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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 01-14-2016, 11:16 AM
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Lovisa Lovisa is offline
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Default Doing Own Taxes vs. CPA

How many of you do your own taxes and don't hire a professional? This is my first year as a provider and I only worked less than half of the year (it has been a slow start for sure). I didn't make much (between 5 and 6 grand roughly). I have done quite a bit of research on figuring out the time space percentage, finding out what can and cannot be used as a write off, etc. I have kept good records of hours worked (both watching kiddos and cleaning/bookkeeping time), money made, meal counts, kept all receipts, etc.

I guess I'm just wondering if it is super complicated to where a tax pro is needed or will Turbo Tax or H&RBlock make it easy enough to file on our own.

TIA!
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Old 01-14-2016, 11:40 AM
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kendallina kendallina is offline
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I've been doing my own since I opened 5 years ago. If you're accustomed to doing taxes and do your research, you should be fine. I would absolutely recommend getting some of Tom Copeland's books. I would have endless questions if I hadn't read his books.

ETA: I hired an assistant this year, so I did meet with a payroll accountant that could help me understand how to handle an employee's withholdings and taxes specifically in regards to state and local taxes. Tom's book covers federal taxes for employees.
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Old 01-14-2016, 11:50 AM
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Cat Herder Cat Herder is offline
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I do both.

I use MMK Pro religiously, then print everything off for my CPA.

Worth every penny, and then some. To me.
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Old 01-14-2016, 11:54 AM
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Lovisa Lovisa is offline
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Quote:
Originally Posted by kendallina View Post
I've been doing my own since I opened 5 years ago. If you're accustomed to doing taxes and do your research, you should be fine. I would absolutely recommend getting some of Tom Copeland's books. I would have endless questions if I hadn't read his books.
We have always done our own taxes Definitely plan on getting some of those books before my husband and I do our taxes!
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Old 01-14-2016, 12:09 PM
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I do my own. One year I paid someone and got them back and looked them over and she had put my whole house as a 100% deduction. I called her about it and she argued it was legal due to the home office rule. After that I don't trust anyone.
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Old 01-14-2016, 12:54 PM
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Quote:
Originally Posted by Cat Herder View Post
I do both.

I use MMK Pro religiously, then print everything off for my CPA.

Worth every penny, and then some. To me.
This ^^^

I dont have the time or interest to do them myself.

ETA: my CPA charges me less than $200 so MORE than worth it to me.
Plus that cost is tax deductible too
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Old 01-14-2016, 03:12 PM
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Lovisa Lovisa is offline
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Man, I just signed up for the 30 day trial of MMK (never heard of it until now) and it is CRAZY helpful! I wish I had this for all of last year! I am paying the yearly amount today and will be using this every day. Such a helpful site!
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Old 01-14-2016, 03:57 PM
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Michael Michael is online now
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Here is a previous poll on the subject: http://daycare.com/forum/showthread.php?t=41854
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