I’m self employed running a daycare, it just told ...
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queensyc
New Member

I’m self employed running a daycare, it just told me I can get a bigger refund if I add more write offs .. what can I add to make my refund bigger

 
3 Replies
Critter
Level 15

I’m self employed running a daycare, it just told me I can get a bigger refund if I add more write offs .. what can I add to make my refund bigger

Maybe a home office ?  Read up on your situation ...  

 

If you are new to being self employed, are not incorporated or in a partnership  and  are acting as your own bookkeeper and tax preparer you need to get educated ....  

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf

 

Publication 946 … Depreciation

https://www.irs.gov/pub/irs-pdf/p946.pdf

Hal_Al
Level 15

I’m self employed running a daycare, it just told me I can get a bigger refund if I add more write offs .. what can I add to make my refund bigger

See:

https://www.freshbooks.com/hub/expenses/tax-deductions-daycare-business

 

In particular, the use of your home, for providing day care services, is more generous than the "home office" rules for other self employed persons, working out of their home. 

AmeliesUncle
Level 11

I’m self employed running a daycare, it just told me I can get a bigger refund if I add more write offs .. what can I add to make my refund bigger

I highly recommend going to a tax professional that specializes in daycare and/or reading Tom Copeland's books (Google him).

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