New 2015 Tax Changes for Family Child Care Providers

[TomCopeland]

I've just written an article outlining all of the tax changes for 2015 that affect family child care providers. This includes several new rules, including the ability to deduct most items in one year that cost less than $2,500, the expanded definition of a repair, and the rule that allows some providers to deduct home improvements in one year:

http://tomcopelandblog.com/2015-tax-changes-affecting-family-child-care-providers

[Thriftylady]

Thanks I have pre ordered the workbook. I am assuming this will all be in there also?

[TomCopeland]

tax changes

Thanks I have pre ordered the workbook. I am assuming this will all be in there also?

Yes, my 2015 Family Child Care Tax Workbook includes a discussion of all of these new tax changes.

[nanglgrl]

Thank you for everything you do Tom!

[M&Mgal]

Fastest way to get the book?

Tom, can you tell me which company would have the 2015 Family Child Care Tax Workbook first? Barnes & Noble says March 15, 2016; Amazon looks like February 2nd (which I know it would ship and be here within 2-3 days); Red Leaf Press says "January" but no exact date (I have never ordered from them so have no idea how long it will take to get here)... I want it asap Thanks!

[Thriftylady]

I ordered from Amazon. I am guessing they are all estimating a date when they will have the book.

[TomCopeland]

book

Tom, can you tell me which company would have the 2015 Family Child Care Tax Workbook first? Barnes & Noble says March 15, 2016; Amazon looks like February 2nd (which I know it would ship and be here within 2-3 days); Red Leaf Press says "January" but no exact date (I have never ordered from them so have no idea how long it will take to get here)... I want it asap Thanks!

You can get it fastest from Redleaf Press. They've told me that it will arrive at their office on January 8th, but it could be a few days after that. All other outlets won't receive the book until after Redleaf Press does.

[kitykids3]

Good things to know. Thanks!

[biglou]

Tom

Thanks as always for the great info and your books. We have used them regularly.
I checked your blog and want to clarify my understanding of it.

In 2015, I purchased rubber flooring (like found in play grounds under the swing sets, etc...). 100% business use.Two orders:
order#1 total= 2177
order#2 total=$3522

I believe the first order can be deducted under the De Minimis Safe Harbor Election rule because under $2500 after reading your blog article.

The second order cannot as it exceeds $2500 and the invoice does not list 90 pieces at $$ = total $$. Can this be deducted as a 4562 expense, 100% recovery in 2015. I assume I could also list the first order as well.

Or, should I look at the 50% bonus depreciation rule for the second order.
Am I understanding the blog posting correctly?

Thanks,

Big Lou

[biglou]

Tom

2015 Family Child Care Tax Companion shows available Feb 2 on Amazon. Question, is it available any sooner anywhere else? We have an S corp, so must file Mar 15. and this late date limits good prep time, particularly since we need to work with our account and scheduling is always difficult. It would be great if it could be released earlier.

Many Thanks,

Big Lou

[Blackcat31]

Tom

2015 Family Child Care Tax Companion shows available Feb 2 on Amazon. Question, is it available any sooner anywhere else?

If it helps, Tom said in an earlier post that it is available fastest through Redleaf verses Amazon.
You may want to check there.
It says it's available January 2016

http://www.redleafpress.org/Family-Child-Care-2015-Tax-Workbook-and-Organizer-P1385.aspx

[TomCopeland]

tax companion

Tom

2015 Family Child Care Tax Companion shows available Feb 2 on Amazon. Question, is it available any sooner anywhere else? We have an S corp, so must file Mar 15. and this late date limits good prep time, particularly since we need to work with our account and scheduling is always difficult. It would be great if it could be released earlier.

Many Thanks,

Big Lou

You can get my books faster directly through Redleaf Press (www.redleafpress.org). My understanding is that they will be available probably early next week.

[TomCopeland]

flooring

Tom

Thanks as always for the great info and your books. We have used them regularly.
I checked your blog and want to clarify my understanding of it.

In 2015, I purchased rubber flooring (like found in play grounds under the swing sets, etc...). 100% business use.Two orders:
order#1 total= 2177
order#2 total=$3522

I believe the first order can be deducted under the De Minimis Safe Harbor Election rule because under $2500 after reading your blog article.

The second order cannot as it exceeds $2500 and the invoice does not list 90 pieces at $$ = total $$. Can this be deducted as a 4562 expense, 100% recovery in 2015. I assume I could also list the first order as well.

Or, should I look at the 50% bonus depreciation rule for the second order.
Am I understanding the blog posting correctly?

Thanks,

Big Lou

Under the newly expanded definition of what is a repair, versus what is a home improvement, replacing the flooring in one or two rooms, or under playground equipment can be considered a repair and thus deducted in one year. So you don't have to worry about the $2,500 rule or bonus depreciation. In addition, if this flooring is not permanently attached to the land, it could also be treated as Section 179 property and deducted in one year. I would recommend using the Section 179 rule and claiming it on Part I of Form 4562.