Daycare.com Forum Daycare Management Software

Go Back   Daycare.com Forum > Daycare and Taxes > Deductions During Quarantine

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.

Thread: Deductions During Quarantine Reply to Thread
Your Username: Click here to log in
Random Question
Title:
  
Message:
Post Icons
You may choose an icon for your message from the following list:
 

Additional Options
Miscellaneous Options

Topic Review (Newest First)
09-29-2020 06:17 PM
Sunchimes Ok. That's good. But my licensor seems to think I can't re-open until there is a vaccine, which most likely won't be by the end of 2020.
09-29-2020 11:24 AM
TomCopeland Since you are planning on reopening in the future, you are entitled to deduct the business portion of all of these expenses. They would still be a deduction in 2020 as long as you were planning to reopen by the end of the year. If you did the work in 2021 but never reopened, you could not claim these deductions.
09-28-2020 12:42 PM
Sunchimes I couldn't see an edit button for some reason. But I also need to know if re-finishing the dining room floor would be a deduction. It is hardwood, covered by a previous owner with linoleum, now worn and torn. We have been putting up with it because the list of things to do is long, and that wasn't a priority. But as long as the flooring people are here, it may as well become a priority.
09-28-2020 12:15 PM
Sunchimes In March, the state closed me down because the governor said in his handbook that anyone over 65 should not be around young children. Licensing interpreted that to move me to an inactive license. No indication of when I will be allowed to reopen.

I need to do some massive home repairs, one is to replace the rotting front porch and the other is to replace the wood floors in the playroom. (My house is over 100 years old, these things happen). While they are here and there is no one else coming and going, I may go ahead and have the floors in the dining room re-finished.

My question is whether these will be allowed as deductions since I am on unwanted inactive status. I plan to re-open as soon as the state allows it, but my licensor seems to think that won't be until there is a safe vaccine. However, I am currently limping along on unemployment. If I can't go back to work before unemployment runs out, I will have to consider closing and getting a job. That is last on my list of options.

So, question summary.
1. Will floor and porch repairs be an allowed deduction while the state won't let me open?

2. Will the repairs be an allowed deduction if I end up not re-opening, although I was still officially licensed when the repairs were done?

3. What about toys and supplies I bought while I was inactive?

Thank you so much!

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -7. The time now is 05:25 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming