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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 01-16-2018, 02:03 PM
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Default Utility question

I paid an electric bill on January 2nd, it was from electric service used during 2017, do I include it as a utility payment on 2017 taxes or 2018 when the payment was made?

thank you. sorry if this has been asked already, daycare kids are waking up, no time to search :-)
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Old 01-16-2018, 03:03 PM
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Bookkeeping can be done based on cash in/out or actual costs/earnings. Unless you're doing the cash way, 2017 taxes would include utility costs to the end of the year. If your next bill is for Dec/Jan, you would have to calculate the percentage of it for Dec.
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Old 01-16-2018, 03:12 PM
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Default utilities

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Originally Posted by pintsize View Post
I paid an electric bill on January 2nd, it was from electric service used during 2017, do I include it as a utility payment on 2017 taxes or 2018 when the payment was made?

thank you. sorry if this has been asked already, daycare kids are waking up, no time to search :-)
You can deduct expenses when you pay them or when you incur the debt (credit card). Since you didn't pay this bill until 2018, record it as a 2018 expense. Your January 2017 bill that paid for utilities in 2016 is a 2017 expense.
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Old 01-16-2018, 03:18 PM
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Thank you!
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