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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 10-08-2018, 06:36 PM
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Default Confused About TurboTax

I am attempting to complete my 2017 taxes following an extension. Turbo tax is confusing me, and Iím hoping for clarification.

Does my home that I own get listed as a home office (with applicable utilities, mortgage interest, etc under that home office), and then also get listed under depreciation items??

It feels like it may be double dipping on the deductions. Same with mortgage interest and property taxes. Do they go under home office expenses and also on the personal tax side?
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Old 10-09-2018, 07:13 AM
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A home daycare is not a home office. I am not sure if turbo tax is set up for daycare. You claim time and space deductions and so much more.
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Old 10-09-2018, 08:08 AM
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I've never used Turbo Tax but I've used the HR Block program, and when you follow the instructions and choose the home daycare option for your home office, the program automatically divides out your TS% of the allowable deductions and places the remainder on the 1040 form.

I know all tax programs are different, but look for an option that states your home office is a home daycare and maybe it will place the appropriate (divided) amounts in the proper place. It can be hard to use these programs unless you're very familiar with how the deductions for home daycare are supposed to work. It took me a long time to be really certain the HR Block program was doing it correctly.
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Old 10-09-2018, 09:37 AM
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Default Turbo Tax

Quote:
Originally Posted by Amcarpenter90 View Post
I am attempting to complete my 2017 taxes following an extension. Turbo tax is confusing me, and Iím hoping for clarification.

Does my home that I own get listed as a home office (with applicable utilities, mortgage interest, etc under that home office), and then also get listed under depreciation items??

It feels like it may be double dipping on the deductions. Same with mortgage interest and property taxes. Do they go under home office expenses and also on the personal tax side?
Yes, family child care is a home office. When you enter your house expenses as a provider Turbo Tax will split your property tax and mortgage interest between Form 8829 and Schedule A (itemizing). See my article: http://tomcopelandblog.com/guide-turbotax-2017-part
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Old 10-10-2018, 04:37 PM
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Quote:
Originally Posted by LittleExplorers View Post
A home daycare is not a home office. I am not sure if turbo tax is set up for daycare. You claim time and space deductions and so much more.
Turbo tax does have a daycare option, I use it every year under small home business for $99; and daycare is a home office as Tom said.
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