CPA's - a quick question.
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Joined: Oct 2000
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From: Nashville
CPA's - a quick question.
I am the worlds worst CPA/accountant (i like rounded thousands)..... and I hate details! 
Anyway....1 question
1 - if you run a daycare out of your house, do you HAVE to deduct expenses related to it.? If this is your only income, it is actually more advantageous to show $10k-$11k of income to get the Earned Income Credit than it would be to reduce the income with expenses.
Showing anything less actually reduces the EIC.
Thank you for your support!
Scot
Anyway....1 question
1 - if you run a daycare out of your house, do you HAVE to deduct expenses related to it.? If this is your only income, it is actually more advantageous to show $10k-$11k of income to get the Earned Income Credit than it would be to reduce the income with expenses.
Showing anything less actually reduces the EIC.
Thank you for your support!
Scot
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DR. JEKYLL
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Jan 7, 2003 09:18 PM