Originally Posted by TomCopeland:
It's not unusual to show a loss your first year in business (start-up expenses, low enrollment, recession, etc.).
Minute Menu doesn't calculate your depreciation. The depreciation rules are too complicated. So, use MM to record your larger expenses and let your tax preparer do the calculations or use my 2010 Family Child Care Tax Workbook to do your taxes yourself.
What I did last year was printed out my Minute Menu reports and gave them to my accountant...all my numbers were already calculated for him. So if I want to add in my depreciated items, can I calculate the depreciation myself and still enter them in MMK so it shows under my Schedule C report?
I read the tax rule for 2010 depreciation, I can take 1/2 the depreciated value the first year my item is purchased and the rest I can depreciate over the allowed depreciation time...So I guess I just enter in the cost of 1/2 the depreciated value then, correct? Wow I have spent a lot of time yesterday and today reading...I'm getting there! Still so much to read.