You'll need to sign in or create an account to connect with an expert.
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
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.
I highly recommend going to a tax professional that specializes in daycare and/or reading Tom Copeland's books (Google him).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mshaikh010
New Member
danielf
Level 1
bluedeacon
New Member
archanapb
Level 2
Peaceful Shelter
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.