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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 09-28-2019, 08:14 PM
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Default Addition to Driveway for Parking - Deductible? Labor?

We are adding an addition to our driveway to increase parking availability for parents. Keep receipts and deduct?

If we do a large chunk of the work ourselves how does that figure in? If our labor can't be deducted we may just hire out.

Thanks!
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Old 09-29-2019, 02:33 AM
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https://www.daycare.com/forum/showthread.php?t=91158

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Originally Posted by TomCopeland View Post
A driveway is a land improvement, not a home improvement. Therefore, you can deduct the business portion (time-space%) in one year on Form 4562, line 14.
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Old 09-30-2019, 09:40 AM
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Originally Posted by TaylorTots View Post
We are adding an addition to our driveway to increase parking availability for parents. Keep receipts and deduct?

If we do a large chunk of the work ourselves how does that figure in? If our labor can't be deducted we may just hire out.

Thanks!
Donít quote me on this but doing the work yourselves will save much more money than hiring out and deducting at tax time. At least for me here in Canada. Might want to look into the percentage you get back vs. The cost of hiring someone.
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Old 10-01-2019, 08:15 AM
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Default driveway

Quote:
Originally Posted by TaylorTots View Post
We are adding an addition to our driveway to increase parking availability for parents. Keep receipts and deduct?

If we do a large chunk of the work ourselves how does that figure in? If our labor can't be deducted we may just hire out.

Thanks!
Add up all the costs, multiply by your time-space% and deduct in one year as a repair. You can't deduct anything for your labor. If you pay someone to do the work you can deduct the time-space% of the the labor costs. Financially, you are better off doing the labor yourselves.
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