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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 09-23-2016, 12:16 PM
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Reimel61 Reimel61 is offline
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What is the best way of quitting daycare to get the most benefit tax wise for myself. My husband is nearing retirement. I've been doing DC for 14 years. I'm a few years younger and would like to work outside the home. How does this work??? We own our own house and have done daycare from our home. Would it benefit us to wait until he retires from his place of work??

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Tennie
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Old 09-23-2016, 06:52 PM
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TomCopeland TomCopeland is offline
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Originally Posted by Reimel61 View Post
What is the best way of quitting daycare to get the most benefit tax wise for myself. My husband is nearing retirement. I've been doing DC for 14 years. I'm a few years younger and would like to work outside the home. How does this work??? We own our own house and have done daycare from our home. Would it benefit us to wait until he retires from his place of work??

Thanks
Tennie
I'm not completely clear about what your question is. You get significant tax benefits by doing child care in your home, so if the choice was continuing to do child care or work outside of your home, you should take into consideration these tax benefits (house deductions). Only if you can make a lot more money working outside of your home does it make sense to do so. Does that answer your question?
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