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New Daycare with Mom/Filing Taxes Issues?

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  • #1

    New Daycare with Mom/Filing Taxes Issues?

    I'm planning on opening a Daycare with my mother, July 2018. We are going into this business as partners, 50/50, so my concern is how would we claim certain things as total income, write offs when filing taxes next year? We are both married and file jointly with our husbands.

    If anyone has any experience or knowledge regarding this matter, it would be greatly appreciated.
    Tags: california, california - regulations, co-owner, daycare partners, mom, new daycare, taxes
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  • #2
    Would this be a center or in-home? Who owns the building?
    - Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
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    • #3
      Originally posted by Cat Herder View Post
      Would this be a center or in-home? Who owns the building?
      In home. She owns the home. I pay all utilities, major and minor repairs, upgrade large appliances, etc...

      This forum has been a beacon of wisdom and is making me think about a few things before it's "too late".
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      • #4
        partners?

        Originally posted by deartasia View Post
        I'm planning on opening a Daycare with my mother, July 2018. We are going into this business as partners, 50/50, so my concern is how would we claim certain things as total income, write offs when filing taxes next year? We are both married and file jointly with our husbands.

        If anyone has any experience or knowledge regarding this matter, it would be greatly appreciated.
        This is very tricky and would advise talking with a tax professional and a lawyer before moving forward. You either have to establish a formal partnership and file it with the state, or have the owner of the house hire the other person or set up a corporation. In the end, I believe the best option is to have the owner of the house hire the other person. Call me at 651-280-5991 for more feedback. I don't charge anything for answering questions. See also my article:http://tomcopelandblog.com/thing-informal-partnership
        http://www.tomcopelandblog.com
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        • #5
          Originally posted by TomCopeland View Post
          This is very tricky and would advise talking with a tax professional and a lawyer before moving forward. You either have to establish a formal partnership and file it with the state, or have the owner of the house hire the other person or set up a corporation. In the end, I believe the best option is to have the owner of the house hire the other person. Call me at 651-280-5991 for more feedback. I don't charge anything for answering questions. See also my article:http://tomcopelandblog.com/thing-informal-partnership

          Thank you very much!
          I appreciate your advice
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