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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 03-11-2011, 03:39 AM
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legomom922 legomom922 is offline
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Default Tom: Should I even bother?

I gave you my numbers on another thread, but I have another question for you. Record keeping is chewing up sooooo much of my time and getting these taxes prepared is just so confusing to me. Since I am almost out of buisness anyway and just plan on keeping my 1 dcg, I'm beginning to wonder if all this extra book work is really worth it, or if I should just say forget, and not even bother taking these deductions. I mean how much more money am I really going to get back anyway? Is the amount that I get back after paying any tax really worth the amount of time I am putting in this?

My husband made $53,000 last yr, I made $4100 and had $2100 in expenses for my 1st yr. We normally never itemize, because the standard deduction is way over what we could ever write off anyway, and so we usually get about $3000 in a refund. Would you have any idea off the top of your head, with these figures, how much more we would get? I mean would it $50? $500? or $1000? Or would we have to pay!! If thats the case, I'm just ready to throw in the towel...Of course now my earnings will be lower since I'm down to one PT DCG at $70 wk..

I know its a long shot and you probably we cant tell me, but just thought I would bounce off you anyway.
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Old 03-11-2011, 10:56 AM
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TomCopeland TomCopeland is online now
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If you had $4,100 in income and $2,100 in expenses your profit would be $2,000. You will pay 15.3% social tax on this profit or $306. You will also pay federal and state income tax on $2,000. I can't tell from your info if you will be owing and federal or state income tax on this. It depends on your family situation (number of own children, other expenses and credits). The most you would probably pay is about 10% or another $200 for a total of about $500. This is an estimate. So, for every $100 of business deductions you come up with you will save about $25 in taxes.
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