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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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  #1  
Old 06-09-2016, 09:34 AM
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Default Gift Question for Tom Copeland

Tom, I know we can only gift $25 per child per year.

Can I deduct $25 toward a high school graduate who grew up in my daycare?

Thanks.
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Old 06-09-2016, 09:51 AM
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I'm not Tom! I am just going to say I am guessing the answer would be no, since it isn't a child currently in your care. But wait for his answer because I could be very wrong!
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Old 06-09-2016, 01:23 PM
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I would agree, unless maybe you could finagle it into a marketing expense?

Tom once pointed out that we can only spend $25 on gifts, but if a child opens a gift in our programs it can be deducted as an activity rather than a gift. Smart man, that Tom.
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Old 06-09-2016, 02:30 PM
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I had no idea we could only put $25 toward gifts! Each kids gifts is about $25 for christmas then for their birthday plus we give baskets on Easter and Thanksgiving (that are around $10 each) and I give each kids a gift when leaving!

Is there any ways to write these off taxes?
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Old 06-09-2016, 02:32 PM
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Quote:
Originally Posted by Unregistered View Post
I had no idea we could only put $25 toward gifts! Each kids gifts is about $25 for christmas then for their birthday plus we give baskets on Easter and Thanksgiving (that are around $10 each) and I give each kids a gift when leaving!

Is there any ways to write these off taxes?
Here's Tom's thread on deducting gifts: http://www.daycare.com/forum/showthread.php?t=80982
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Old 06-09-2016, 02:37 PM
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Quote:
Originally Posted by Unregistered View Post
I had no idea we could only put $25 toward gifts! Each kids gifts is about $25 for christmas then for their birthday plus we give baskets on Easter and Thanksgiving (that are around $10 each) and I give each kids a gift when leaving!

Is there any ways to write these off taxes?
The big way to write them off is to make gifts a daycare activity. So for birthdays, maybe plan a special craft you can all do together.
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Old 06-09-2016, 04:08 PM
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Originally Posted by Michael View Post
Here's Tom's thread on deducting gifts: http://www.daycare.com/forum/showthread.php?t=80982
That's on receiving gifts.
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Old 06-14-2016, 11:29 AM
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Originally Posted by Thriftylady View Post
The big way to write them off is to make gifts a daycare activity. So for birthdays, maybe plan a special craft you can all do together.
Yup! Or have a birthday "party" for the child and have him/her open the gift as one of the activities.
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