Home Office Deduction: How to Deduct Space for Your Daycare Business

Описание: Larry explains when it comes to your in-home daycare business the office-in-home deduction is slightly modified. You not only take into account part of your home that is exclusively used for daycare but also the entire home during business hours that you are licensed for. For example, take a normal work week from Monday to Friday. You would take the percentage of time your entire home is used for during business hours (like 8am -5pm) each day. So, the percentage of direct and indirect expenses (utilities) used during those hours would qualify. The important factor that Larry notes throughout this video is "look at your license".

Larry Gray, being a CPA and small business owner for over forty years, and who has taken the home office deduction at times in his life understands the IRS qualifications very well. He wants to take his experience and knowledge and help you be comfortable with how you can best save the most money possible in your business.

To watch the entire Home Office Tax Deduction Series click here 👇👇👇    • Home Office Tax Deduction Series  


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AGC Solutions does not provide tax, legal or accounting advice. This content has been prepared for informational purposes only and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Also, tax law is ever-changing and every effort should be made to seek out the most current information. Make sure to check date of published content to ensure most current information.