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Old 01-27-2015, 12:34 PM
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TomCopeland TomCopeland is online now
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,034
Default closing

Originally Posted by TheGoodLife View Post
I have a question about my closing. I have my families pay a two week deposit, to be applies to their last 2 weeks. I am closing the daycare, and the last payments my families all made were in December 2014 since their deposit they made in 2014 was applied for their 2015 tuition. But I am open for a few weeks in 2015- just no income coming in. Do/can I treat 2014 as my closing year and just not include any daycare business in 2015, since I have no income to declare or to take expenses from?
You don't have any income in 2015 but you do have some expenses (food, etc.). Go ahead and fill out your 2015 tax return next year and claim the expenses, but no income. You'll show a loss.
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