Tax questions for LPPC

Little People Play Care · **Posted:** Thu Dec 13, 2007 8:53 am

I am going to start an ongoing list of questions! How fun! (not). If I ask all my questions in the same post it will be easier for me to keep up with the answers hopefully.

1. Since this is my first year to file taxes as an official daycare, how do I claim say my appliances? I gave my refrigerator a FMV of $75 (I bought it in 2003 but don't have a receipt on it anymore). Do I just enter it as a household item and claim my t/s% of it? Next year I will be in the new house and will no longer have any of my current appliances or my washer/dryer. So what do I do for this year?

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Yes, you can. But, if you're moving, I wouldn't bother. You'd have to do a disposal of each different appliance. It's just too much effort for pennies on the dollar of a deduction.

In the new house it won't be a problem because the appliances come with the house, right?

Little People Play Care · **Posted:** Sat Dec 15, 2007 12:00 am

What do you mean do a disposal?

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

[b] When you sell a piece of business property you have deprecited and you no longer have, you have to "dispose" of it on your tax return. This is an example of sh . . . stuff you didn't know about on your tax return. That's why I'm an Accountant and you're a Provider. I'm not "more" than you. I'm just different from you. I couldn't do your job. Please don't try to do mine.

Little People Play Care wrote:

What do you mean do a disposal?

Little People Play Care · **Posted:** Sat Dec 15, 2007 10:30 pm

I'm not trying to do your job. My brain would explode! LOL...

Deb says I should have you amend my last 3 years returns and claim the meal allowance and whatever else. I've been in daycare since 2003 but have never filed as a daycare. I was legally unlicensed. I only kept the allowed 4 children plus my own when he was born in 2004. What would I need to send you to do this? Do you think it would be worth the headache as far as what I would get back? I just claimed my daycare income as other income and used my Wal-Mart income as my main income.

Deborah · **Posted:** Sun Dec 16, 2007 8:49 pm

Some of the terminology confuses the pooies out of me!

I am by no means any way a tax person .. I do read lots .. I got some books and will probably order more ..
dh and I are talking about having someone do our taxes this year (YES Sher!!!)
I am sort of a control freak - wow that was hard to say ..and I have to know how when where and why .. or it bugs me - sort of like getting in a car and not knowing how to drive I want to know all about it before I take off!
I think its good to know these things ..in this line of business we should be aware of how or taxes work ... but they are very complicated! I purchased Toms books and Brenda pointed out to me to read ---- page or that page ect to get me in touch ..and it was very helpful for someone like me who wants to understand them...

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

[b] Well, you should have me look at them. There may be several thousand $ sitting there for you or not enuf to bother with. I'll tell you the truth. I would need you to fax, scan and email, or send me COPIES of your tax returns with a request for the review, your real name, email and phone number. Like I said, the review is free. The fax number and address is on the website http://nelsonandriley.biz/news.asp?acti ... ategory=22

Little People Play Care wrote:

I'm not trying to do your job. My brain would explode! LOL...

Deb says I should have you amend my last 3 years returns and claim the meal allowance and whatever else. I've been in daycare since 2003 but have never filed as a daycare. I was legally unlicensed. I only kept the allowed 4 children plus my own when he was born in 2004. What would I need to send you to do this? Do you think it would be worth the headache as far as what I would get back? I just claimed my daycare income as other income and used my Wal-Mart income as my main income.

Little People Play Care · **Posted:** Tue Dec 18, 2007 4:52 pm

I will go into TurboTax right now and print the last 3 years returns and mail them to you. I don't have a fax machine. I will email you so you will have a way to contact me. Thank you so much!!

Sher_Riley wrote:

[b] Well, you should have me look at them. There may be several thousand $ sitting there for you or not enuf to bother with. I'll tell you the truth. I would need you to fax, scan and email, or send me COPIES of your tax returns with a request for the review, your real name, email and phone number. Like I said, the review is free. The fax number and address is on the website http://nelsonandriley.biz/news.asp?acti ... ategory=22

Little People Play Care wrote:

I'm not trying to do your job. My brain would explode! LOL...

Deb says I should have you amend my last 3 years returns and claim the meal allowance and whatever else. I've been in daycare since 2003 but have never filed as a daycare. I was legally unlicensed. I only kept the allowed 4 children plus my own when he was born in 2004. What would I need to send you to do this? Do you think it would be worth the headache as far as what I would get back? I just claimed my daycare income as other income and used my Wal-Mart income as my main income.

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

[b] That's because it is terminology not English as you correctly stated. That's a BIG deal most people don't understand at all.

You should know about your tax return. That's why I try to explain it so thoroughly to Providers. The lady in this article didn't, which is why she got in trouble. http://nelsonandriley.biz/news.asp?acti ... ategory=22

BTW, I'm a control freak just like you. LOL

Deborah wrote:

Some of the terminology confuses the pooies out of me!

I am by no means any way a tax person .. I do read lots .. I got some books and will probably order more ..
dh and I are talking about having someone do our taxes this year (YES Sher!!!)
I am sort of a control freak - wow that was hard to say ..and I have to know how when where and why .. or it bugs me - sort of like getting in a car and not knowing how to drive I want to know all about it before I take off!
I think its good to know these things ..in this line of business we should be aware of how or taxes work ... but they are very complicated! I purchased Toms books and Brenda pointed out to me to read ---- page or that page ect to get me in touch ..and it was very helpful for someone like me who wants to understand them...

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

[b] Remember to put TAX on the subject line. You can also email us thru the website here http://nelsonandriley.biz/contact.asp

Little People Play Care wrote:

I will go into TurboTax right now and print the last 3 years returns and mail them to you. I don't have a fax machine. I will email you so you will have a way to contact me. Thank you so much!!!

Sher_Riley wrote:

[b] Well, you should have me look at them. There may be several thousand $ sitting there for you or not enuf to bother with. I'll tell you the truth. I would need you to fax, scan and email, or send me COPIES of your tax returns with a request for the review, your real name, email and phone number. Like I said, the review is free. The fax number and address is on the website http://nelsonandriley.biz/news.asp?acti ... ategory=22

Little People Play Care wrote:

I'm not trying to do your job. My brain would explode! LOL...

Deb says I should have you amend my last 3 years returns and claim the meal allowance and whatever else. I've been in daycare since 2003 but have never filed as a daycare. I was legally unlicensed. I only kept the allowed 4 children plus my own when he was born in 2004. What would I need to send you to do this? Do you think it would be worth the headache as far as what I would get back? I just claimed my daycare income as other income and used my Wal-Mart income as my main income.

Little People Play Care · **Posted:** Tue Dec 18, 2007 5:35 pm

I just emailed you through the site!

Sher_Riley wrote:

[b] Remember to put TAX on the subject line. You can also email us thru the website here http://nelsonandriley.biz/contact.asp

Little People Play Care wrote:

I will go into TurboTax right now and print the last 3 years returns and mail them to you. I don't have a fax machine. I will email you so you will have a way to contact me. Thank you so much!!!

Sher_Riley wrote:

[b] Well, you should have me look at them. There may be several thousand $ sitting there for you or not enuf to bother with. I'll tell you the truth. I would need you to fax, scan and email, or send me COPIES of your tax returns with a request for the review, your real name, email and phone number. Like I said, the review is free. The fax number and address is on the website http://nelsonandriley.biz/news.asp?acti ... ategory=22

Little People Play Care wrote:

I'm not trying to do your job. My brain would explode! LOL...

Deb says I should have you amend my last 3 years returns and claim the meal allowance and whatever else. I've been in daycare since 2003 but have never filed as a daycare. I was legally unlicensed. I only kept the allowed 4 children plus my own when he was born in 2004. What would I need to send you to do this? Do you think it would be worth the headache as far as what I would get back? I just claimed my daycare income as other income and used my Wal-Mart income as my main income.

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Got it, Hon.

Little People Play Care · **Posted:** Wed Jan 02, 2008 12:54 pm

Okay I've decided just to let the last 3 years go. I don't have time to deal with it all. I am preparing this year's return myself and will submit it to you for review before I file it. Thanks!

Sher_Riley · **Joined:** Mon Nov 26, 2007 9:15 am **Posts:** 46

Not a problem. After Apr 15 we can't touch 2004 but, 2005 and 2006 are still available to change.

Little People Play Care wrote:

Okay I've decided just to let the last 3 years go. I don't have time to deal with it all. I am preparing this year's return myself and will submit it to you for review before I file it. Thanks!

Little People Play Care · **Posted:** Tue Jan 08, 2008 12:03 pm

Hey Sharon...question for you. After you review my taxes would it be possible for you to sign off on them giving them the official third party ok? It will just be for the underwriters at the bank where I'm getting my house loan. If I need to send you all my paperwork for you to make sure it's legitimate I will. My loan officer just said if I can get you to sign off on them it will further insure that the underwriters won't question my deductions. Thanks in advance.

Tax questions for LPPC

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