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Forum: Daycare and Taxes Yesterday, 06:55 AM
Replies: 6
Views: 64
Posted By TomCopeland
House expenses

See more about why you don't want to use this simplified method: http://tomcopelandblog.com/new-simplified
Forum: Daycare and Taxes Yesterday, 06:52 AM
Replies: 6
Views: 64
Posted By TomCopeland
time-space %

You don't want to use this simplified method. That's because your house expenses will be lower. You must multiply the $5 by your Time percent. If your Time percent was 40%, then you can only deduct...
Forum: Daycare and Taxes Yesterday, 06:45 AM
Replies: 6
Views: 64
Posted By TomCopeland
Mortgage interest

You can only deduct expenses you actually paid for the year. So, if you only paid for 7 months of mortgage interest, that's what you can deduct. When you pay the rest of the interest later, that's...
Forum: Daycare and Taxes 04-07-2021, 07:49 AM
Replies: 7
Views: 332
Posted By TomCopeland
Ppp

PPP is not taxable on your federal tax forms. Your state may or may not tax PPP money on their state tax forms.
Forum: Daycare and Taxes 04-06-2021, 09:22 AM
Replies: 7
Views: 332
Posted By TomCopeland
PPP money received in 2020 is not taxable income....

PPP money received in 2020 is not taxable income. If it was included, file an amended tax return (Form 1040X) and get a refund.
Forum: Daycare and Taxes 03-26-2021, 10:38 AM
Replies: 3
Views: 391
Posted By TomCopeland
time-space %

If you use the larger time-space% for the months you were open, then you can apply that percentage to your house expenses for those months only. Or, you can calculate your time-space% based on the...
Forum: Daycare and Taxes 03-21-2021, 01:16 PM
Replies: 3
Views: 391
Posted By TomCopeland
time-space %

Your numbers are correct. The average number of hours you worked in a week in 2020 was higher than it was in 2019, that's the difference. Break down mortgage interest and insurance for what it would...
Forum: Daycare and Taxes 03-02-2021, 11:58 AM
Replies: 1
Views: 208
Posted By TomCopeland
Furnace

They are a home improvement that must be depreciated over 39 years. However, if you meet one of two exceptions you may be able to deduct the business portion in one year. See my article:...
Forum: Daycare and Taxes 02-23-2021, 08:09 AM
Replies: 10
Views: 456
Posted By TomCopeland
time-space %

Calculate your time-space% for the days up until March 17th. In other words, add up the hours you worked from January to March 17th. Then divide by the total number of hours during that period....
Forum: Daycare and Taxes 02-23-2021, 08:05 AM
Replies: 5
Views: 284
Posted By TomCopeland
unlicensed

Report this income on Schedule C. You can deduct expenses on Schedule C (food, supplies, etc.). If you are not in violation of state licensing rules you can also deduct house expenses on Form 8829....
Forum: Daycare and Taxes 02-22-2021, 08:18 AM
Replies: 10
Views: 456
Posted By TomCopeland
time-space %

If you count this time then you would calculate your time-space% based on 12 months. If you do this, it will lower your time-space%, but you could then multiply it by 12 months of house expenses. I...
Forum: Daycare and Taxes 02-22-2021, 08:17 AM
Replies: 10
Views: 456
Posted By TomCopeland
Deductions

Claim 100% of this expense since you paid for it while you were open.
Forum: Daycare and Taxes 02-22-2021, 08:16 AM
Replies: 3
Views: 221
Posted By TomCopeland
Grants

Grants are taxable income to your business.
Forum: Daycare and Taxes 02-20-2021, 09:04 AM
Replies: 10
Views: 456
Posted By TomCopeland
Deductions

Don't claim these expenses after March. You claim expenses in the month you paid them.
Forum: Daycare and Taxes 02-19-2021, 06:44 AM
Replies: 8
Views: 270
Posted By TomCopeland
Wreath

I've had this issue come up in an IRS audit. We won being able to deduct the time-space% of the wreath. That's because it's part of the home decorations. Providers are in the business of providing a...
Forum: Daycare and Taxes 02-17-2021, 07:12 AM
Replies: 4
Views: 231
Posted By TomCopeland
expenses

There is a category called real estate taxes. That's property taxes.
Forum: Daycare and Taxes 02-16-2021, 07:02 AM
Replies: 4
Views: 231
Posted By TomCopeland
Form 8829

Form 8829 is where you put your house related expenses: property tax, mortgage interest, rent, house insurance, house repairs and house depreciation.
Forum: Daycare and Taxes 02-16-2021, 07:01 AM
Replies: 2
Views: 232
Posted By TomCopeland
KidKare

It doesn't matter what expense category you put your items in. You could put them under repairs/maintenance, or you could create your own category: Outdoor supplies. It doesn't matter because all the...
Forum: Daycare and Taxes 02-07-2021, 09:56 AM
Replies: 5
Views: 328
Posted By TomCopeland
time-space %

Here's an article I wrote about how to calculate your time-space% if you were closed for a period of time in 2020:http://tomcopelandblog.com/calculating-your-time-space-percentage-in-2020
Forum: Daycare and Taxes 02-07-2021, 09:55 AM
Replies: 10
Views: 456
Posted By TomCopeland
COVID deductions

Count your expenses for the months you were open. Calculate your time-space% based on the months you were open.
Forum: Daycare and Taxes 02-03-2021, 02:16 PM
Replies: 1
Views: 267
Posted By TomCopeland
employee

It was a mistake to treat her as an independent contractor. You can always go back and file payroll tax forms for 2020 even though they are late. If you got audited for 2020, you'll have to pay...
Forum: Daycare and Taxes 02-03-2021, 02:14 PM
Replies: 4
Views: 401
Posted By TomCopeland
Ppp

It's not supposed to be that hard. I'd recommend going online and apply for the PPP through Paypal or another online lender.
Forum: Daycare and Taxes 02-03-2021, 02:13 PM
Replies: 3
Views: 323
Posted By TomCopeland
Expenses

There is no limit on the number of hours you can enter on your tax return. Do not worry about a red flag! Your chances of being audit are very remote. There is no "normal" that you should pay any...
Forum: Daycare and Taxes 02-03-2021, 02:11 PM
Replies: 2
Views: 218
Posted By TomCopeland
Expenses

It doesn't matter where you put business expenses.
Forum: Daycare and Taxes 02-01-2021, 12:25 PM
Replies: 2
Views: 266
Posted By TomCopeland
Ppp

You are eligible for the First Draw PPP even if you received grants from your state in 2020. If you received PPP money in 2020 you are not eligible for the First Draw PPP, but may be eligible for the...
Forum: Daycare and Taxes 01-31-2021, 10:26 AM
Replies: 2
Views: 307
Posted By TomCopeland
KidKare hours

I don't know why you are having this problem! I don't quite get the problem you are describing, so you might want to clarify. You could always wait until you have a full hour to enter data.
Forum: Daycare and Taxes 01-21-2021, 07:28 AM
Replies: 3
Views: 303
Posted By TomCopeland
A refunded security deposit is a business...

A refunded security deposit is a business expense. Call it "parent refund" and put it under "other expenses" on Schedule C. Deduct this from the amount of her end of year receipt statement.
Forum: Daycare and Taxes 11-29-2020, 09:41 AM
Replies: 2
Views: 1,942
Posted By TomCopeland
Closing business

I'm not sure if TurboTax will deal with depreciation recapture. You only have to worry about this if you used the Section 179 rule on items such as furniture and appliances in the past. My 2020...
Forum: Daycare and Taxes 09-29-2020, 10:24 AM
Replies: 3
Views: 1,102
Posted By TomCopeland
COVID deductions

Since you are planning on reopening in the future, you are entitled to deduct the business portion of all of these expenses. They would still be a deduction in 2020 as long as you were planning to...
Forum: Daycare and Taxes 09-10-2020, 10:02 AM
Replies: 1
Views: 733
Posted By TomCopeland
health insurance

You can't deduct health insurance as a business expense unless you have set up a Health Reimbursement Account (HRA). You may be able to deduct some of these expenses if you itemize your taxes. See my...
Forum: Daycare and Taxes 08-16-2020, 02:00 PM
Replies: 2
Views: 897
Posted By TomCopeland
Paycheck Protection Program

The PPP is a forgivable loan. There is talk about not requiring people who got less than a certain amount not having to show evidence to get forgiveness. There is no effect to make the PPP taxable...
Forum: Daycare and Taxes 08-10-2020, 10:04 AM
Replies: 2
Views: 700
Posted By TomCopeland
PPP forgiveness

Here's how this works. Your gross profit doesn't change, since the amount you are receiving as income remains the same. The PPP money is not taxable income. Under the current interpretation of the...
Forum: Daycare and Taxes 08-07-2020, 09:48 AM
Replies: 2
Views: 764
Posted By TomCopeland
Delivery fees

Use your time-space% for any expense that is for both business and personal use. Since your business and family eat this food, it's a shared expense that your time-space% should be applied to.
Forum: Daycare and Taxes 07-10-2020, 07:15 AM
Replies: 5
Views: 885
Posted By TomCopeland
EIDL vs. PPP

The EIDL "loan" is not forgivable. The EIDL "advance" of $1,000 per employee is forgivable. The PPP is forgivable. If you got both the PPP and the EIDL "advance", you must reduce the forgivable...
Forum: Daycare and Taxes 07-10-2020, 07:13 AM
Replies: 5
Views: 885
Posted By TomCopeland
Eidl

Yes, transfer money weekly into your savings account.
Forum: Daycare and Taxes 07-10-2020, 07:12 AM
Replies: 1
Views: 895
Posted By TomCopeland
Ppp

I wouldn't do it. I would recommend paying yourself weekly based on your average weekly profit from 2019. If you do this, you can ask for forgiveness after 11 weeks. There is no clear SBA guidance on...
Forum: Daycare and Taxes 07-09-2020, 07:00 AM
Replies: 5
Views: 885
Posted By TomCopeland
Eidl

You cannot use the EIDL loan for repairs or fixed assets. Fixed assets include items lasting longer than a year: furniture, appliances, fence, deck, home improvement, etc. However, you can use it for...
Forum: Daycare and Taxes 07-09-2020, 06:58 AM
Replies: 1
Views: 873
Posted By TomCopeland
Ppp

Unfortunately you cannot. You can apply for the EIDL advance and loan.
Forum: Daycare and Taxes 07-08-2020, 02:18 PM
Replies: 1
Views: 1,046
Posted By TomCopeland
PPP forgiveness

I'll be writing an article about how to fill out the EZ form in the next day or so.
Forum: Daycare and Taxes 07-07-2020, 06:55 AM
Replies: 1
Views: 901
Posted By TomCopeland
CA taxes

The other federal form you must fill out if you do child care in your home is IRS Form 8829. There are no specific CA forms you need to fill out as a child care provider.
Forum: Daycare and Taxes 07-01-2020, 09:18 AM
Replies: 9
Views: 1,681
Posted By TomCopeland
Eidl

Use your time-space% of the mortgage payment.
Forum: Daycare and Taxes 06-07-2020, 09:51 AM
Replies: 9
Views: 1,681
Posted By TomCopeland
EIDL expenses

I don't think you are going to get advance approval for how you spend EIDL money. I also doubt that the SBA will follow up and audit providers because the amounts of money are so small in comparisons...
Forum: Daycare Menus, Breakfast, Lunch and Snack Ideas 06-03-2020, 02:26 PM
Replies: 11
Views: 1,232
Posted By TomCopeland
Food Program

Start now! You are always better off by claiming on the Food Program. If you cared for one child and served one breakfast, one lunch and one snack each day you would get either $566 or $1,185 a year...
Forum: Daycare and Taxes 05-27-2020, 10:06 AM
Replies: 37
Views: 2,220
Posted By TomCopeland
Ppp

It is not wrong. So, if your 2019 Schedule C profit was $50,000, the maximum amount you can receive from PPP is $10,416 ($50,000 divided by 12, then multiplied by 2.5). Of that, 75% must be used for...
Forum: Daycare and Taxes 05-26-2020, 10:58 AM
Replies: 37
Views: 2,220
Posted By TomCopeland
Ppp

I'm not aware of any SBA rule that says you can't spend more on payroll for yourself than indicated by your Schedule C. The total they used from Schedule C determined how much you can get from the...
Forum: Daycare and Taxes 05-24-2020, 09:37 AM
Replies: 9
Views: 1,681
Posted By TomCopeland
interest

Yes, the interest is 100% deductible if you use the money exclusively for your business.
Forum: Daycare and Taxes 05-24-2020, 09:36 AM
Replies: 37
Views: 2,220
Posted By TomCopeland
PPP and PUA

Getting the PPP may or may not make you ineligible for unemployment benefits. Each state is different as to how much you can earn and still be eligible for unemployment. You can always stop filing...
Forum: Daycare and Taxes 05-24-2020, 09:33 AM
Replies: 1
Views: 920
Posted By TomCopeland
Eidl

It's 100% deductible because it is used exclusively for your business.
Forum: Daycare and Taxes 05-16-2020, 10:50 AM
Replies: 9
Views: 1,681
Posted By TomCopeland
EIDL loan

The CARES ACT says the EIDL loan can be used for:
" USE OF FUNDS.—An advance provided under this sub- section may be used to address any allowable purpose for a loan made under section 7(b)(2) of...
Forum: Daycare and Taxes 05-15-2020, 09:42 AM
Replies: 12
Views: 1,631
Posted By TomCopeland
Ppp

I don't believe you can use it all for your payroll, but you can probably use it all for payroll if you have employees. You can't give a wage increase to yourself or employees.
Forum: Daycare and Taxes 05-14-2020, 02:51 PM
Replies: 12
Views: 1,631
Posted By TomCopeland
Ppp

You must spend at least 75% on payroll. I believe you must divide the full amount over 8 weeks and report this weekly when filing for unemployment.
Forum: Daycare and Taxes 05-13-2020, 02:38 PM
Replies: 12
Views: 1,631
Posted By TomCopeland
PPP and unemplloyment

See my article about whether you are better off with the PPP or unemployment: http://tomcopelandblog.com/apply-for-sba-loans-on-monday-april-27th
Forum: Daycare and Taxes 05-13-2020, 02:36 PM
Replies: 12
Views: 1,631
Posted By TomCopeland
Ppp

The forgivable part of the PPP loan is your profit from your 2019 Schedule C (line 31) divided by 12 = your average monthly profit x 2.5. So, if your annual profit was $36,000, your average monthly...
Forum: Daycare and Taxes 05-07-2020, 10:40 AM
Replies: 37
Views: 2,220
Posted By TomCopeland
PPP and PUA

If you get unemployment and PPP, you would report the PPP as income divided over 8 weeks. This may or may not disqualify you for unemployment for those 8 weeks. After that you can continue to get...
Forum: Daycare and Taxes 05-06-2020, 10:50 AM
Replies: 37
Views: 2,220
Posted By TomCopeland
PPP and unemplloyment

You provide payroll for yourself by writing a check to yourself each week or transfer money from one bank account to another. The PPP money should be reported as income to unemployment spread over 8...
Forum: Daycare and Taxes 05-04-2020, 01:26 PM
Replies: 37
Views: 2,220
Posted By TomCopeland
EIDL and PPP

You can spend the EIDL money on any business expense you want. You can spend the PPP money on payroll for yourself as well as mortgage loan interest/rent, utilities and credit card/car loan interest.
Forum: Daycare and Taxes 05-04-2020, 01:24 PM
Replies: 37
Views: 2,220
Posted By TomCopeland
Eidl

You do not have to repay the EIDL money. It's a forgivable loan.
Forum: Daycare and Taxes 04-28-2020, 07:52 AM
Replies: 2
Views: 1,263
Posted By TomCopeland
unemployment

Each state will have a different answer to this question. Some states would require you to report this as income. Others don't. Some states ask you to report your net income rather than your gross...
Forum: Daycare and Taxes 04-26-2020, 07:24 AM
Replies: 2
Views: 1,062
Posted By TomCopeland
unemployment

Expenses can include: food, supplies, a portion of utilities, and anything else purchased that you used in your business.
Forum: Daycare and Taxes 04-20-2020, 02:57 PM
Replies: 2
Views: 1,022
Posted By TomCopeland
expenses

You can deduct your expenses on your 2017 tax return when you were operating your business. You can't deduct any expenses after 2017 when your business was closed.
Forum: Daycare and Taxes 04-19-2020, 07:20 AM
Replies: 1
Views: 1,075
Posted By TomCopeland
unemployment

Whatever you get from unemployment has nothing to do with your ability to qualify for the SBA loans and has nothing to do with how much you will get from the loans.
Forum: Daycare and Taxes 04-19-2020, 07:19 AM
Replies: 1
Views: 990
Posted By TomCopeland
Loans

You can get money from EIDL and PPP and file for unemployment. Nothing prevents you from applying. If you get one or more loans this may affect your unemployment benefits. There are no federal...
Forum: Daycare and Taxes 04-17-2020, 03:13 PM
Replies: 8
Views: 1,565
Posted By TomCopeland
farm animals

They go on Schedule C. List them as supplies.
Forum: Daycare and Taxes 04-15-2020, 05:34 PM
Replies: 9
Views: 1,409
Posted By TomCopeland
unemployment

Many states have not yet fixed their online unemployment application form to handle the self employed. When they do they will call it the Pandemic Unemployment Assistance (PUA) program. Look for this...
Forum: Daycare and Taxes 04-13-2020, 09:43 PM
Replies: 4
Views: 1,199
Posted By TomCopeland
unemployment

State unemployment benefits are retroactive to when you lost a lot of money. After the state signs their agreement with the federal government, you will get an additional $600 per week from the...
Forum: Daycare and Taxes 04-12-2020, 12:06 PM
Replies: 4
Views: 1,199
Posted By TomCopeland
unemployment

Each state has its own rules about unemployment compensation. I don't know why they said you didn't make enough money. That doesn't make sense. It could be because the state's unemployment...
Forum: Daycare and Taxes 04-12-2020, 12:04 PM
Replies: 3
Views: 1,158
Posted By TomCopeland
SBA loan/grant program

1) No. It's $10,000 total. The $1,000 per employee hasn't yet been officially announced.
2) True. They are overwhelmed.
3) True. See my article on this:...
Forum: Daycare and Taxes 04-06-2020, 09:27 AM
Replies: 8
Views: 1,684
Posted By TomCopeland
Paycheck Protection Program

No. You can use your lost profit as "payroll" for this program. I'll be writing about this in the next day or so on my website: www.tomcopelandblog.com
Forum: Daycare and Taxes 04-06-2020, 09:25 AM
Replies: 8
Views: 1,565
Posted By TomCopeland
animals

Yes, you can because you are incorporating these animals into learning activities with children. I wouldn't try to deduct 100% of these expenses since I assume they also have personal use. The...
Forum: Daycare and Taxes 04-06-2020, 09:23 AM
Replies: 2
Views: 1,033
Posted By TomCopeland
unmarried

Since you aren't married and your name is not on the deed, you can't claim any portion of mortgage interest, property tax, and house depreciation. You can deduct expenses you pay for such as...
Forum: Daycare and Taxes 04-04-2020, 08:35 AM
Replies: 5
Views: 1,501
Posted By TomCopeland
unemployment

Yes, it is more than frustrating! I'll be writing about the Paycheck Protection Program on my website this coming week, which offers forgiveable loans.
Forum: Daycare and Taxes 04-04-2020, 08:34 AM
Replies: 9
Views: 1,450
Posted By TomCopeland
unemployment

This is not uncommon. Most states haven't yet updated their online application form to address the self employed. You'll just have to wait until they catch up. Unemployment benefits are retroactive...
Forum: Daycare and Taxes 04-03-2020, 10:10 AM
Replies: 9
Views: 1,450
Posted By TomCopeland
unemployment

What is VA? The added $600 a week in federal unemployment benefits are taxable income that don't need to be paid back.
Forum: Daycare and Taxes 04-03-2020, 10:05 AM
Replies: 8
Views: 1,684
Posted By TomCopeland
Sba

Apply for the Paycheck Protection Program through your local SBA office.
Forum: Daycare and Taxes 04-01-2020, 11:19 AM
Replies: 8
Views: 1,684
Posted By TomCopeland
SBA loan/grant program

You can apply for unemployment and you are eligible for the SBA loan/grant program. You can do both.
Forum: Daycare and Taxes 04-01-2020, 11:17 AM
Replies: 9
Views: 1,450
Posted By TomCopeland
unemployment

I updated my article to say that providers who lose income whether they are open or closed are entitled to unemployment benefits. They will get whatever state benefits they are eligible for, plus...
Forum: Daycare and Taxes 03-29-2020, 07:00 AM
Replies: 1
Views: 1,289
Posted By TomCopeland
shut down

Good question. The answer is that it's not clear. I would ask DHS if you can't follow these procedures do they recommend that you shut down? If so, you would be eligible. If they don't recommend you...
Forum: Daycare and Taxes 03-28-2020, 02:25 PM
Replies: 2
Views: 1,097
Posted By TomCopeland
depreciation?

Is this a kitchen remodeling or a repair? If it's a repair you can deduct the business portion in one year. If it's an improvement you must depreciate the business portion over 39 years. This is a...
Forum: Daycare and Taxes 03-28-2020, 02:22 PM
Replies: 3
Views: 1,118
Posted By TomCopeland
unemployment

You are eligible for unemployment and you should file. You don't have to have the virus to be eligible. It's true that most states have an online application to file for unemployment but it's not set...
Forum: Daycare Center and Family Home Forum 03-20-2020, 09:53 AM
Replies: 4
Views: 1,366
Posted By TomCopeland
waiver form

You are not responsible for any illness contracted by a child while in your program unless the parent can prove you deliberately created the conditions that led to the illness. So, don't worry about...
Forum: Daycare Center and Family Home Forum 03-17-2020, 02:27 PM
Replies: 33
Views: 2,291
Posted By TomCopeland
Free Webinar: Dealing with the Financial Side of the Coronavirus

I'm offering a free webinar on "Dealing with the Financial Side of the Coronavirus" on Monday, March 23rd starting at 8pm Eastern Time.
To register:...
Forum: Daycare Center and Family Home Forum 03-11-2020, 02:10 PM
Replies: 352
Views: 69,080
Posted By TomCopeland
Free webinar on Coronavirus for child care professionals

I'll be on a panel discussion of the coronavirus and how it will affect child care programs on Friday, March 20th from 2:00-3:30pm Eastern Time.

It's called Bracing for COVID-19: What Early...
Forum: Daycare and Taxes 03-02-2020, 09:54 AM
Replies: 4
Views: 1,324
Posted By TomCopeland
Substitute

Because she is in the business of providing substitute care, she is an independent contractor and you don't need to pay any payroll taxes. Issue her a Form 1099 if you pay her more than $600 in a...
Forum: Daycare and Taxes 03-02-2020, 09:53 AM
Replies: 2
Views: 1,255
Posted By TomCopeland
Photoshop

Because you are married, it doesn't matter if your husband pays something out of his checking account for your business. So, because you are using Photoshop for your business you can deduct the...
Forum: Daycare and Taxes 03-02-2020, 09:52 AM
Replies: 25
Views: 22,731
Posted By TomCopeland
S Corp

Before switching to an S Corp, make sure you understand all the tax consequences. You will lose the ability to depreciate your home. You must set up an "accountable plan" or other process to deduct...
Forum: Daycare and Taxes 03-02-2020, 09:50 AM
Replies: 25
Views: 22,731
Posted By TomCopeland
Llc?

There are various types of LLCs: single person LLC, partnership LLC, S and C Corp LLC. In all cases they do provide some personal liability protection so I don't know why someone would say you need...
Forum: Daycare and Taxes 02-24-2020, 03:35 PM
Replies: 2
Views: 1,155
Posted By TomCopeland
cameras

Conservatively, apply your time-space% to these expenses because you do use them personally. Assertively, you could claim a higher percentage than your time-space% if you can argue that it's used...
Forum: Daycare and Taxes 02-24-2020, 03:33 PM
Replies: 4
Views: 1,324
Posted By TomCopeland
Substitutes

You must treat her as an employee unless she is in the business of providing substitute care for other providers. Withhold Social Security/Medicare taxes and file Form 944, W-2 and W-3 at the end of...
Forum: Daycare and Taxes 02-17-2020, 11:58 AM
Replies: 2
Views: 1,472
Posted By TomCopeland
home depreciation

You are a child care provider entitled to depreciate your home. Add up all the hours you worked in your home for the five months and divide by the total number of hours in five months. Multiply this...
Forum: Daycare and Taxes 02-17-2020, 11:55 AM
Replies: 1
Views: 1,010
Posted By TomCopeland
deductions

Yes, you can deduct the business portion of any expense, no matter what the cost, with the exception of the purchase of a home, home improvement or home addition. Multiply the $300 by your...
Forum: Daycare and Taxes 02-13-2020, 06:36 PM
Replies: 23
Views: 2,125
Posted By TomCopeland
overtime hours

A director is an exempt employee which means they are not required to pay you overtime pay. However, these are very long hours with no benefits. You should think twice about taking this job.
Forum: Daycare and Taxes 02-11-2020, 10:12 AM
Replies: 6
Views: 1,852
Posted By TomCopeland
ac/heat pump

This sounds like a home improvement that should be depreciated over 39 years and it represents more than half of the cooling/heating system in your home. See my article about exceptions to this...
Forum: Daycare and Taxes 02-07-2020, 08:04 AM
Replies: 6
Views: 1,499
Posted By TomCopeland
Kidkare

I would recommend keep bugging KidKare because you will need access to your records if you are audited. If you send me an email at tomcopeland@live.com I will forward your complaint to my contact...
Forum: Daycare and Taxes 02-07-2020, 08:01 AM
Replies: 2
Views: 1,210
Posted By TomCopeland
Time-Space%

Your answer is correct! Do not worry that it is higher than last year. This is common.
Forum: Daycare and Taxes 02-07-2020, 07:15 AM
Replies: 6
Views: 1,852
Posted By TomCopeland
water heater

Providers can deduct the business portion of any expense in one year, without having to depreciate it. The exceptions are the purchase of a home, home improvement and home addition.
Forum: Daycare and Taxes 02-07-2020, 07:14 AM
Replies: 5
Views: 1,336
Posted By TomCopeland
zero income

I assume you were ready to care for children in 2019. In that case you can claim any business expenses on Schedule C and show a loss. That loss will reduce your husband's taxable income. You want to...
Forum: Daycare and Taxes 01-30-2020, 10:55 AM
Replies: 3
Views: 1,273
Posted By TomCopeland
end of year receipt

Nope. There is not even a requirement you give the parent a receipt or your EIN unless the parent previously gave you Form W-10. So, tell the parent they have all the information they need. If you...
Forum: Daycare and Taxes 01-28-2020, 02:29 PM
Replies: 28
Views: 43,339
Posted By TomCopeland
hours

To count hours in the calculation of your time-space% you must be in your home when daycare children are not present. Hours spent away from your home, even if on activities exclusively for your...
Forum: Daycare and Taxes 01-28-2020, 09:16 AM
Replies: 6
Views: 1,294
Posted By TomCopeland
car expenses

I don't understand what you are saying. If you used the standard mileage rate on your old car and sold it, and plan to use the standard mileage rate on the new car, then you don't have to deal with...
Forum: Daycare and Taxes 01-27-2020, 09:13 AM
Replies: 6
Views: 1,294
Posted By TomCopeland
sold a car

Take the original price of the old car and subtract from it all the depreciation you claimed. Then add the purchase price of the new vehicle to this. That's your basis in the new vehicle.
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