Forum: Daycare and Taxes
01-21-2021, 08:28 AM
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Replies: 3
Views: 96
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.
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Forum: Daycare and Taxes
11-29-2020, 10:41 AM
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Replies: 2
Views: 1,534
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...
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Forum: Daycare and Taxes
09-29-2020, 11:24 AM
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Replies: 3
Views: 868
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...
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Forum: Daycare and Taxes
09-10-2020, 11:02 AM
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Replies: 1
Views: 542
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...
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Forum: Daycare and Taxes
08-16-2020, 03:00 PM
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Replies: 2
Views: 694
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...
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Forum: Daycare and Taxes
08-10-2020, 11:04 AM
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Replies: 2
Views: 504
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...
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Forum: Daycare and Taxes
08-07-2020, 10:48 AM
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Replies: 2
Views: 573
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.
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Forum: Daycare and Taxes
07-10-2020, 08:15 AM
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Replies: 5
Views: 725
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...
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Forum: Daycare and Taxes
07-10-2020, 08:13 AM
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Replies: 5
Views: 725
Eidl
Yes, transfer money weekly into your savings account.
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Forum: Daycare and Taxes
07-10-2020, 08:12 AM
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Replies: 1
Views: 726
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...
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Forum: Daycare and Taxes
07-09-2020, 08:00 AM
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Replies: 5
Views: 725
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...
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Forum: Daycare and Taxes
07-09-2020, 07:58 AM
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Replies: 1
Views: 708
Ppp
Unfortunately you cannot. You can apply for the EIDL advance and loan.
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Forum: Daycare and Taxes
07-08-2020, 03:18 PM
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Replies: 1
Views: 864
PPP forgiveness
I'll be writing an article about how to fill out the EZ form in the next day or so.
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Forum: Daycare and Taxes
07-07-2020, 07:55 AM
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Replies: 1
Views: 731
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.
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Forum: Daycare and Taxes
07-01-2020, 10:18 AM
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Replies: 9
Views: 1,480
Eidl
Use your time-space% of the mortgage payment.
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Forum: Daycare and Taxes
06-07-2020, 10:51 AM
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Replies: 9
Views: 1,480
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...
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Forum: Daycare Menus, Breakfast, Lunch and Snack Ideas
06-03-2020, 03:26 PM
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Replies: 11
Views: 1,031
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...
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Forum: Daycare and Taxes
05-27-2020, 11:06 AM
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Replies: 37
Views: 1,850
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...
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Forum: Daycare and Taxes
05-26-2020, 11:58 AM
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Replies: 37
Views: 1,850
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...
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Forum: Daycare and Taxes
05-24-2020, 10:37 AM
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Replies: 9
Views: 1,480
interest
Yes, the interest is 100% deductible if you use the money exclusively for your business.
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Forum: Daycare and Taxes
05-24-2020, 10:36 AM
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Replies: 37
Views: 1,850
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...
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Forum: Daycare and Taxes
05-24-2020, 10:33 AM
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Replies: 1
Views: 742
Eidl
It's 100% deductible because it is used exclusively for your business.
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Forum: Daycare and Taxes
05-16-2020, 11:50 AM
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Replies: 9
Views: 1,480
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...
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Forum: Daycare and Taxes
05-15-2020, 10:42 AM
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Replies: 12
Views: 1,386
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.
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Forum: Daycare and Taxes
05-14-2020, 03:51 PM
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Replies: 12
Views: 1,386
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.
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Forum: Daycare and Taxes
05-13-2020, 03:38 PM
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Replies: 12
Views: 1,386
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
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Forum: Daycare and Taxes
05-13-2020, 03:36 PM
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Replies: 12
Views: 1,386
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...
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Forum: Daycare and Taxes
05-07-2020, 11:40 AM
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Replies: 37
Views: 1,850
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...
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Forum: Daycare and Taxes
05-06-2020, 11:50 AM
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Replies: 37
Views: 1,850
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...
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Forum: Daycare and Taxes
05-04-2020, 02:26 PM
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Replies: 37
Views: 1,850
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.
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Forum: Daycare and Taxes
05-04-2020, 02:24 PM
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Replies: 37
Views: 1,850
Eidl
You do not have to repay the EIDL money. It's a forgivable loan.
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Forum: Daycare and Taxes
04-28-2020, 08:52 AM
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Replies: 2
Views: 1,098
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...
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Forum: Daycare and Taxes
04-26-2020, 08:24 AM
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Replies: 2
Views: 895
unemployment
Expenses can include: food, supplies, a portion of utilities, and anything else purchased that you used in your business.
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Forum: Daycare and Taxes
04-20-2020, 03:57 PM
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Replies: 2
Views: 868
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.
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Forum: Daycare and Taxes
04-19-2020, 08:20 AM
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Replies: 1
Views: 914
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.
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Forum: Daycare and Taxes
04-19-2020, 08:19 AM
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Replies: 1
Views: 833
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...
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Forum: Daycare and Taxes
04-17-2020, 04:13 PM
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Replies: 8
Views: 1,357
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Forum: Daycare and Taxes
04-15-2020, 06:34 PM
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Replies: 9
Views: 1,232
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...
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Forum: Daycare and Taxes
04-13-2020, 10:43 PM
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Replies: 4
Views: 1,017
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...
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Forum: Daycare and Taxes
04-12-2020, 01:06 PM
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Replies: 4
Views: 1,017
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...
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Forum: Daycare and Taxes
04-12-2020, 01:04 PM
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Replies: 3
Views: 989
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:...
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Forum: Daycare and Taxes
04-06-2020, 10:27 AM
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Replies: 8
Views: 1,476
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
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Forum: Daycare and Taxes
04-06-2020, 10:25 AM
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Replies: 8
Views: 1,357
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...
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Forum: Daycare and Taxes
04-06-2020, 10:23 AM
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Replies: 2
Views: 864
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...
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Forum: Daycare and Taxes
04-04-2020, 09:35 AM
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Replies: 5
Views: 1,335
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.
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Forum: Daycare and Taxes
04-04-2020, 09:34 AM
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Replies: 9
Views: 1,254
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...
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Forum: Daycare and Taxes
04-03-2020, 11:10 AM
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Replies: 9
Views: 1,254
unemployment
What is VA? The added $600 a week in federal unemployment benefits are taxable income that don't need to be paid back.
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Forum: Daycare and Taxes
04-03-2020, 11:05 AM
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Replies: 8
Views: 1,476
Sba
Apply for the Paycheck Protection Program through your local SBA office.
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Forum: Daycare and Taxes
04-01-2020, 12:19 PM
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Replies: 8
Views: 1,476
SBA loan/grant program
You can apply for unemployment and you are eligible for the SBA loan/grant program. You can do both.
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Forum: Daycare and Taxes
04-01-2020, 12:17 PM
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Replies: 9
Views: 1,254
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...
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Forum: Daycare and Taxes
03-29-2020, 08:00 AM
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Replies: 1
Views: 1,109
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...
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Forum: Daycare and Taxes
03-28-2020, 03:25 PM
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Replies: 2
Views: 919
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...
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Forum: Daycare and Taxes
03-28-2020, 03:22 PM
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Replies: 3
Views: 953
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...
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Forum: Daycare Center and Family Home Forum
03-20-2020, 10:53 AM
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Replies: 4
Views: 1,227
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...
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Forum: Daycare Center and Family Home Forum
03-17-2020, 03:27 PM
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Replies: 33
Views: 2,137
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Forum: Daycare Center and Family Home Forum
03-11-2020, 03:10 PM
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Replies: 352
Views: 67,659
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Forum: Daycare and Taxes
03-02-2020, 10:54 AM
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Replies: 4
Views: 1,147
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...
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Forum: Daycare and Taxes
03-02-2020, 10:53 AM
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Replies: 2
Views: 1,073
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...
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Forum: Daycare and Taxes
03-02-2020, 10:52 AM
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Replies: 25
Views: 22,028
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...
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Forum: Daycare and Taxes
03-02-2020, 10:50 AM
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Replies: 25
Views: 22,028
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...
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Forum: Daycare and Taxes
02-24-2020, 04:35 PM
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Replies: 2
Views: 964
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...
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Forum: Daycare and Taxes
02-24-2020, 04:33 PM
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Replies: 4
Views: 1,147
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...
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Forum: Daycare and Taxes
02-17-2020, 12:58 PM
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Replies: 2
Views: 1,298
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...
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Forum: Daycare and Taxes
02-17-2020, 12:55 PM
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Replies: 1
Views: 857
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...
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Forum: Daycare and Taxes
02-13-2020, 07:36 PM
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Replies: 23
Views: 1,858
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.
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Forum: Daycare and Taxes
02-11-2020, 11:12 AM
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Replies: 6
Views: 1,602
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...
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Forum: Daycare and Taxes
02-07-2020, 09:04 AM
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Replies: 6
Views: 1,299
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...
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Forum: Daycare and Taxes
02-07-2020, 09:01 AM
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Replies: 2
Views: 1,034
Time-Space%
Your answer is correct! Do not worry that it is higher than last year. This is common.
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Forum: Daycare and Taxes
02-07-2020, 08:15 AM
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Replies: 6
Views: 1,602
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.
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Forum: Daycare and Taxes
02-07-2020, 08:14 AM
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Replies: 5
Views: 1,168
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...
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Forum: Daycare and Taxes
01-30-2020, 11:55 AM
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Replies: 3
Views: 1,096
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...
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Forum: Daycare and Taxes
01-28-2020, 03:29 PM
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Replies: 28
Views: 42,535
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...
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Forum: Daycare and Taxes
01-28-2020, 10:16 AM
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Replies: 6
Views: 1,116
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...
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Forum: Daycare and Taxes
01-27-2020, 10:13 AM
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Replies: 6
Views: 1,116
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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Forum: Daycare and Taxes
01-22-2020, 11:51 AM
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Replies: 1
Views: 1,061
actual business use percent
When using an actual business use percent instead of your time-space% you need to try to estimate the actual business use based on a couple weeks of observing how often the dishwasher is used for...
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Forum: Daycare and Taxes
01-11-2020, 08:41 AM
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Replies: 1
Views: 1,239
tax credit
No, there is no special tax credit for new providers. However, there are hundreds of household expenses you can deduct. And, you can deduct the business portion of all items you owned in your home...
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Forum: Daycare and Taxes
01-11-2020, 08:40 AM
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Replies: 1
Views: 1,067
house expenses
No, you can't rent to yourself. Calculate your time-space% and deduct this business portion of house expenses on Form 8829 Expenses for Business Use of Your Home. Since you will have an exclusive use...
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Forum: Daycare and Taxes
01-11-2020, 08:38 AM
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Replies: 23
Views: 1,858
tracking hours
Track two months worth of these hours on a calendar or on KidKare. Then use the average for these two months for the rest of the year.
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Forum: Daycare and Taxes
01-08-2020, 09:03 AM
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Replies: 1
Views: 1,145
Roof
The money you received from insurance is not income and you can't deduct it. You can deduct your out of pocket expenses. For the roof, depreciate your time-space% of the $2,000 over 39 years. For the...
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Forum: Daycare and Taxes
01-08-2020, 09:01 AM
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Replies: 46
Views: 31,233
unlicensed provider
Yes. You can claim the child care tax credit. You want to get her Social Security number.
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Forum: Daycare and Taxes
01-08-2020, 09:00 AM
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Replies: 25
Views: 22,028
Llc
You can get $1million occurrence and $3 million aggregate insurance from most companies. That's the max. If a parent sues you, you contact your business liability agent and they take care of the...
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Forum: Daycare and Taxes
01-08-2020, 08:57 AM
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Replies: 25
Views: 22,028
Single person LLC
The advantage of a single person LLC is that your tax forms are the same as a sole proprietor and that means you can deduct expenses in the same way. If you set up any other type of LLC the forms are...
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Forum: Daycare and Taxes
01-08-2020, 08:55 AM
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Replies: 5
Views: 1,379
100% deduction
Anything you buy now you will be able to deduct this year. Go ahead.
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Forum: Daycare and Taxes
01-02-2020, 03:36 PM
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Replies: 23
Views: 1,858
Time-Space%
It's a somewhat good analogy. When you have an exclusive use room it's considered business use, even if no one is in the room. But, if you are doing business activities in the room when children are...
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Forum: Daycare and Taxes
01-02-2020, 03:33 PM
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Replies: 4
Views: 983
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Forum: Daycare and Taxes
01-02-2020, 01:58 PM
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Replies: 23
Views: 1,858
Time-Space%
It's okay to argue with me! Although I didn't take what you said as an argument. It's always appropriate to ask me or your tax preparer or the IRS, "Where does it say that?"
If your husband is self...
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Forum: Daycare and Taxes
01-02-2020, 10:50 AM
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Replies: 23
Views: 1,858
Time-Space%
There is no IRS publication that says you can or can't count an hour you are open but don't care for children. However, if you aren't caring for children you aren't using your home for your business...
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Forum: Daycare and Taxes
01-02-2020, 10:27 AM
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Replies: 23
Views: 1,858
Time-Space%
If you open at 7am and no child shows up before 6:30am, you can't count this half hour just because you are open. However, if you are doing some business activity during that time, you can count the...
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Forum: Daycare and Taxes
01-02-2020, 10:24 AM
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Replies: 26
Views: 4,131
hours
You can record these hours anywhere. I suggest putting them on a calendar. You want to record the time of day and what you did. You can count any time you are in your home when children are not...
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Forum: Daycare and Taxes
01-02-2020, 10:20 AM
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Replies: 25
Views: 22,028
Llc?
You are not required to become an LLC! 99% of providers are self employed. If you set up a single person LLC, you will deduct all the same deductions as being self employed. If you set up any other...
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Forum: Daycare and Taxes
01-02-2020, 10:16 AM
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Replies: 5
Views: 1,146
tax info
You can either let them contact you or require them to pick up a copy.
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Forum: Daycare and Taxes
01-02-2020, 10:15 AM
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Replies: 13
Views: 3,818
when to deduct expenses
You can deduct items you purchased for your business before you get your license. Your accountant is wrong. Save the receipts.
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Forum: Daycare and Taxes
01-02-2020, 10:13 AM
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Replies: 5
Views: 1,146
tax credit
It's the parent's responsibility to ask you for tax information, not yours. Most providers give it to parents without being asked. You are not required to give a receipt or your tax id to parents.
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Forum: Daycare and Taxes
01-02-2020, 10:12 AM
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Replies: 5
Views: 1,379
Deductions
You can deduct as a 100% business items that are used 100% for your business. Make sure it's 100% business use and not 95% business use. Any expense can be deducted in one year (100% or partly...
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Forum: Daycare and Taxes
01-02-2020, 10:10 AM
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Replies: 4
Views: 1,082
Time-Space%
Your time-space% appears on IRS Form 8829, line 7. You do need to know if he is applying your time-space% on items that are shared and is deducting 100% on items used exclusively for your business....
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Forum: Daycare and Taxes
01-02-2020, 09:53 AM
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Replies: 4
Views: 983
health insurance premiums
You cannot deduct health insurance premiums for yourself as a business expense unless you have set up an HRA (health reimbursement account). If you do have an HRA you can deduct these premiums even...
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Forum: Daycare and Taxes
12-31-2019, 11:33 AM
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Replies: 1
Views: 997
when to deposit income?
2019. Report income in the year you receive it, not the year you earned it. See my article on this: http://tomcopelandblog.com/when-do-you-report-income-3
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Forum: Daycare and Taxes
12-29-2019, 08:51 AM
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Replies: 2
Views: 1,103
Hours
Unfortunately, you can't count hours spent on business activities away from your home. It's good that you were with your husband, though!
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Forum: Daycare Center and Family Home Forum
12-07-2019, 09:32 AM
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Replies: 5
Views: 1,233
termination notice
" _______ (date) will be the last day of care for your child _______ (name). Payment is due through this date. Thank you for the opportunity to provide care for your child. Signed __________ (name of...
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Forum: Daycare and Taxes
11-20-2019, 08:31 AM
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Replies: 5
Views: 1,283
Caring for own child - deductible?
I appreciate it that you are taking on this responsibility. Unfortunately, you cannot deduct any business expenses associated with an adopted child (or biological child).
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