My Source of InspirationBridgitte Thompson
In the days before I had children, I had the grand illusion that once they came I would take a short maternity leave from my job and return to work full time, content with the idea of my little one in a well researched daycare facility. Then reality hit. I became pregnant with my first child and felt totally unprepared for the emotions which swept through me. As my stomach began to swell so did my resolve that no one on Earth could possibly be capable of loving and protecting this child as much as my husband and I could. Since we were dependent upon my income, I became determined to find a way to generate this income while working at home. Thus began a comprehensive research project into all aspects of working at home, the results of which I would like to share with you.
First of all my husband and I sat down to evaluate our current income and expenses. We weeded out the "luxuries" in life like cable television and eating out in order to create a budget which we could live within. Next we evaluated what kinds of jobs we could do from our home, and due to the marvels of modern technology, compiled quite a lengthy list. We spent hours at the library pouring over every magazine article, newsletter, and book we could find related to working at home. Obviously, this was not something to be entered into lightly. It required a great deal of forethought, ambition, planning, and a deep commitment to adjusting our lifestyle in order to accommodate the demands which would be placed on our personal and business relationships by working and living under the same roof.
Another consideration in this endeavor was the potential income tax ramifications of using a portion of our home to operate a business. In order to gain a complete understanding of this issue, I studied every Internal Revenue Service publication relative to the topic - and, there were quite a few. This was not easy reading by any stretch of the imagination, but it did provide all of the answers to my questions and sparked an idea.
In my research I became aware of the fact that the absolute best business to run out of your home was a daycare. As we are all aware of the quirky IRS rules, they do offer an opportunity to realize incredible tax deductions through the use of the Time/Space formula which is only applicable to home daycare businesses. In looking on Form 8829 (Expenses for Business Use of Your Home), you will notice a special area for daycare facilities not used exclusively for business. Once I understood exactly what the IRS was offering, I realized the business I wanted to open. A daycare in my home would provide me with the opportunity to be totally involved in my new baby's life. I would be there 24 hours a day to revel in the first smile, witness the first steps, and kiss away the tears after a tumble. In addition, I would welcome two or three other children into my home and provide the same loving care in a nurturing environment. Now I had an idea which would allow me all the benefits of a stay at home mother and the income of a woman who worked outside the home.
Since I had compiled so much information during the course of this project, I decided to create a book which would list the tax benefits of this occupation, reveal the useful tips I had discovered, and explain the record keeping required to satisfy the IRS regulations. The book, The Home Daycare Complete Record keeping System, was completed in 1995 and is currently sold through bookstores, through workshops I provide to daycare providers, and through my internet site.
By the way, after further analysis into the regulations of the IRS, I discovered that operating two businesses out of your home provided an even better tax deduction! Thus, I was able to return to my field and my bookkeeping business was born.
Now my first child, Sarah, is six years old and her little brother, Jacob, 2 years old. Despite the hard work, tremendous juggling, and lack of sleep, I am proud to say that I was able to witness their first steps, replenish my soul with their hearty belly laughs, and honored to be there to provide unlimited hugs and kisses. Due to the flexibility that working at home provides, I have not missed a moment of their precious lives and have still been able to contribute to our family finances. In my opinion, working at home provides the best of both worlds! My children are the inspiration behind this book and the greatest source of joy in my life.Brigitte A. Thompson - Work at home mom of two providing accounting services, author of The Home Daycare Complete Record keeping System, and co-founder of Caring At Home
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