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Message
A question for the tax experts of the OT
Posted on 1/14/14 at 8:18 am
Posted on 1/14/14 at 8:18 am
Our four-year-old has had some behavioral problems at his daycare, so for the last six months we have paid a behavioral specialist $360 each week to spend a significant amount of time with him while at school. What is the best way to incorporate that into our taxes for 2013?
TIA
TIA
Posted on 1/14/14 at 8:19 am to HoustonGumbeauxGuy
probably add it into "education"
Posted on 1/14/14 at 8:19 am to HoustonGumbeauxGuy
quote:good god, is your wife named rosemary?
$360 each week
Posted on 1/14/14 at 8:20 am to Whiskey Richard
Business expense; raising kids is our business!!!
Posted on 1/14/14 at 8:25 am to Wtodd
Depends on the qualifications of the Behavioral Specialist. This could potentially be "Medical Expenses" but then you have to reach a threshold amount based on total income before it becomes deductible. You will need to check with a CPA on this one likely.
Fair warning, with the whole Obamacare mess you can expect our friends at the IRS to be looking real hard at medical deductions.
Fair warning, with the whole Obamacare mess you can expect our friends at the IRS to be looking real hard at medical deductions.
Posted on 1/14/14 at 8:26 am to HoustonGumbeauxGuy
Instead of spending upwards of $10 grand, how about you beat your child's arse.
Posted on 1/14/14 at 8:36 am to HoustonGumbeauxGuy
You will likely max out the benefit of child care expenses independent of the behavioral specialist, so there will likely be no tax benefit to reporting the expense as child care. You could claim it as a medical expense, but you can only deduct medical expenses to the extent they exceed 10% of your adjusted gross income. At $360 per week you've got about $8,000 over six months. Adding that to your other out of pocket medical expenses, you may be able to deduct some of the costs.
Posted on 1/14/14 at 8:39 am to Whiskey Richard
probabyl best as a medical expense under itemized deductions.
Posted on 1/14/14 at 8:39 am to HoustonGumbeauxGuy
Deduct under educational expenses. If the IRS has an issue with it you can always filed an amended return later
Posted on 1/14/14 at 9:12 am to weisertiger
quote:
Deduct under educational expenses. If the IRS has an issue with it you can always filed an amended return later
A year or two down the road with some added penalties and interest for using their money interest free!
Posted on 1/14/14 at 9:13 am to Poodlebrain
I make sure to click every single tax thread so I can read your responses. They've taught me a lot about how being a CPA works.
I'm about to take my first exam, FAR, next month!
Posted on 1/14/14 at 9:31 am to HoustonGumbeauxGuy
if you can't even post things on the right board, how do you expect to be able to file your taxes properly???
Posted on 1/14/14 at 10:04 am to Flair Chops
quote:
good god, is your wife named rosemary?
No, but go on....I think I know why you are asking.
Posted on 1/14/14 at 10:31 am to HoustonGumbeauxGuy
Expect a lot more parenting advice than tax advice here.
Posted on 1/14/14 at 10:33 am to PhiTiger1764
quote:
Instead of spending upwards of $10 grand, how about you beat your child's arse.
Posted on 1/14/14 at 10:55 am to HoustonGumbeauxGuy
Murray could probably help you but he will not post in this thread because he is not yet a "tax expert".
Posted on 1/14/14 at 11:57 am to HoustonGumbeauxGuy
List it as "Murder Prevention Costs"
Posted on 1/14/14 at 12:12 pm to HoustonGumbeauxGuy
quote:
Our four-year-old has had some behavioral problems at his daycare, so for the last six months we have paid a behavioral specialist $360 each week to spend a significant amount of time with him while at school. What is the best way to incorporate that into our taxes for 2013?
What service is the specialist providing you? High-end babysitter? Observing your child for a possible diagnosis or further treatment recommendations?
Were you referred to the specialist by your childs Dr?
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