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Daycare and Taxes>Real Estate Taxes....and Mortgage Interest
My4SunshineGirlsNY 07:30 AM 01-17-2011
In Tom's book it states we can write off TSP of Real Estate Taxes...I was looking over last years' refund papers and my real estate taxes were used on Schedule L (is this for itemizing? I'm so lost). Does this mean I can't used my real estate taxes to write off in my business? And if that is the case, can I request my accountant NOT to itemize (if that is what schedule L is???) so I can use the real estate taxes in my business.

Last year it was showing the standard deduction for married filing jointly was $11,400 and when he used schedule L it put that number at $12,400. If I used my TSP to claim my real estate for this year I could deduct appx. $1250 off my business expenses. We are VERY close to the cut off for getting earned income credit so I want to get my business profit as low as I can (legally of coarse). I don't really understand schedule L (I thought itemizing was schedule A?)...so if I'm way off base, please help me understand, thanks!

Also..next question is last year (I mean 2009) I was unaware that I could claim my TSP on my Mortgage interest...I was registered in Sept. but I was caring for a child since March of last year (2009). My mortgage interest was a bit over $6,000 last year which is a lot that I lost out on claiming. Is there a way to claim that amount this year (plus my mortgage interest for 2010), or am I too late?
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Tags:deductible, mortgage, taxes real estate
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