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Forum: Daycare and Taxes 07-29-2021, 04:10 PM

Replies: 5 Replace a Driveway Views: 536 Posted By TomCopeland Use Form 8829 and call it a repair/maintenance Use Form 8829 and call it a repair/maintenance

Forum: Daycare and Taxes 07-29-2021, 04:10 PM

Replies: 5 Replace a Driveway Views: 536 Posted By TomCopeland You do not have to depreciate a new driveway. You... You do not have to depreciate a new driveway. You can deduct the business portion in one year.

Forum: Daycare and Taxes 06-09-2021, 02:21 PM

Replies: 7 Broken Computer Write Off Views: 2,044 Posted By TomCopeland repair If it's "ordinary and necessary" to have a ceiling fan in your business, then you can deduct its repair.

Forum: Daycare and Taxes 06-08-2021, 06:44 AM

Replies: 5 New Air Conditioner/Heater Unit Views: 3,048 Posted By TomCopeland Repair Same answer as above. Apply your time-space% and deduct in one year.

Forum: Daycare and Taxes 06-08-2021, 06:43 AM

Replies: 5 New Air Conditioner/Heater Unit Views: 3,048 Posted By TomCopeland Repair You can always deduct the business portion of a repair in one year, regardless of the cost. Apply your time-space%.

Forum: Daycare and Taxes 05-14-2021, 10:13 AM

Replies: 2 Healt Insurance Premium Views: 892 Posted By TomCopeland Health insurance They are deductible on Form 1040, Schedule 1, line 16.

Forum: Daycare and Taxes 04-22-2021, 06:55 AM

Replies: 7 Mortgage Forbearance & Taxes Views: 1,124 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 04-22-2021, 06:52 AM

Replies: 7 Mortgage Forbearance & Taxes Views: 1,124 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 04-22-2021, 06:45 AM

Replies: 7 Mortgage Forbearance & Taxes Views: 1,124 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 Tom - PPP Post on Facebook Today Views: 1,160 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 Tom - PPP Post on Facebook Today Views: 1,160 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 TS% Question for Tom Views: 1,200 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 TS% Question for Tom Views: 1,200 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 Furnace and AC Views: 785 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 Write Offs Views: 1,096 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 Kith & Kin Views: 996 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 Write Offs Views: 1,096 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 Write Offs Views: 1,096 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: 4 Help Grant Question For Tom Views: 948 Posted By TomCopeland Grants Grants are taxable income to your business.

Forum: Daycare and Taxes 02-20-2021, 09:04 AM

Replies: 10 Write Offs Views: 1,096 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 Front Door Deco Views: 852 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 New to Kidcare Accounting Software Views: 821 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 New to Kidcare Accounting Software Views: 821 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 Ugh More Expense Questions Views: 791 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 Anyone??? Time/Space Percentage Help Views: 1,051 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 Write Offs Views: 1,096 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 1099 Mistake Views: 824 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 ?? for Tom or Anyone Who's Done PPP 1st Draw Views: 1,011 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 Question Related to Hours Views: 921 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 Home office supplies vs business expense supplies Views: 758 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 Question for Tom on PPP Views: 812 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 Maybe a Question for Tom Copeland Views: 859 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 Security Deposit Return Views: 895 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 Closed Daycare-Question for Tom Views: 2,825 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 Deductions During Quarantine Views: 1,823 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 Tax Deduction for Health Insurance During Shut Down Views: 1,406 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 PPP - Tom Copeland Please Views: 1,572 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 To Anyone Who Received PPP Funds, How Are You Tracking Expenses? Views: 1,404 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 Grocery Delivery Fee Views: 1,476 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 EIDL Loan-Uses Views: 1,479 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 EIDL Loan-Uses Views: 1,479 Posted By TomCopeland Eidl Yes, transfer money weekly into your savings account.

Forum: Daycare and Taxes 07-10-2020, 07:12 AM

Replies: 1 New to the PPParty... Can I take a lump sum? Views: 1,519 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 EIDL Loan-Uses Views: 1,479 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 Question for Tom Copeland Views: 1,458 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 How Do We Fill Out This PPP Forgiveness Stuff? Views: 1,675 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 California Providers--Tax Help Views: 1,491 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 EIDL Proceed Usages... and After Things are Back to Normal Views: 2,475 Posted By TomCopeland Eidl Use your time-space% of the mortgage payment.

Forum: Daycare and Taxes 06-07-2020, 09:51 AM

Replies: 9 EIDL Proceed Usages... and After Things are Back to Normal Views: 2,475 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 When Will It Be Beneficial... Views: 2,017 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 EIDL Proceed Usages... and After Things are Back to Normal Views: 2,475 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 EIDL Loan Interest Deduction Views: 1,578 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 EIDL Proceed Usages... and After Things are Back to Normal Views: 2,475 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 Question for Tom Regarding the Forgiveness of a Paycheck Protection Loan Views: 2,466 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 Question for Tom Regarding the Forgiveness of a Paycheck Protection Loan Views: 2,466 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 Question for Tom Regarding the Forgiveness of a Paycheck Protection Loan Views: 2,466 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 Question for Tom Regarding the Forgiveness of a Paycheck Protection Loan Views: 2,466 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 How is Everyone's Luck with EIDL, PPP, Unemployment? Views: 3,346 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 Do I Qualify for Unemployment Views: 1,892 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 Unemployment Form Views: 1,652 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 Write Offs for Taxes From 2017 Views: 1,587 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 Unemployment and EIDL Views: 1,670 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 Tom-Unemployment, Eidl, and PPP Views: 1,548 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 Pets/Farm Animals Views: 2,346 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 Success with Filing For ANY Benefits? Views: 2,087 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 Denied Unemployment Claim Views: 1,830 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 Denied Unemployment Claim Views: 1,830 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 Questions about Stimulus/Cares/SBA Views: 1,718 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 @Tom - CARES Act, SBA EIDL Loans, and Daycare Views: 2,467 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 Pets/Farm Animals Views: 2,346 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 How to Claim Deduction for House that I Don't Own Views: 1,706 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 California Unemployment Benefits Views: 2,153 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 Unemployment vs Stimulus Bill Views: 2,209 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 Unemployment vs Stimulus Bill Views: 2,209 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 @Tom - CARES Act, SBA EIDL Loans, and Daycare Views: 2,467 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 @Tom - CARES Act, SBA EIDL Loans, and Daycare Views: 2,467 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 Unemployment vs Stimulus Bill Views: 2,209 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 @Tom Copeland-Expanded Unemployment Insurance Views: 1,905 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 Home Updates Views: 1,687 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 Unemployment Claims Views: 1,736 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 Regarding Coronavirus Waiver Form Views: 1,863 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 COVID19: If You're Staying Open, What are You Doing to Keep You & Your Group Healthy? Views: 2,757 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 Are You Worried About Coronavirus? Views: 75,774 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 Question on Paying a Sub Views: 1,935 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 Photoshop Views: 1,894 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 Should Daycare Become An LLC or Not?? Views: 24,956 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 Should Daycare Become An LLC or Not?? Views: 24,956 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 Daycare Cameras Views: 1,830 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 Question on Paying a Sub Views: 1,935 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 Closing Daycare - Starting Babysitting Views: 2,130 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 Question on Maintenance Deduction Views: 1,535 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 2019 Attendance Record Hours or Hours of Operation? Views: 3,180 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 Home Write-Offs Views: 2,552 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 Hi Everyone! Views: 2,218 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 Attention Tom Copeland Views: 1,870 Posted By TomCopeland Time-Space% Your answer is correct! Do not worry that it is higher than last year. This is common.

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