Incorporating?

[LittleScholars]

I think know the answer the this, but I'll ask for confirmation.

A number of other family members in my area have had a home daycare while raising their own children. They all used the same accountant and loved him; however, he insists I should incorporate. Based on Tom's blog, this doesn't seem appropriate for me. Deducting home costs is a huge advantage for me (we put tons into our home to improve the daycare on a regular basis) and I have ample insurance. What benefit am I missing? He said I lost out on/cost myself thousands this year. My bookkeeping doesn't seem to reflect that, and I don't see where that savings is coming from.

My gut instinct is to skip him and his advice, but he comes so highly recommended. Any thoughts?

[Blackcat31]

I think know the answer the this, but I'll ask for confirmation.

A number of other family members in my area have had a home daycare while raising their own children. They all used the same accountant and loved him; however, he insists I should incorporate. Based on Tom's blog, this doesn't seem appropriate for me. Deducting home costs is a huge advantage for me (we put tons into our home to improve the daycare on a regular basis) and I have ample insurance. What benefit am I missing? He said I lost out on/cost myself thousands this year. My bookkeeping doesn't seem to reflect that, and I don't see where that savings is coming from.

My gut instinct is to skip him and his advice, but he comes so highly recommended. Any thoughts?

If he can't "show" you where you missed out on these $1,000's then I'd pass.

"Show me, don't tell me" is usually my rule of thumb when taking financial advice about my personal finances/budget.

[LittleScholars]

If he can't "show" you where you missed out on these $1,000's then I'd pass.

"Show me, don't tell me" is usually my rule of thumb when taking financial advice about my personal finances/budget.

I love that. I also just didn't love him, but I feel bad going against advice from family. I'm going to go with the woman that actually seems to know her stuff. Thank you!!

[AmyKidsCo]

Go with Tom Copeland. He won't steer you wrong, and in the occasional case when he makes a mistake he owns up to it.

[LittleScholars]

Go with Tom Copeland. He won't steer you wrong, and in the occasional case when he makes a mistake he owns up to it.

Smart. You are both right. I just had to ask because I bring all my questions here! Thank you!

[TomCopeland]

mistake?

Go with Tom Copeland. He won't steer you wrong, and in the occasional case when he makes a mistake he owns up to it.

Have I ever made a mistake?

[AmyKidsCo]

Have I ever made a mistake?

I think once, but maybe I'm mistaken.