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New tax deduction for homeschool teachers and tutors in 2018!
Congratulations homeschool business owners which may include homeschool co-op teachers, directors and tutors! There is a new tax deduction that you are (probably) entitled to take on your 2018 tax...
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Are my homeschool co-op fees a tax deductible donation?
I’m a homeschool parent and member of a homeschool co-operative that weeks weekly. I have to pay tuition to this group for the classes my children take there. Can my children’s tuition for the co-op...
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Can a homeschool program director deduct her child’s tuition on her tax return?
Carol, I’m a director for a small classical homeschool program. I am required to have all my children enrolled in the program. I see this as a requirement for being a director and therefore a business...
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My homeschool is a private school. Can I use 529 funds?
I explained in “Can homeschoolers use 529 plans? Maybe!” that you can use 529 savings account funds for tuition paid to a public, private, or religious school. Some homeschool students take classes...
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Can homeschoolers use 529 plans? Maybe!
Congress decided to expand 529 savings plans to be used for K-12 expenses in the Tax Cut and Jobs Act or 2017. 529 plans were originally set up to save for college. The earnings on the savings is tax...
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What homeschool expenses can I deduct on my taxes?
Here’s a list of homeschool expenses you can deduct on your federal income tax return (Form 1040): 1. Yes, that’s the list! It’s empty. There are NO homeschool expenses that you can deduct on your...
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Ebook Taxes for CC Licensed Directors almost ready!
I just sent the final (I hope) version of my ebook Taxes for Classical Conversions Licensed Directors off to Classical Conversations, Inc! The ebook will be distributed by Classical Conversations,...
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Any Tax Deductions for Homeschoolers This Year?
Are there any tax deductions for homeschoolers this year? Carol Topp, CPA answered this question originally back in 2014, but the answer is still the same-even with the new tax laws passed in 2017....
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Taxes for Classical Conversations Directors
Last tax year I was asked a lot of questions about taxes by Classical Conversations directors and tutors. Things like: What tax form should I to use to report my income and expenses? What expenses...
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Understanding Taxes for a small homeschool business
It’s tax season and I’ve been getting several emails from homeschool business owners, especially Classical Conversations directors, about how to fill out their tax returns. The IRS has a terrific...
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Can my landlord get a tax deduction for the free rent he gives us?
I have a few questions for you about a tax deduction for our “landlord.” We just received 501(c)(3) tax exempt status form the IRS. Does this mean that our landlord can claim a deduction the reduced...
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Accepting contributions for a needy family
Hi Carol, We just suddenly lost a dad from our homeschool co-op. He leaves a wife and 6 children. We have been receiving donations for them left and right through PayPal. We will also start...
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Are violin lessons and ballet classes tax deductions?
Hi Carol, I just discovered your great website. I pay several people for private instruction for my child: violin lessons by a private teacher, gymnastics, ballet in a nonprofit ballet school. Can I...
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Are homeschool co-op fees childcare tax deductions?
Carol, A parent asked me for our tax ID number to give to her accountant for listing out tuition as a childcare expense. Is this common practice? Is it the EIN that she’s asking for? Should I give it...
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Tax breaks for education in some states
I’m frequently asked about tax deductions for homeschooling expenses. The US federal government does not have any tax deductions or tax credits for K-12 education expenses, but some states do offer...
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Taxes and your homeschool expenses
I am pretty new to homeschooling and tax returns. As a matter of fact I have never incorporated my homeschooling into my tax returns since starting homeschool in 2013. What I would be interested in is...
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Money Myths Homeschool Moms Believe. Dollars and Sense Show #13
In this episode of the Dollars and Sense Show host Carol Topp and her guest Susan Raber of AtHomeAndSchool.com discuss money myths that homeschool moms believe. Listen to the show here Do any of you,...
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Teens and taxes. Dollars and Sense Show #12
In this episode of the Dollars and Sense Show host Carol Topp discusses taxes and teenagers. Listen to the show here Show Notes: A teenager files their own tax return! Do NOT add your child’s income...
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Any tax breaks for homeschoolers? Dollars and Sense Show #11
In this episode of the Dollars and Sense Show host Carol Topp discusses tax breaks for homeschoolers. Listen to the show here Show Notes: There is no federal tax credit or deduction for homeschool...
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How to report income earned from teaching at a homeschool co-op
Hi Carol. Thank you for all the help you have already given our homeschool community! As a teacher at a homeschool co-op that allows teachers to charge the parents $45 per student, how would I report...
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