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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 01-28-2019, 07:47 AM
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Firefly Firefly is offline
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Default Home Write-Offs

If we put in a fireplace would we be able to write off the cost? Also what about finishing a basement? Would there be any tax benefit to that? Or would it just be the t/s that would change if I used part of it for daycare?
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Old 01-29-2019, 03:40 PM
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TomCopeland TomCopeland is online now
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Default expenses

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Originally Posted by Firefly View Post
If we put in a fireplace would we be able to write off the cost? Also what about finishing a basement? Would there be any tax benefit to that? Or would it just be the t/s that would change if I used part of it for daycare?
If you use the fireplace in your business you could deduct time-space% of the cost. Same for the basement. If either costs are less than $2,500 you can deduct the business portion in one year. If more, then treat them as a home improvement and depreciate over 39 years.
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