I'm a home daycare provider. Can I claim my house mortgage payments?
There's a place for rent payments. Can house Mortgage payments be listed there as powerfully? I'm also wondering where to enter amount for meals. Is that lower than other? My CPA had my pastdue taxes for 9 months, without doing them. I bought Turbotax & I'm trying to numeral it out myself. Thanks for any help!
Answers:
as a daycare provider, you are running a business -- the tax aspects step on schedule C to form 1040.
there are special rules for the organization in the home deduction for daycare providers, which replace some of the other possible deduction [rent, mortgage interest, etc.]
see the instructions. you might want to search the irs.gov website for "daycare provider" as well. Source(s): cpa
VB pretty much explained it all.
on diary C: profit or loss from business
your daycare supplies go on part II - #22. smudge 23 is where you put your daycare licenses - 27 you might hold other expenses.
schedule 8829 - you can't put mortgage payments - but put your mortgage interest on part II string 10 (b) and under that you can do the real estate taxes - house insurance - utilities - etc..... you will enjoy to figure out your timespace % to see how much of this you can take rotten.
Dont forget schedule SE for self employment tax -
and heres a great URL if you have need of to learn something. Source(s): http://www.redleafinstitute.org/
You can't claim the mortgage payment--that's a combination of interest (deductible) and principal (only as depreciation).
As for use of your home, as a licensed daycare provider you are able to use publication 587.
Standard collation and snack rates. If you qualify as a family daycare provider, you can use the standard meal and snack rates, instead of actual costs, to compute the deductible cost of meal and snacks provided to eligible children. For these purposes:
A family daycare provider is a person out of stock in the business of providing family daycare.
Family daycare is childcare provided to eligible children contained by the home of the family daycare provider. The care must be non-medical, not involve a verbs of legal custody, and generally ending less than 24 hours each sunshine.
Eligible children are minor children receiving family daycare surrounded by the home of the family daycare provider. Eligible children do not include children who are full-time or part-time residents surrounded by the home where the childcare is provided or children whose parents or guardians are residents of the same home. Eligible children do not include children who receive daycare services for personal reason of the provider. For example, if a provider provides daycare services for a relative as a favor to that relative, that child is not an eligible child.
You can compute the deductible cost of each meal and snack you certainly purchased and served to an eligible child during the time period you provided family daycare using the standard feast and snack rates shown in Table 3, later. You can use the standard feast and snack rates for a maximum of one breakfast, one lunch, one dinner, and three snacks per eligible child per day. If you receive reimbursement for a particular dinnertime or snack, you can deduct only the portion of the applicable standard dinnertime or snack rate that is more than the amount of the reimbursement.
You can use either the standard collation and snack rates or actual costs to calculate the deductible cost of food provided to eligible children in the ancestral daycare for any particular tax year. If you choose to use the standard collation and snack rates for a particular tax year, you must use the rates for adjectives your deductible food costs for eligible children during that tax year. However, if you use the standard meal and snack rates within any tax year, you can use actual costs to compute the deductible cost of food in any other charge year.
If you use the standard meal and snack rates, you must maintain chronicles to substantiate the computation of the total amount deducted for the cost of food provided to eligible children. The records kept should include the first name of each child, dates and hours of attendance contained by the daycare, and the type and quantity of meals and snacks served. This information can be record in a log similar to the one shown in Exhibit A, following.
The standard meal and snack rates include beverages, but do not include non-food supplies used for food preparation, service, or storage, such as containers, paper products, or utensils. These expenses can be claimed as a separate presumption on your Schedule C (Form 1040).
Table 3. 2007 Standard Meal and Snack Rates
Location of Family Daycare Provider Breakfast Lunch Dinner Snack
States other than Alaska and Hawaii $1.06 $1.97 $1.97 $0.58
Alaska $1.69 $3.20 $3.20 $0.95
Hawaii $1.24 $2.31 $2.31 $0.69
Related Questions:
Why is the affairs of state growing bigger than ever, regulating insurance co's and buying up home mortgage report?
It "bailed" then bought fannie/freddie - becoming the largest holder of home loans! Now it is in the works to "bail" insurance co AIG and start sticking its muzzle in and regulating the insurance industry....
Answers:
as a daycare provider, you are running a business -- the tax aspects step on schedule C to form 1040.
there are special rules for the organization in the home deduction for daycare providers, which replace some of the other possible deduction [rent, mortgage interest, etc.]
see the instructions. you might want to search the irs.gov website for "daycare provider" as well. Source(s): cpa
VB pretty much explained it all.
on diary C: profit or loss from business
your daycare supplies go on part II - #22. smudge 23 is where you put your daycare licenses - 27 you might hold other expenses.
schedule 8829 - you can't put mortgage payments - but put your mortgage interest on part II string 10 (b) and under that you can do the real estate taxes - house insurance - utilities - etc..... you will enjoy to figure out your timespace % to see how much of this you can take rotten.
Dont forget schedule SE for self employment tax -
and heres a great URL if you have need of to learn something. Source(s): http://www.redleafinstitute.org/
You can't claim the mortgage payment--that's a combination of interest (deductible) and principal (only as depreciation).
As for use of your home, as a licensed daycare provider you are able to use publication 587.
Standard collation and snack rates. If you qualify as a family daycare provider, you can use the standard meal and snack rates, instead of actual costs, to compute the deductible cost of meal and snacks provided to eligible children. For these purposes:
A family daycare provider is a person out of stock in the business of providing family daycare.
Family daycare is childcare provided to eligible children contained by the home of the family daycare provider. The care must be non-medical, not involve a verbs of legal custody, and generally ending less than 24 hours each sunshine.
Eligible children are minor children receiving family daycare surrounded by the home of the family daycare provider. Eligible children do not include children who are full-time or part-time residents surrounded by the home where the childcare is provided or children whose parents or guardians are residents of the same home. Eligible children do not include children who receive daycare services for personal reason of the provider. For example, if a provider provides daycare services for a relative as a favor to that relative, that child is not an eligible child.
You can compute the deductible cost of each meal and snack you certainly purchased and served to an eligible child during the time period you provided family daycare using the standard feast and snack rates shown in Table 3, later. You can use the standard feast and snack rates for a maximum of one breakfast, one lunch, one dinner, and three snacks per eligible child per day. If you receive reimbursement for a particular dinnertime or snack, you can deduct only the portion of the applicable standard dinnertime or snack rate that is more than the amount of the reimbursement.
You can use either the standard collation and snack rates or actual costs to calculate the deductible cost of food provided to eligible children in the ancestral daycare for any particular tax year. If you choose to use the standard collation and snack rates for a particular tax year, you must use the rates for adjectives your deductible food costs for eligible children during that tax year. However, if you use the standard meal and snack rates within any tax year, you can use actual costs to compute the deductible cost of food in any other charge year.
If you use the standard meal and snack rates, you must maintain chronicles to substantiate the computation of the total amount deducted for the cost of food provided to eligible children. The records kept should include the first name of each child, dates and hours of attendance contained by the daycare, and the type and quantity of meals and snacks served. This information can be record in a log similar to the one shown in Exhibit A, following.
The standard meal and snack rates include beverages, but do not include non-food supplies used for food preparation, service, or storage, such as containers, paper products, or utensils. These expenses can be claimed as a separate presumption on your Schedule C (Form 1040).
Table 3. 2007 Standard Meal and Snack Rates
Location of Family Daycare Provider Breakfast Lunch Dinner Snack
States other than Alaska and Hawaii $1.06 $1.97 $1.97 $0.58
Alaska $1.69 $3.20 $3.20 $0.95
Hawaii $1.24 $2.31 $2.31 $0.69
Related Questions:
Why is the affairs of state growing bigger than ever, regulating insurance co's and buying up home mortgage report?
It "bailed" then bought fannie/freddie - becoming the largest holder of home loans! Now it is in the works to "bail" insurance co AIG and start sticking its muzzle in and regulating the insurance industry....