Originally Posted by lovemykidstoo:
So if I go by what I have above, the categories that would be t/s% would be: ulitities, repairs and maintenance, kitchen supplies, household supplies, cleaning supplies.
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?
As long as any one expense category is not, say, 10 times more than the next lowest category, don't worry about this. You can list expenses by categories of 100% business and time-space%. Most providers, however list expense categories by the items (toys, supplies, utilities, etc.) and calculate on a separate paper how much of each category was 100% and how much was shared and list the total on the tax return.