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Wife starting a daycare......

Discussion in 'After Hours Lounge (Off Topic)' started by JoelC, Apr 30, 2003.

  1. JoelC

    JoelC Stunt Coordinator

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

    Brian Perry Cinematographer

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    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.)
     
  3. Patrick Sun

    Patrick Sun Moderator
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    Well, you know, "Daddy Daycare" is opening on May 9th...
     
  4. Malcolm R

    Malcolm R Executive Producer

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    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* [​IMG]
     
  5. Don Black

    Don Black Screenwriter

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    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.
     

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