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Daycare and Taxes>2 Questions...Tom's Books and Rent
My Daycare 03:11 PM 01-20-2011
When I rented my house, I told the landlord that I would be doing home daycare. She said OK, but she raised the rent by $50/mo for that particular reason. So, can that $50/month be written off as 100% business, while the rest of it is T/S%?

Tom. You have a lot of books. I am wondering if some of them have the same idea, but are different editions. I definitely want to order the new one that came out yesterday, but what other books would you suggest to supplement that one?

Thanks!
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TomCopeland 06:06 PM 01-20-2011
Yes, the extra rent for your business is 100% deductible while the regular rent is a t/s% deduction.

I've written nine books on the business of family child care. The tax books are:
Family Child Care Record Keeping Guide
2010 Family Child Care Tax Workbook
2010 Family Child Care Tax Companion
Family Child Care Inventory-Keeper

How are they different? The Record Keeping Guide identifies over 1,000 allowable business deductions and describes food expenses and t/s% in great detail. The latest edition was 2010 (previous edition was from 2005). This is probably the book to start with. The Tax Workbook is if you do your own taxes. The Tax Companion is if you use a tax preparer. Neither is duplicative of the Record Keeping Guide. You only need either the Workbook or Companion, not both. The Inventory-Keeper helps you track household items to depreciate. It's not duplicated in any other book.

Other books:
Family Child Care Contracts and Policies
Family Child Care Marketing Guide
Family Child Care Business Planning Guide
Family Child Care Money Management and Retirement Guide
Family Child Care Legal and Insurance Guide
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My Daycare 05:21 AM 01-21-2011
Makes perfect sense. Thanks!
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