Wife starting a daycare...... (1 Viewer)

[JoelC]

in our newly finished walkout basement. Any suggestions for how to maximize this come tax time etc....? Thanks

 

[Brian Perry]

I would be very careful about taking that deduction--home offices are the number one cause of IRS audits. (Not that you shouldn't take it if it's deemed proper by your tax advisor.)

 

[Patrick Sun]

Well, you know, "Daddy Daycare" is opening on May 9th...

 

[Malcolm R]

If your wife wants to take care of kids, and you want tax benefits, why not just have a slew of your own? Best of both worlds...*shudder*

 

[Don Black]

If you wife can survive being trapped in the house, a home day care business can be amazingly profitable. I have a family member who makes $60-$80k easily plus the tax benefits. The tax benefits are really amazing since you can deduct almost all household improvements. The only downside is the tedium.