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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 02-25-2012, 04:36 AM
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magsgma magsgma is offline
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Location: Pennsylvania
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Question Not Just An Ordinary Time Space Question...

I have sent this in an email to Tom Copeland but knowing this is a busy time for him I am not expecting him to answer soon enough. I need to call some people by March 1st.

My Family Child care business in my home is half of a doublehome. The other side was occupied by my mother-like friend that Passed away last Sunday…

We bought the other half of the home years ago from her.

My husband said that we need to rent the other side for an income. I do not want to rent it for sentimental reasons. I have known her for 27 years. She was my assistant for many years and my husband and I were her caregivers for the past several years. We did not charge her rent but she did payher own utilities…

He feels that having to pay for utilities for both sides is an expense that we can not afford.

I would love to keep my child care on this side – I am registered with the State on this address…. However I would like to move our “home” ( or better stated living space)to the other side. I would keep the rooms on the side in which I now live for child-care. I would then be willing to enroll more children. I am registerd for 6 children at one time. I currently keep it at 4 + my grand daughter 2 days a week. I could fill one full time position and some part time children if this was daycare only...

Currently I use some of her rooms upstairs and in her cellarfor storage, so now I will be using all of the rooms on this side (the side that we now live) making it 100%

He (husband) said that we wouldn’t be able to afford the double bills. I am considering having them put the utilities on one meter. Can not do that with the heat as there are two separate boilers. The one on our side was just replaced in December.

Would I still be able to use the T/S % for deductions or may I use 100% deductions on my child care side?

Would I be able to claim any expenses from the side in which I live if I keep the items in storage over there as is? We use the entire back yard and both sides ofthe garage for daycare.

Should I just forget it and leave things as they are? If we do rent the other side then I will technically lose half of the yard.
I guess I am hoping that there are advantages to keep both sides without having to have someone rent her side.

Oh and I forgot to add that we need to do a lot of repairwork over there (ceiling, walls, rip up carpeting & put down new flooring justto name a few)

I appreciate any knowlegeable advice or comments that you have.
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  #2  
Old 02-27-2012, 11:07 AM
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magsgma magsgma is offline
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I withdraw my question... We have decided to go another route.
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  #3  
Old 02-27-2012, 05:44 PM
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TomCopeland TomCopeland is offline
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Default Time-Space %

Quote:
Originally Posted by magsgma View Post
I have sent this in an email to Tom Copeland but knowing this is a busy time for him I am not expecting him to answer soon enough. I need to call some people by March 1st.

My Family Child care business in my home is half of a doublehome. The other side was occupied by my mother-like friend that Passed away last Sunday…

We bought the other half of the home years ago from her.

My husband said that we need to rent the other side for an income. I do not want to rent it for sentimental reasons. I have known her for 27 years. She was my assistant for many years and my husband and I were her caregivers for the past several years. We did not charge her rent but she did payher own utilities…

He feels that having to pay for utilities for both sides is an expense that we can not afford.

I would love to keep my child care on this side – I am registered with the State on this address…. However I would like to move our “home” ( or better stated living space)to the other side. I would keep the rooms on the side in which I now live for child-care. I would then be willing to enroll more children. I am registerd for 6 children at one time. I currently keep it at 4 + my grand daughter 2 days a week. I could fill one full time position and some part time children if this was daycare only...

Currently I use some of her rooms upstairs and in her cellarfor storage, so now I will be using all of the rooms on this side (the side that we now live) making it 100%

He (husband) said that we wouldn’t be able to afford the double bills. I am considering having them put the utilities on one meter. Can not do that with the heat as there are two separate boilers. The one on our side was just replaced in December.

Would I still be able to use the T/S % for deductions or may I use 100% deductions on my child care side?

Would I be able to claim any expenses from the side in which I live if I keep the items in storage over there as is? We use the entire back yard and both sides ofthe garage for daycare.

Should I just forget it and leave things as they are? If we do rent the other side then I will technically lose half of the yard.
I guess I am hoping that there are advantages to keep both sides without having to have someone rent her side.

Oh and I forgot to add that we need to do a lot of repairwork over there (ceiling, walls, rip up carpeting & put down new flooring justto name a few)

I appreciate any knowlegeable advice or comments that you have.
I responded to her question via email.
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http://www.tomcopelandblog.com
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  #4  
Old 02-29-2012, 03:37 AM
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magsgma magsgma is offline
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Yes -- thank You - very helpful as usual. :-)
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