Daycare.com Forum

Daycare.com Forum (https://www.daycare.com/forum/index.php)
-   Daycare and Taxes (https://www.daycare.com/forum/forumdisplay.php?f=8)
-   -   Confused with 100% Deduction (https://www.daycare.com/forum/showthread.php?t=92786)

Julia2 01-01-2020 08:42 AM

Confused with 100% Deduction
 
Hi I will open a daycare soon, it will be a LLC , I will take care maximum 5 children, I am starting from scratch, I am working on my license now, MY BIG QUESTION IS ABOUT THE 100% DEDUCTION for daycare items, for example if I purchase a outdoor play set for $500 just for the daycare , do I deducted the 100% in my taxes?, that means I can deduct $500 or how this work?, thank you

284878 01-01-2020 02:39 PM

Yes Tom says you can deduct the whole $500 as long as your children do not play on it after hours.

TomCopeland 01-02-2020 09:12 AM

Deductions
 

Originally Posted by Julia2:
Hi I will open a daycare soon, it will be a LLC , I will take care maximum 5 children, I am starting from scratch, I am working on my license now, MY BIG QUESTION IS ABOUT THE 100% DEDUCTION for daycare items, for example if I purchase a outdoor play set for $500 just for the daycare , do I deducted the 100% in my taxes?, that means I can deduct $500 or how this work?, thank you

You can deduct as a 100% business items that are used 100% for your business. Make sure it's 100% business use and not 95% business use. Any expense can be deducted in one year (100% or partly business), regardless of the cost, except for a home, home improvement and home addition.

Julia2 01-02-2020 04:01 PM

Thank you for answer me, I will buy your book from amazon, is there any maximum, I read somewhere that small business can do a maximum deduction of a $5000, thank you

Julia2 01-08-2020 06:23 AM

When I should start buying my home daycare items to deduct 100%?, my license will came out in 3 weeks as far as I know, for now I am buying just used toys, thank you

TomCopeland 01-08-2020 07:55 AM

100% deduction
 

Originally Posted by Julia2:
When I should start buying my home daycare items to deduct 100%?, my license will came out in 3 weeks as far as I know, for now I am buying just used toys, thank you

Anything you buy now you will be able to deduct this year. Go ahead.


All times are GMT -7. The time now is 10:46 PM.