Good Reading in Tom Copelands Book
OK Tom, I am finalizing my categories for record keeping after going through your book again. This is what I have in a nutshell. I went off your lists and picked out the items in the categories that I usually use:
Toys and craft materials Gifts Office Expense (books, dues, computer software, paper supplies, desk supplies, training, internet) Repairs and Maintenance (carpet cleaning, flashlight and batteries, lawn maint., pest control, repair of applicances) Kitchen supplies: (kitchen utensils, pans, cups, dishes, storage containers, tinfoil, saran wrap, garbage bags, cans, napkins, paper plates, cups, dish towels, cookbooks, kitchen appliances, placemats, plastic bags,storage containers) Utilities: gas, electric and water Household supplies: (indoor/outdoor thermometer, fire alarm, fire extinguisher, fireplace screen, first aide, flower boxes and flowers, garden hose, tools, gas for lawn mower, appliances, safety latches, blankets, shelves, boosters, clothes hangers, hampers, coat hooks, cribs, extension cords, window shades) Cleaning supplies (waste bakets, wash clothes, kleenex, garbage can/liners, hand towels, vacuum, laundry basket, paper towels, toilet paper, plunger, cleaning brush) Activity Expenses (cakes, special foods for treats such as popcorn, pizza) Daycare Insurance I know in one part of the book it did say that you didn't need to worry about separating some expenses, but then I thought I read that if you throw everything into one category it kinda sends out a red flag. How do these look? Am I missing anything? |
Wouldn't cribs be considered a dc expense, unless your own child uses it too? Household costs use the T/S formula so you'd be missing out on the full cost being deducted. Same with boosters and blankets used just for dc.
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Originally Posted by Josiegirl: |
Originally Posted by Josiegirl: So take cribs, boosters, first aid kit strictly for dc and put it under a "daycare expense 100% " category |
expense categories
Originally Posted by lovemykidstoo: |
Originally Posted by TomCopeland: My 100% would be: Toys and craft materials, gifts, daycare insurance, activity expenses. I'm not sure about office expenses because some things are 100% for daycare and some are used by everyone in my household. So should I only have 100% Business Expense, T/S Business Expense and that's it? I thought that threw red flags to pile things into too few of categories? |
Originally Posted by lovemykidstoo: I do break out my categories quite a bit. Although I may not need to, it helps me compare what I spent from year to year. My CPA gives me a custom packet with my year-end totals fro them previous year so I can compare this year's expenses. |
expense categories
Originally Posted by lovemykidstoo: |
Originally Posted by LittleScholars: |
Tom is cable and netflix and internet all t/s?
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deductions
Originally Posted by lovemykidstoo: |
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