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Daycare and Taxes>Questions for Tom
KnoxMom 02:16 PM 03-05-2013
1. If I have been planning my business long (purchasing supplies, attending courses/seminars, etc.) before the first day of care, how far back can I go to claim these items as business expenses?

2. What new books do we have to look forward to this year?

3. Do any of your books have specific information for individuals leasing their home/childcare spaces? I ask because I lease my home and dedicate 1400 square feet of the lower level solely to the daycare)

Thanks for all of your advice!
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TomCopeland 07:16 PM 03-05-2013
Originally Posted by KnoxMom:
1. If I have been planning my business long (purchasing supplies, attending courses/seminars, etc.) before the first day of care, how far back can I go to claim these items as business expenses?

2. What new books do we have to look forward to this year?

3. Do any of your books have specific information for individuals leasing their home/childcare spaces? I ask because I lease my home and dedicate 1400 square feet of the lower level solely to the daycare)

Thanks for all of your advice!
1) You can go back as far as you want. Any expenses you purchased before you went into business that were purchased for the business, can be claimed in the year your business begins.

2) Every year I revise my Family Child Care Tax Workbook and Organizer (for those who do their own taxes) and my Family Child Care Tax Companion (for those who use a tax professional).

3) The best book would be my Family Child Care Record Keeping Guide which has a long chapter about how to claim house expenses and how to calculate your time-space %. There is also a discussion about leases.
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KnoxMom 06:39 AM 03-06-2013
Thanks so much for your response. I'll be buying both!
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KnoxMom 08:31 AM 03-06-2013
Originally Posted by TomCopeland:
1) You can go back as far as you want. Any expenses you purchased before you went into business that were purchased for the business, can be claimed in the year your business begins.

2) Every year I revise my Family Child Care Tax Workbook and Organizer (for those who do their own taxes) and my Family Child Care Tax Companion (for those who use a tax professional).

3) The best book would be my Family Child Care Record Keeping Guide which has a long chapter about how to claim house expenses and how to calculate your time-space %. There is also a discussion about leases.
Is the newest edition of the FCC Record-Keeping Guide the 8th Edition?? I purchase most items on amazon so I can keep track of the receipts easily.
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TomCopeland 09:18 AM 03-06-2013
Originally Posted by KnoxMom:
Is the newest edition of the FCC Record-Keeping Guide the 8th Edition?? I purchase most items on amazon so I can keep track of the receipts easily.
Yes, the latest edition is the 8th edition.
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Tags:lease, leasing, tax advice, tax resources, tom copeland
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