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Search: Posts Made By: TomCopeland
Forum: Daycare and Taxes 11-21-2011, 09:14 AM
Replies: 12
Views: 5,044
Posted By TomCopeland
Depreciation

These depreciation percentages can be found in the Instructions to IRS Form 4562 Depreciation. The percentages are monthly percentages that you would use regardless of what day of the month the work...
Forum: Daycare and Taxes 11-19-2011, 11:48 AM
Replies: 12
Views: 5,044
Posted By TomCopeland
Depreciation

Yes, $200,000 would remain the same forever. 2.564% represents the amount that can be depreciated each year over 39 years (2.564% x 39 = 100%)
If you were ready to care for children in October, your...
Forum: Daycare and Taxes 09-22-2011, 12:38 PM
Replies: 12
Views: 5,044
Posted By TomCopeland
Home depreciation

Yes, you depreciate your home after subtracting the value of the land at the time you first started using it for your business. If you don't know the value of the land, contact your county tax...
Forum: Daycare and Taxes 08-30-2011, 12:15 PM
Replies: 12
Views: 5,044
Posted By TomCopeland
Home deduction

If you do child care in a home that is used exclusively for your business, then you can deduct 100% of the costs of operating your business out of that home: property tax, mortgage interest,...
Forum: Daycare and Taxes 08-30-2011, 09:13 AM
Replies: 12
Views: 5,044
Posted By TomCopeland
Depreciate a home

When determining how much to depreciate for your home, use the lower amount of the purchase price of your home or the fair market value of your home when your business began. This amount will stay...
Forum: Daycare and Taxes 08-18-2011, 06:24 PM
Replies: 12
Views: 5,044
Posted By TomCopeland
Mortgage

You can deduct the t/s% of mortgage interest, but you can also depreciate your home over 39 years using your t/s%.
You cannot deduct any portion of property assessments (sidewalks, sewer, other...
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