Daycare.com Forum Daycare Management Software
SEARCH DAYCARE BY ZIPCODE

Go Back   Daycare.com Forum > Daycare and Taxes > Vehicle Expense question for Tom Copeland
Reload this Page Reply to Thread
Register FAQ Members List Social Groups Calendar Search Today's Posts Mark Forums Read

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: Vehicle Expense question for Tom Copeland 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)
02-18-2013 05:15 PM
frugalmama4
Quote:
Originally Posted by TomCopeland View Post
You need to keep records that show you used these vehicles 100% for your business. This means records showing each trip you made and the miles it represented. Then, like anyone else using a vehicle for their business, you can use either the standard mileage rate or the actual expenses method for claiming vehicle expenses.

One last thing,

I'm claiming the actual expense method...so would all expenses for this vehicle be deducted at a 100% (gas, insurance, repairs etc.) this is a new auto purchase in 2012.

Deprecation-since the auto is used a 100% for business would I be entitled to deducted the entire purchase price ($30,000) or will it still be limited to the limitation amount ($11,160)?

I'm trying to see over all for my "business and family" if its worth having a second auto with a monthly note. Thanks!
02-18-2013 04:27 PM
TomCopeland
Quote:
Originally Posted by frugalmama4 View Post
Hello,

I have two vehicles one is used 100% for daycare e.g. (trips to the store, bank, deposits, training's...never ever used for my families personal use); however I don't offer transportation for my daycare clients.

My question-

How and/or can I write of all expenses for this auto at a %100?

Thanks Tom!
You need to keep records that show you used these vehicles 100% for your business. This means records showing each trip you made and the miles it represented. Then, like anyone else using a vehicle for their business, you can use either the standard mileage rate or the actual expenses method for claiming vehicle expenses.
02-18-2013 03:18 PM
frugalmama4 Hello,

I have two vehicles one is used 100% for daycare e.g. (trips to the store, bank, deposits, training's...never ever used for my families personal use); however I don't offer transportation for my daycare clients.

My question-

How and/or can I write of all expenses for this auto at a %100?

Thanks Tom!

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 11:48 AM.

Contact Us - Daycare.com - Archive - Top


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