From the Archives: Tax Implications of the Unlicensed Daycare Provider
Tax implications of the unlicensed daycare provider
Ask Jason, 3/9/12
Q: If I list 1099-K income hobby can I list equal expensives as I also buy for my hobby and spend more than I sell? A: The answer is not as simple as it sounds. First, you can deduct “cost of goods sold” (COGS) directly from hobby income — if you have legitimate COGS and […]
Ask Jason 2/10/12
All of these are actual questions from readers over the last couple of weeks. Q: What are boxes 18-20 on a W-2 for? A: Some cities levy an income tax. For example, New York City, many cities that have a professional sports team, and most cities and towns in Ohio. If you earned wages subject […]
Extreme Couponers; Charitable Deduction Issues; Summer Camp; Cell Phones as Listed Property — Ask Jason
DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. All of these questions have come from web visitors recently: Q: Do “extreme couponers” pay tax? A: Depends on what you mean by “tax.” […]
Small Business Wednesday — Daycares and the Home Office Deduction
Many in-home daycare providers wonder about the home office deduction. This article will explore the rules for qualifying for the deduction, and how to calculate the deduction. Do You Qualify? You qualify for the deduction if you are a licensed daycare provider. If you are not licensed, you can still qualify for the deduction but […]
