Per famous, former child care business consultant, Tom Copeland, this is the biggest way that you can legally, adequately reduce your tax burden. Work with Central Oregon providers has reduced their taxes in the $2,000 to $3,000 range – simply by investing a couple of hours of their administrative time.
Home-based businesses need to accurately, timely track and organization time with children as well as when working on their business when children are not present. Also, measure and capture their child care business-related floor space - in quantity as well as the method of use.
From there, a vital Time-Space Percentage (TSP) can be determined – this being used on the IRS Form 8829. The higher the appropriate percentage, the lower the taxes.
This workshop will demonstrate and use automated forms in Excel spreadsheets to show the methods to understand and use the Time-Space Percentage (TSP). These forms will be made available to participants. Also, a follow-up consultation will be available.