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Home Schooling and Income Taxes – The Tax Man Cometh

Practical Home Schooling Tax Tips & Resources

Home schooling and income taxes, once again home school families are not viewed as legitimate schools by the government. Certified teachers or those working as teachers in accredited public and private schools get a $200.00 tax credit for supplies and expenses that are not reimbursed by their employer.

Home school families are not entitled to this credit. It is unfortunate because home schools spend a fortune on supplies and curriculum and they do not get a tax break. Are there no deductions to be had? At this time, there are no specific tax deductions for home schools. This is good and bad.

It is good because once you start taking the federal government’s money; you are going to be regulated. So no tax credits, no special treatment, no regulations, not so bad. However, the cost of homeschooling, especially multiple children is significant.

There are curriculum to purchase, supplies to buy, field trips, books, sometimes tutors, classes to supplement the home school and a whole host of other expenses. Top that off with the fact that most home schools are a single income family with multiple children and you can understand why they look for some for of tax relief.

Think about it, how many of you know a family of five that can live on a single income? It would be great if home schooling and income taxes meant some financial relief for home school families.

So the home school family makes choices in order to accommodate the lack of tax incentives to home school. Now, before you go looking for possible tax credits speak with a qualified tax professional.

There are things that home school families can do in order to qualify for tax breaks, legally. First, set up your home school as a business. That’s right, file a DBA (business name), get a separate checking and savings account and then turn it into a business.

What kind of business can a home school become? If you offer classes for a fee, it is a business. What are you good at or what skills do you have? Many parents do not realize that they can tutor; offer music lessons, or teach computer skills, sewing classes or other classes and if a fee is charged you are a business.

A home school family I know had a goat business. They had others come to learn goat husbandry and care. You must claim this income, but there is a reason for doing this. You can now deduct the expenses related to the running and start up of your business.

This is how home schooling and income taxes can be intertwined. Home schooling and income taxes are a complicated issue. Before you embark on any business adventure, please consult a skilled tax professional.

There may be local laws against running a home business so be sure to check with local zoning as well. There can be tax deduction waiting for you as a home school business. Home schooling and income taxes is really an issue to discuss with you tax preparer.

References:
http://www.hslda.org
http:///www.irs.gov

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Give Your Child The Education They Deserve
 Right From Your Home, Teach Them More
Than High Paying Private Schools Do!

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Pros & Cons | Best Programs | Governing Laws | Supplies & Tools | Income Taxes | Internet Homeschooling | Grants | Essays

Highlights
Why Is Home Schooling Gaining Popularity
The Pros and Cons of Home Schooling
Find Out Your Child's Learning Style

Homeschooling Tips

How to Create a Home School Schedule
How To Find Lessons For Home Schooling
How to Organize for Home Schooling
How To Re-integrate a Home Schooled Child into the School Environment
How To Include Socializing into Your Home School Routine
Frequently Asked Questions
Is Home Schooling the Right Choice for Your Family
Is Your Child a Good Candidate for Home Schooling
Should You Home School Delinquent Children
Should You Use a Tutor For Home Schooling
Should You Use Online Courses for Home Schooling
Could You Teach a Foreign Language at Home
What Curriculum Should You Use for Home Schooling
What is Your Education Philosophy
Will Home Schooling Help Shy or Anxious Children
HomeSchooling Ideas
Extracurricular Activities for Home Schooled Children
Physical Education Ideas for Home Schooled Children
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Art Program Ideas for Home Schooled Children
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Additional Help
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