Partnership and Taxes

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  • Annalee
    Daycare.com Member
    • Jul 2012
    • 5864

    Partnership and Taxes

    Mr. Copeland, in a partnership (2 FCC related providers working together that split everything), may one schedule C off the other one. Thanks!
  • TomCopeland
    Business Author/Trainer
    • Jun 2010
    • 3062

    #2
    Partnership

    Originally posted by Annalee
    Mr. Copeland, in a partnership (2 FCC related providers working together that split everything), may one schedule C off the other one. Thanks!
    No. If you form a partnership, you must file partnership tax forms, neither of you can file a Schedule C. You will also lose the ability to depreciate the home the child care is provided in. I recommend instead, that the owner of the home hire the other person as their employee. See my article on partnerships:http://www.tomcopelandblog.com/2011/...rtnership.html
    http://www.tomcopelandblog.com

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