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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 03-23-2011, 04:59 AM
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Default Tom: Grants

I have applied for a $2400.00 grant and now thinking about applying for another $400.00 one but my husband told me not to do to many cause it would add on to our end of the year income and I have 2 kids of my own so I would only get to take of t/s % on the little stuff and depriciate the bigger stuff, right? should I apply for all the grants I can or just a few or none at all? thanks
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Old 03-23-2011, 08:37 AM
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Default Grants

Any grant you get for your business is taxable income. If you use the grant to buy stuff for your business you can deduct these items using the normal rules of claiming expenses.
It is true that if your own children use the stuff you bought for your business or you bought stuff that you had to depreciate, then you would not be able to wipe out all of this additional income and your taxes would go up.
The question to ask is whether having the items can be justified by the higher taxes? Remember, the extra taxes are a lot less than the cost of the items you bought. It's like getting stuff at a big discount - it still costs you money.
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Old 03-31-2011, 01:55 PM
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washington state grants? Im wa state where can apply for grants?
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Old 03-31-2011, 02:25 PM
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Default Grants

To find out if there are any grants available in your community contact your local Child Care Resource and Referral agency.
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