View Full Version : What to write off for taxes
12-27-2010, 04:21 AM
This is my first year, I was wondering exactly what all I can write off for taxes...I know utilities, house payment, food, time, space...anything else? How much am I able to write off for house payment and utilities? Thanks
12-27-2010, 07:10 AM
You should pick up any of these books, or call your library to see if they have them.
(The only one I've read thus far is the first one, but an older copy from the library)
12-30-2010, 08:28 AM
My book Family Child Care Record Keeping Guide lists over 1,000 allowable business deductions. It's now available as an e-book: http://tinyurl.com/2efra74
You use your time-space percentage to determine how much of your shared expenses (those items that are used for both business and personal purposes) you can deduct. You don't use your time-space percentage on your house payments. Instead, use it on your mortgage interest and then use it on depreciating your home. Depreciation on your home is based on the purchase price of your home, not it's current value. For details see my 2010 Family Child Care Tax Workbook and Organizer (www.redleafpress.org).
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