Originally Posted by lovemykidstoo:
Tom, I do have your book but am still somewhat confused. What I need is to figure out what categories in my Forms, Facts and Figures to use. This is what I have so far.
Consumers Power (gas and electric)
Gifts
Supplies (toys, office supplies, training)
Daycare Insurance
House Insurance
Water
Cable/Internet
Cleaning supplies/paper products
Property taxes
landscaping
Do I have too many? Not enough? How can I simplify?
My Family Child Care Record Keeping Guide lists over 1,000 deductions and the expense category they belong under. In the end, it doesn't matter what expense category you put expenses on your tax return. House related expenses (property tax, mortgage interest, house insurance, house repairs, utilities and house depreciation) belong on IRS Form 8829 Expenses for Business Use of Your Home.
All other expenses belong on Schedule C. If you don't find an expense category on that form that fits your expense, put the expense on the back of Schedule C, under Other Expenses.