Time/Space On Tax Form

[lilcupcakes09]

Had my taxes done over the weekend, but looking back, what she entered for my t/s is different than what I gave her on the worksheet from MMkids. She listed 30%, but MM says I have 36% based on my exclusive use room. She told me all my numbers would be slightly different with her software?

[TomCopeland]

Originally Posted by lilcupcakes09

Had my taxes done over the weekend, but looking back, what she entered for my t/s is different than what I gave her on the worksheet from MMkids. She listed 30%, but MM says I have 36% based on my exclusive use room. She told me all my numbers would be slightly different with her software?

Don't let this go. Her software should be counting your exclusive use space and regular use space. It sounds like she is only counting your space as regular use space. Ask her to show you exactly how the 30% was calculated and compare that to your MM report.

[Kpaulino]

I opened up my own daycare in Jan 2014 and I am working on my taxes. I use a separate apartment for the daycare that I do not live in so I claim 100% space but where on the tax return do I list my time I take after the daycare is closed to clean, make phone calls, prepare invoices etc and how do I convert this into an amount?

[TomCopeland]

Originally Posted by Kpaulino

I opened up my own daycare in Jan 2014 and I am working on my taxes. I use a separate apartment for the daycare that I do not live in so I claim 100% space but where on the tax return do I list my time I take after the daycare is closed to clean, make phone calls, prepare invoices etc and how do I convert this into an amount?

I'm not sure I have all the facts to answer your question. If the separate apartment is only used for your business, then you can claim 100% of the costs associated with that apartment. There is no need to count hours, because there is no personal use of the space. Because you aren't living in the location where you do child care, don't fill out IRS Form 8829 Expenses for Business Use of Your Home. Instead, put all your apartment expenses and all other expenses on Schedule C.