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Old 12-30-2010, 08:22 AM
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TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,061
Default Just Starting Out

You can claim expenses for your business in 2010 for everything you bought for your business even before you started caring for children. So, count the training, toys, smoke detector, etc. you bought before you started caring for children.

Start claim expenses for your home when your business began (August 30). Start counting the hours you worked as of the first day you started caring for children. Then divide these hours by the total number of hours in the year after that date. This is the easiest and fairest way to calculate your time-space percentage.

As a general rule, try to track carefully the hours you worked after the children were gone for at least two months every year. Use this average for the other months. So, let's say you worked 30 hours in November and 20 hours in December and you entered these hours in Minute Menu. The average is 25 hours a month. Enter 25 hours a month for the other months in 2010 that you were in business. If you didn't track these actual hours for two months in 2010, start tracking them for January and February of 2011 and use this average for 2010. Do another two months for 2011.
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