Question for Tom

[6colleen]

First, thanks so much for helping me understand Daycare taxes. I had my last 2 years redone and am getting thousands of dollars back! I have a registered home in Texas. I will be starting a part-time editing job working on the weekends from home. This will be a contracted job requiring me to get a LLC.
How will I file taxes for next year, and will this effect my daycare deductions?

[TomCopeland]

Second job

First, thanks so much for helping me understand Daycare taxes. I had my last 2 years redone and am getting thousands of dollars back! I have a registered home in Texas. I will be starting a part-time editing job working on the weekends from home. This will be a contracted job requiring me to get a LLC.
How will I file taxes for next year, and will this effect my daycare deductions?

You will still file the same tax forms for your child care business. You will file a separate Schedule C for your editing job. Your daycare deductions would only be affected if you used a room exclusively for your editing job. If so, this would reduce your time-space % for your daycare business and lower your deductions.

[6colleen]

Thank-you, Tom. I appreciate you sharing your expertise and time to this group.

[TheGoodLife]

Thank-you, Tom. I appreciate you sharing your expertise and time to this group.

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