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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 01-09-2018, 09:00 AM
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Daycarefamily Daycarefamily is offline
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Default Hi, New Here With A Tax Question

Hi, husband of a family of six. Wife runs a residential day care with the help of our four daughters. I do the legal, tax and policy admin for the business.

If I take a business deduction for mortgage interest and taxes can we then take the standard deduction on our personal taxes? I'm pretty sure you can only take the remainder of the deduction if you itemize. This could greatly benefit us with the increased standard deduction tax year 2018.

I would also like to say being my first post Tom Copeland and his books have been a godsend. Its his name that brought me to this forum, which is enlightening and often entertaining! Check out his audit archives some time. I learned the most from those
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Old 01-09-2018, 11:27 AM
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TomCopeland TomCopeland is offline
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Default Standard deduction

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Originally Posted by Daycarefamily View Post
Hi, husband of a family of six. Wife runs a residential day care with the help of our four daughters. I do the legal, tax and policy admin for the business.

If I take a business deduction for mortgage interest and taxes can we then take the standard deduction on our personal taxes? I'm pretty sure you can only take the remainder of the deduction if you itemize. This could greatly benefit us with the increased standard deduction tax year 2018.

I would also like to say being my first post Tom Copeland and his books have been a godsend. Its his name that brought me to this forum, which is enlightening and often entertaining! Check out his audit archives some time. I learned the most from those
You always want to take the business portion of your property taxes and mortgage interest on IRS Form 8829 Expenses for Business Use of Your Home. Taking the standard deduction on your personal taxes doesn't affect your ability to claim these expenses on Form 8829. If you itemize on your personal taxes, then you would claim the personal portion of property taxes and mortgage interest on Schedule A. Either way, you can always claim the business portion of these expenses on Form 8829.
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Old 01-09-2018, 02:24 PM
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