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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

 
 
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Old 01-18-2011, 10:27 AM
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Join Date: Dec 2010
Location: Ohio
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Default Technically Opened In June But Been Preparing Since January...

So I planned on opening my daycare asap last year but didnt get my first dck until June. I advertised starting the beginning of April as I wanted to make sure I had all the supplies needed for care. Since I didnt have tons of money I started buying everything in January and every month after to slowly build up everything I would need. Ive kept all my receipts since the beginning of the year and wrote everything down in my calendar keeper. I saw this mentioned in a previous thread:

Quote:
Originally Posted by TomCopeland View Post
In general, expenses you incurred before your business begins, that are for your business, can be claimed after your business begins.
So does this mean that everything I bought from January- the end of May can be claimed or will be marked as null and void? Since all my receipts are marked with prior to my 1st client date and I marked it down in my keeper for that correct month all that stuff will still be honored? Most of everything I have for my daycare had to be bought before I had a client so I thought that naturally I would be able to write all my stuff off seeing how it was for my business. Then I got scared seeing how I didn't actually gain a client till half way into the year. Most of my big business expenses were made before my 1st client so Id like to get some of it back if possible.

This is all new to me and VERY overwhelming! I went through all my receipts again today and couldn't believe how much I actually purchased over the length of the year for this small business.

It actually seems like I bought more paper towels than anything. lol

Also I was still working at my "real" job for all of January and all of February while I was also purchasing things for my business. Will that affect me being able to write stuff off I bought in January and February?
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