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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 01-15-2015, 03:10 PM
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jenboo jenboo is offline
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Default Last Question For The Day- Can You Explain How Deductions Work?

ok so i would love to know how exactly deductions work. Do you just add up all your deductions for the year and subtract them from your income and that is your "taxable" income?
Im having someone prepare my taxes for me...Im just curious how all this works.
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Old 01-16-2015, 04:26 PM
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TomCopeland TomCopeland is offline
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Originally Posted by jenboo View Post
ok so i would love to know how exactly deductions work. Do you just add up all your deductions for the year and subtract them from your income and that is your "taxable" income?
Im having someone prepare my taxes for me...Im just curious how all this works.
Yes. Income minus expenses = your profit (your taxable income)
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Old 01-16-2015, 06:39 PM
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Yes. Income minus expenses = your profit (your taxable income)
OK great. Thank you
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