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Forum: Daycare and Taxes 02-17-2020, 12:58 PM
Replies: 2
Views: 121
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, 12:55 PM
Replies: 1
Views: 34
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, 07:36 PM
Replies: 23
Views: 490
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, 11:12 AM
Replies: 6
Views: 597
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, 09:04 AM
Replies: 6
Views: 208
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, 09:01 AM
Replies: 2
Views: 133
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, 08:15 AM
Replies: 6
Views: 597
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, 08:14 AM
Replies: 5
Views: 176
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, 11:55 AM
Replies: 3
Views: 211
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, 03:29 PM
Replies: 28
Views: 23,253
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, 10:16 AM
Replies: 6
Views: 183
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, 10:13 AM
Replies: 6
Views: 183
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.
Forum: Daycare and Taxes 01-22-2020, 11:51 AM
Replies: 1
Views: 188
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-11-2020, 08:41 AM
Replies: 1
Views: 309
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-11-2020, 08:40 AM
Replies: 1
Views: 162
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-11-2020, 08:38 AM
Replies: 23
Views: 490
Posted By TomCopeland
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.
Forum: Daycare and Taxes 01-08-2020, 09:03 AM
Replies: 1
Views: 173
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-08-2020, 09:01 AM
Replies: 46
Views: 26,365
Posted By TomCopeland
unlicensed provider

Yes. You can claim the child care tax credit. You want to get her Social Security number.
Forum: Daycare and Taxes 01-08-2020, 09:00 AM
Replies: 16
Views: 18,470
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-08-2020, 08:57 AM
Replies: 16
Views: 18,470
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-08-2020, 08:55 AM
Replies: 5
Views: 346
Posted By TomCopeland
100% deduction

Anything you buy now you will be able to deduct this year. Go ahead.
Forum: Daycare and Taxes 01-02-2020, 03:36 PM
Replies: 23
Views: 490
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 03:33 PM
Replies: 4
Views: 148
Posted By TomCopeland
Sorry, I was think about an HRA. My fault. Yes,...

Sorry, I was think about an HRA. My fault. Yes, you can continue to deduct these premiums even though you were closed for a few months.
Forum: Daycare and Taxes 01-02-2020, 01:58 PM
Replies: 23
Views: 490
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 10:50 AM
Replies: 23
Views: 490
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 10:27 AM
Replies: 23
Views: 490
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 10:24 AM
Replies: 26
Views: 2,688
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 10:20 AM
Replies: 16
Views: 18,470
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 10:16 AM
Replies: 5
Views: 218
Posted By TomCopeland
tax info

You can either let them contact you or require them to pick up a copy.
Forum: Daycare and Taxes 01-02-2020, 10:15 AM
Replies: 13
Views: 2,549
Posted By TomCopeland
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.
Forum: Daycare and Taxes 01-02-2020, 10:13 AM
Replies: 5
Views: 218
Posted By TomCopeland
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.
Forum: Daycare and Taxes 01-02-2020, 10:12 AM
Replies: 5
Views: 346
Posted By TomCopeland
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...
Forum: Daycare and Taxes 01-02-2020, 10:10 AM
Replies: 4
Views: 186
Posted By TomCopeland
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....
Forum: Daycare and Taxes 01-02-2020, 09:53 AM
Replies: 4
Views: 148
Posted By TomCopeland
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...
Forum: Daycare and Taxes 12-31-2019, 11:33 AM
Replies: 1
Views: 138
Posted By TomCopeland
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
Forum: Daycare and Taxes 12-29-2019, 08:51 AM
Replies: 2
Views: 222
Posted By TomCopeland
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!
Forum: Daycare Center and Family Home Forum 12-07-2019, 09:32 AM
Replies: 5
Views: 779
Posted By TomCopeland
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...
Forum: Daycare and Taxes 11-20-2019, 08:31 AM
Replies: 5
Views: 420
Posted By TomCopeland
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).
Forum: Daycare and Taxes 11-07-2019, 09:22 PM
Replies: 3
Views: 257
Posted By TomCopeland
employee?

She is probably an independent contractor because she works for a number of providers. To make her case stronger she should get a business name and register it.
Forum: Daycare and Taxes 11-07-2019, 10:59 AM
Replies: 3
Views: 257
Posted By TomCopeland
Substitutes

Here are two articles to read: http://tomcopelandblog.com/are-your-helpers-employees-or-independent-contractors

http://tomcopelandblog.com/the-many-responsibilities-of-hiring-an-employee
Forum: Daycare and Taxes 10-10-2019, 10:17 AM
Replies: 46
Views: 26,365
Posted By TomCopeland
unlicensed

You are correct. If you are in violation of your state child care licensing rules and care for more than 6 children, parents cannot claim the child care tax credit.
Forum: Daycare and Taxes 10-08-2019, 10:20 AM
Replies: 3
Views: 486
Posted By TomCopeland
Licensed?

I don't know the answer to this question. I recommend calling the California Department of Labor and ask the question. You don't have to give your name.
Forum: Daycare and Taxes 10-01-2019, 09:15 AM
Replies: 3
Views: 391
Posted By TomCopeland
driveway

Add up all the costs, multiply by your time-space% and deduct in one year as a repair. You can't deduct anything for your labor. If you pay someone to do the work you can deduct the time-space% of...
Forum: Daycare and Taxes 09-17-2019, 10:26 AM
Replies: 1
Views: 407
Posted By TomCopeland
home addition

A home addition must be depreciated over 39 years. Add up all the costs, multiply by your time-space % (assuming you do use the addition for your business) and spread this over 39 years on Form 4562.
Forum: Daycare and Taxes 09-13-2019, 02:24 PM
Replies: 1
Views: 310
Posted By TomCopeland
Kitchen remodel

Claim the time-space% of the appliances (dishwasher, fridge, and stove) n one year. If the remaining items cost less than $2,500 deduct them also in one year. If you only put in the appliances,...
Forum: Daycare Center and Family Home Forum 08-27-2019, 10:30 AM
Replies: 118
Views: 3,695
Posted By TomCopeland
wait lists

Is it legal to charge a fee to be on a wait list? Yes. Is it legal to move someone to the top of the wait list if they pay a fee? Yes. Is it legal to move someone up the wait list even if they don't...
Forum: Daycare and Taxes 08-21-2019, 10:42 AM
Replies: 46
Views: 26,365
Posted By TomCopeland
unlicensed

File Schedule C. If you are legally unlicensed you can also claim house expenses on Form 8829. If you are operating illegally you can't claim any house expenses (those shown on Form 8829).
Forum: Daycare and Taxes 08-20-2019, 11:44 AM
Replies: 6
Views: 433
Posted By TomCopeland
estimated taxes

Yes, your combined gross income.
Forum: Daycare and Taxes 08-19-2019, 04:17 PM
Replies: 6
Views: 433
Posted By TomCopeland
tax withholding

40% is too much. Not knowing how much your business expenses will be, I estimate that you will owe about 20% federal tax on the 100k of gross income. You will also owe state income tax, and I don't...
Forum: Daycare and Taxes 08-19-2019, 04:14 PM
Replies: 2
Views: 270
Posted By TomCopeland
plumbing

If the work represents less than half of the plumbing for your home, treat it as a repair and deduct your time-space% of the cost in one year. If it represents more than half of the plumbing for your...
Forum: Daycare and Taxes 08-16-2019, 10:26 AM
Replies: 5
Views: 622
Posted By TomCopeland
provider not licensed

Even if you are operating illegally you must still report your income on Schedule C. Since you are operating illegally you cannot claim any house expenses on Form 8829, but you can claim all other...
Forum: Daycare and Taxes 08-07-2019, 07:58 AM
Replies: 0
Views: 438
Posted By TomCopeland
2019-2020 CACFP Reimbursement Rates

The USDA has just released the Food Program reimbursement rates for July 2019 - June 2020:
Breakfast: Tier I - $1.33; Tier II - $.48
Lunch/Supper: Tier I - $2.49; Tier II - $1.50
Snack: Tier I -...
Forum: Daycare and Taxes 08-05-2019, 12:00 PM
Replies: 4
Views: 751
Posted By TomCopeland
standard meal allowance rule

When you use the standard meal allowance rate to claim food expenses you do not save any food receipts. You do not deduct the actual cost of the food. You add up the meals and snacks you serve the...
Forum: Daycare and Taxes 07-24-2019, 12:56 PM
Replies: 4
Views: 413
Posted By TomCopeland
home depreciation

You will only owe tax on house depreciation when you sell your home. You want to depreciate your home even if you only plan to be in business for one year! Let's say you are entitled to claim $1,000...
Forum: Daycare and Taxes 07-24-2019, 10:58 AM
Replies: 4
Views: 413
Posted By TomCopeland
Home depreciation

In the year you sell your home you will owe taxes on the amount of house depreciation you claimed (or were entitled to claim!). The taxes you pay will depend on your family's tax bracket in the year...
Forum: Daycare and Taxes 07-05-2019, 09:00 AM
Replies: 4
Views: 1,234
Posted By TomCopeland
kitchen remodel

Since the cost is less than $2,500 you can deduct the business portion in one year on Schedule C. Call it a repair.
Forum: Daycare and Taxes 07-03-2019, 11:30 AM
Replies: 1
Views: 385
Posted By TomCopeland
fence

You can deduct the business portion of the fence in one year, rather than depreciating it. If you are required to put up the fence by licensing, deduct 100% of the cost. If you have personal reasons...
Forum: Daycare and Taxes 06-06-2019, 09:21 AM
Replies: 5
Views: 675
Posted By TomCopeland
receipts

No. You must save your business receipts for at least three years, in some states four years. This includes receipts for craft materials, curriculum, food (if you use the actual expense method), car,...
Forum: Daycare and Taxes 06-05-2019, 11:19 AM
Replies: 5
Views: 675
Posted By TomCopeland
Itemize or standard deduction?

Many more providers will take the standard deduction and no longer itemize under the new tax laws. If so, there is no reason to keep receipts for medical expenses, charitable contributions, etc....
Forum: Daycare and Taxes 06-05-2019, 11:17 AM
Replies: 4
Views: 393
Posted By TomCopeland
Hra

Federal law does not require you to pay your husband to set up an HRA. I won a US Tax Court case on this point. Some HRA companies (TASC for one) has its own rules and requires some salary be paid to...
Forum: Daycare and Taxes 06-04-2019, 12:19 PM
Replies: 4
Views: 393
Posted By TomCopeland
Hra

Yes, assuming you have an HRA plan in both years.
Forum: Daycare and Taxes 05-27-2019, 11:32 AM
Replies: 2
Views: 566
Posted By TomCopeland
closed?

As long as you are still be paid to care for children, you are still in business. If you are now operating legally according to your state law you can continue to deduct all the same expenses. If you...
Forum: Daycare and Taxes 05-17-2019, 11:07 AM
Replies: 3
Views: 590
Posted By TomCopeland
new tax law

The new tax laws make no changes in your ability to use your time-space% on house expenses (property taxes, mortgage interest, house insurance, utilities, house repairs and house depreciation). There...
Forum: Daycare and Taxes 05-03-2019, 12:48 PM
Replies: 2
Views: 636
Posted By TomCopeland
holding fee

If you refund any money, report it as a business expense. Call it "parent refund" and put under Other Expense on Schedule C. Assuming your got the fee in 2018 and refunded part of it in 2019, you and...
Forum: Daycare and Taxes 04-24-2019, 01:17 PM
Replies: 3
Views: 542
Posted By TomCopeland
fence record keeping

Keep your notes as to how you calculated your actual business use percentage for at least three years after filing your tax return.
Forum: Daycare and Taxes 04-23-2019, 03:25 PM
Replies: 3
Views: 542
Posted By TomCopeland
fence

The conservative answer: deduct your time-space% of the cost. Why? Because your own children do get the benefit of the fence.
The assertive answer: deduct 100% of the cost. Why? Because you wouldn't...
Forum: Daycare and Taxes 04-21-2019, 11:03 AM
Replies: 23
Views: 1,164
Posted By TomCopeland
expense categories

It doesn't matter what expense category you put your deductions in. Your categories are fine. However, you can also deduct: mortgage interest, house depreciation, repairs, food, furniture,...
Forum: Daycare and Taxes 04-21-2019, 11:00 AM
Replies: 23
Views: 1,164
Posted By TomCopeland
time-space%

There is a comprehensive discussion of how to calculate your time-space percentage in my Family Child Care Record Keeping Guide.
Forum: Daycare and Taxes 04-18-2019, 07:58 AM
Replies: 28
Views: 23,253
Posted By TomCopeland
time and receipts

You can count the time you spend on activities for your business that you wouldn't be doing if you weren't in business. Since you would be mowing the lawn and weeding, etc even if you weren't in...
Forum: Daycare and Taxes 04-17-2019, 10:08 AM
Replies: 2
Views: 491
Posted By TomCopeland
taxes

#1 - Basically, yes. When you file Form 1040SE you actually pay a tax equivalent to 14.1% of the $80,000.
#2 - You will add your profit ($80,000) to your husband's gross income ($100,000) on Form...
Forum: Daycare and Taxes 04-10-2019, 04:11 PM
Replies: 23
Views: 1,164
Posted By TomCopeland
time-space%

Include the garage and basement in the total square feet of your home. They are probably used regularly for your business. If the 144 square foot room is used exclusively for your business, enter it...
Forum: Daycare and Taxes 04-10-2019, 04:09 PM
Replies: 4
Views: 457
Posted By TomCopeland
expenses

Yes and yes.
Forum: Daycare and Taxes 04-09-2019, 08:46 AM
Replies: 23
Views: 1,164
Posted By TomCopeland
space%

To claim a room as regularly used for your business it needs to be used more than "occasionally." If you use it 2-3 times per week to go in there to get stuff for your business, that's regularly...
Forum: Daycare and Taxes 04-06-2019, 07:48 PM
Replies: 1
Views: 568
Posted By TomCopeland
food expenses

When you amend your tax return you will redo Schedule C to show the higher food deduction. Then you will fill out Form 1040 and Schedule SE to reflect this change and finally Form 1040X. You can go...
Forum: Daycare and Taxes 04-06-2019, 11:50 AM
Replies: 7
Views: 688
Posted By TomCopeland
employees

You can deduct any amount you pay someone to help you care for children, whether it's full or part time. However, you must pay payroll taxes even for part time workers.
Forum: Daycare and Taxes 04-03-2019, 03:32 PM
Replies: 9
Views: 672
Posted By TomCopeland
section 179

If you used Section 179, that goes on Form 4562, Part I. If you depreciated the home improvement it would go on line 19i.

Line 14 is for items other than home improvements or home additions that...
Forum: Daycare and Taxes 04-03-2019, 03:30 PM
Replies: 9
Views: 672
Posted By TomCopeland
Section 179

A home improvement is depreciated over 39 years. So, if she goes out of business in 5 years she will have to report as income the amount of 34 years of depreciation.
Forum: Daycare and Taxes 04-03-2019, 11:28 AM
Replies: 9
Views: 672
Posted By TomCopeland
renter

Renters can deduct home improvements that they pay for even though they are renting, since they paid for it!
Forum: Daycare and Taxes 04-03-2019, 10:23 AM
Replies: 9
Views: 672
Posted By TomCopeland
time-space%

You are correct based on the following assumptions. You don't have a garage and the basement area is never used personally. That means you don't have a furnace or laundry room in the basement.

The...
Forum: Daycare and Taxes 04-01-2019, 07:48 AM
Replies: 3
Views: 588
Posted By TomCopeland
tax return review

I can review your tax return for free if you are a member of my Child Care Business Partnership that costs $15 a year. You must be using the accounting section of KidKare to be a member of the...
Forum: Daycare and Taxes 03-29-2019, 11:38 AM
Replies: 1
Views: 447
Posted By TomCopeland
repairs

Put repairs to your home on Form 8829. Put repairs to items you brought into your home on Schedule C.
Forum: Daycare and Taxes 03-29-2019, 11:35 AM
Replies: 11
Views: 651
Posted By TomCopeland
depreciation

If you count 12 months you can deduct 12 months of depreciation. If you only count 10 months, you get 10 months of depreciation.
Forum: Daycare and Taxes 03-28-2019, 09:49 AM
Replies: 11
Views: 651
Posted By TomCopeland
time-space%

If you are going to use 8760 as the total number of hours in the year, then you are entitled to claim 12 months worth of house expenses. If you are going to use 7056 hours in the year, then you only...
Forum: Daycare and Taxes 03-28-2019, 09:45 AM
Replies: 11
Views: 651
Posted By TomCopeland
time-space%

There is no rule that says you can't treat your business as open for ten months a year. It's logical that if you are only open for ten months a year you can only claim expenses for those ten months....
Forum: Daycare and Taxes 03-28-2019, 09:40 AM
Replies: 3
Views: 413
Posted By TomCopeland
Mileage

No. That's commuting which is not considered business mileage.
Forum: Daycare and Taxes 03-27-2019, 10:26 AM
Replies: 11
Views: 651
Posted By TomCopeland
summer off

If you say you are open for twelve months a year, then count the utilities for 12 months. If you say you are open for 10 months a year, don't count house expenses for 12 months. If you are open for...
Forum: Daycare and Taxes 03-25-2019, 12:41 PM
Replies: 1
Views: 507
Posted By TomCopeland
generator

Since it's not considered a home improvement (it's not permanently attached to your home) you can treat this as a home repair and deduct your time-space% of this in one year.
Forum: Daycare and Taxes 03-25-2019, 12:39 PM
Replies: 11
Views: 651
Posted By TomCopeland
summer off

Here's an article I've written about this: http://tomcopelandblog.com/will-take-time-off-summer
Forum: Daycare and Taxes 03-22-2019, 11:58 AM
Replies: 2
Views: 459
Posted By TomCopeland
section 179

The de minimis safe harbor rule allows you to deduct any expense under $2,500 in one year (100% business or shared). Any expense over $2,500 can also be deducted in one year (exception - home, home...
Forum: Daycare and Taxes 03-22-2019, 11:53 AM
Replies: 2
Views: 414
Posted By TomCopeland
mileage

You do not need to record the odometer reading, just the date, destination and total miles.
Forum: Daycare and Taxes 03-20-2019, 11:58 AM
Replies: 5
Views: 2,198
Posted By TomCopeland
Mortgage insurance premiums

Yes, as long as they are not paid on cash-out refinances or home equity loans.
Forum: Daycare and Taxes 03-20-2019, 11:56 AM
Replies: 5
Views: 2,198
Posted By TomCopeland
time-space%

Here's an article on how to calculate your time-space%: http://tomcopelandblog.com/the-time-space-percentage-quiz
Forum: Daycare and Taxes 03-20-2019, 11:54 AM
Replies: 3
Views: 481
Posted By TomCopeland
I would deduct the time-space% of Sams Club. See...

I would deduct the time-space% of Sams Club. See this article:http://backalleytaxes.com/deduction-club-dues/
Forum: Daycare and Taxes 03-19-2019, 07:56 AM
Replies: 3
Views: 481
Posted By TomCopeland
memberships

Deduct them as Activity Expenses on Schedule C, line 27a. You can only deduct the zoo and children's museum membership at 100% if you only go there with daycare children.
Forum: Daycare and Taxes 03-19-2019, 07:42 AM
Replies: 3
Views: 534
Posted By TomCopeland
sales tax

Yes, the delivery fee and warranty should be included in the cost of the couch and deducted on Schedule C, line 27a as an Other Expense. Call it "Furniture."
Forum: Daycare and Taxes 03-18-2019, 11:32 AM
Replies: 3
Views: 534
Posted By TomCopeland
safe harbor

That is the correct deduction and you should attach the safe harbor statement to your tax return. If doing efile doesn't automatically attach this statement then you should mail it in. The benefit of...
Forum: Daycare and Taxes 03-14-2019, 12:53 PM
Replies: 2
Views: 555
Posted By TomCopeland
deduction

The business portion of any individual expense can be deducted in one year. A home addition needs to be depreciated over 39 years unless it meets one of two exceptions. See my article on this:...
Forum: Daycare and Taxes 03-08-2019, 06:44 AM
Replies: 1
Views: 516
Posted By TomCopeland
depreciation

The short answer is yes.
Forum: Daycare and Taxes 03-06-2019, 10:17 AM
Replies: 2
Views: 538
Posted By TomCopeland
fence

You can deduct this in one year and don't have to depreciate it. Add up all the costs for both installers and include both charges. How much of the cost can you deduct? The conservative answer would...
Forum: Daycare and Taxes 03-05-2019, 08:51 AM
Replies: 2
Views: 505
Posted By TomCopeland
time-space%

As a general rule you will use your time-space% for all items that are used by both your family and your business. In some cases where your actual business use is much higher than your time-space%...
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