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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 01-15-2014, 10:21 AM
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emmajo emmajo is offline
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Default Schedule C or 8829?

On which form do I deduct items like computer monitor, office chair, etc that I will be using time/space percentage on? There's the spot on C for office things but how would I do the percentage on C? How would IRS know I'd used it? OR should all those things go on 8829 - maybe line 21 other expenses, indirect? I'm a little confused! Thanks!
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Old 01-15-2014, 11:55 AM
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TomCopeland TomCopeland is online now
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Default Tax form

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Originally Posted by emmajo View Post
On which form do I deduct items like computer monitor, office chair, etc that I will be using time/space percentage on? There's the spot on C for office things but how would I do the percentage on C? How would IRS know I'd used it? OR should all those things go on 8829 - maybe line 21 other expenses, indirect? I'm a little confused! Thanks!
Items that cost more than $100 and are being depreciated should be entered on Form 4562 and then transferred to Schedule C, line 13.

When entering expenses directly onto Schedule C (supplies, toys, etc.) that you are using for both business and personal purposes, calculate the business deduction by multiplying the cost of each item by your time-space % and put the result on Schedule C. Your time-space % is calculated on Form 8829.

When entering house expenses onto Form 8829, put them in column b (indirect) because they will then be multiplied by your time-space %.
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Old 01-15-2014, 03:57 PM
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emmajo emmajo is offline
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Thank you, Tom!
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