Daycare.com Forum

Go Back   Daycare.com Forum > Daycare and Taxes > How To Handle Grants

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: How To Handle Grants 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)
01-07-2013 09:51 AM
Unregistered Tom, what about other types of grants? I received grant money for conducting several reading groups for children. This was not connected to my day care. I assume I'd put it on form 1040 under "other income." Is that correct? But nothing was taken out of the payments - do I have to pay SS tax on these grants?
Thanks!
01-06-2013 09:28 AM
TomCopeland
Quote:
Originally Posted by Abigail View Post
So it's pretty much counting the $900 as income from the state then using the itemized shipment list to use as a purchase recept and write off each item in their category as an expense.
That is correct.
01-05-2013 04:33 PM
Abigail So it's pretty much counting the $900 as income from the state then using the itemized shipment list to use as a purchase recept and write off each item in their category as an expense.
01-05-2013 11:04 AM
TomCopeland
Quote:
Originally Posted by Abigail View Post
All I received with my items was a packing list with the BILL TO: as my local CCRR office without any dollar amount details. The order date was 12.27.12 and shipment date was 12.28.12 and arrival to my daycare was 1.3.13

So nothing goes on 2012 for taxes? I'm unsure of the total dollar amount, but do know it's close to $900 as that was half my "allowance" to spend now and the other half in a few months when the program concludes.
Correct, nothing goes on your 2012 taxes because you didn't get the items until 2013. For 2013, report $900 as income (if that's the correct number) and then deduct the items based on how they are used in your business. If they are used 100% for your business, deduct the full amount. If not, apply your time-space %.
01-04-2013 09:40 PM
Abigail All I received with my items was a packing list with the BILL TO: as my local CCRR office without any dollar amount details. The order date was 12.27.12 and shipment date was 12.28.12 and arrival to my daycare was 1.3.13

So nothing goes on 2012 for taxes? I'm unsure of the total dollar amount, but do know it's close to $900 as that was half my "allowance" to spend now and the other half in a few months when the program concludes.
01-04-2013 12:58 PM
TomCopeland
Quote:
Originally Posted by Abigail View Post
I received grants from the state and now sure which year to claim them in. The items were placed in order Dec. 28, 2012, but I received them January 3, 2013. It's $900 worth of merchandise. How do I handle this?
Report this as income in 2013. Then claim the business portion of this as an expense on your 2013 tax return.
01-04-2013 12:43 PM
Abigail I received grants from the state and now sure which year to claim them in. The items were placed in order Dec. 28, 2012, but I received them January 3, 2013. It's $900 worth of merchandise. How do I handle this?

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 05:49 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