|
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. |
|
Thread Tools | Display Modes |
#1
|
||||
|
||||
Confused About TurboTax
I am attempting to complete my 2017 taxes following an extension. Turbo tax is confusing me, and I’m hoping for clarification.
Does my home that I own get listed as a home office (with applicable utilities, mortgage interest, etc under that home office), and then also get listed under depreciation items?? It feels like it may be double dipping on the deductions. Same with mortgage interest and property taxes. Do they go under home office expenses and also on the personal tax side? |
#2
|
||||
|
||||
A home daycare is not a home office. I am not sure if turbo tax is set up for daycare. You claim time and space deductions and so much more.
|
#3
|
||||
|
||||
I've never used Turbo Tax but I've used the HR Block program, and when you follow the instructions and choose the home daycare option for your home office, the program automatically divides out your TS% of the allowable deductions and places the remainder on the 1040 form.
I know all tax programs are different, but look for an option that states your home office is a home daycare and maybe it will place the appropriate (divided) amounts in the proper place. It can be hard to use these programs unless you're very familiar with how the deductions for home daycare are supposed to work. It took me a long time to be really certain the HR Block program was doing it correctly. |
#4
|
||||
|
||||
Turbo Tax
Quote:
__________________
http://www.tomcopelandblog.com |
#5
|
||||
|
||||
Turbo tax does have a daycare option, I use it every year under small home business for $99; and daycare is a home office as Tom said.
|
Tags |
depreciation - home, time space percentage - limits, turbo tax |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Conflicted and Confused | Unregistered | Daycare Center and Family Home Forum | 8 | 04-04-2018 11:00 AM |
Hello And Confused Daddy Question | Disgruntled Daddy | New Members - Welcome to the Daycare.com Forum! | 22 | 12-18-2013 06:26 AM |
Anyone use turboTax this year? | AnythingsPossible | Daycare and Taxes | 2 | 04-07-2013 03:43 AM |
Confused, I think? | Nickel | Daycare Center and Family Home Forum | 2 | 09-14-2012 05:59 PM |
Confused with disbelief | Unregistered | Daycare Center and Family Home Forum | 10 | 08-07-2012 09:34 AM |