6
Views: 2,587
Posted By TomCopeland
exclusive use room

There is no specific IRS rule that addresses this issue. In general I believe that if a provider has her own children with the day care children in the exclusive use room, the use of the room at that...
Forum: Daycare and Taxes 02-08-2017, 04:24 PM
Replies: 2
Views: 818
Posted By TomCopeland
Llc

Thanks Blackcat for helping other providers!
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