The Ins and Outs of Day-Care Provider Taxes: Part 1
The Ins and Outs of Part Day-Care Provider Taxes Part 1 By Laura Strombom, EA As the profession adapts to the changes under the Tax Cuts and Jobs Act of 2017, those who prepare primarily basic returns, such as a 1040 with only a Schedule A, may need to add additional areas to their practices. One strategy is to specialize in an area that will continue to demand expert preparation services.... Laura Strombom, EA, MBA, NTPI
The Ins and Outs of Day-Care Provider Taxes: Part 2
IRC Section 162, Trade or Business Expenses Section 162(a) states: In general there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business... . In a home daycare, many of the expenses have personal and business elements. Te Audit Technique Guide for child-care providers (ATG for CC) states: The examiner needs to evaluate in a fair a... Laura Strombom, EA, MBA, NTPI Fellow®