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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 02-25-2012, 04:04 PM
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my3ps my3ps is offline
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Default Turbo Tax And Where To Put Your Business Expenses....

I am normally pretty good at doing our taxes. This is my first year doing our taxes and having income from the daycare. I have been self-employed before and didn't have nearly the problems I have had this time with preparing our taxes.

I am having a hard time determining where I should be putting my business expenses within turbo tax, either within "other common business expense" section or in the "home office expense" section. Some examples...but not limited to...cable, appliance maintenance plans, ect. Also are new fences and windows put in under home office assets or home business assets? It drives me nuts that I can't depreciate the fence faster. We were required to put it in for daycare and wouldn't have other wise.


Tom....I have your tax books on order and they should be here on Wednesday.
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Old 02-26-2012, 11:49 PM
kentster
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the books will help. You will have to make sure you enter the business expenses in TT AFTER applying the t/s calc. They do go in other expense section. Home office expenses section is where you will enter the expenses tied to the home and that section WILL apply the t/s correctly. This is covered in the book so it will be very helpful.
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Old 02-27-2012, 06:51 PM
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TomCopeland TomCopeland is offline
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Default Expenses

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Originally Posted by my3ps View Post
I am normally pretty good at doing our taxes. This is my first year doing our taxes and having income from the daycare. I have been self-employed before and didn't have nearly the problems I have had this time with preparing our taxes.

I am having a hard time determining where I should be putting my business expenses within turbo tax, either within "other common business expense" section or in the "home office expense" section. Some examples...but not limited to...cable, appliance maintenance plans, ect. Also are new fences and windows put in under home office assets or home business assets? It drives me nuts that I can't depreciate the fence faster. We were required to put it in for daycare and wouldn't have other wise.


Tom....I have your tax books on order and they should be here on Wednesday.
Put cable tv under utilities as a home office expense. Put appliance maintenance as a repair on Schedule C, not home office. A new fence is eligible for the 100% bonus rule that you can deduct in one year on Form 4562, line 14. The only expenses to put under home office are: utilities, house insurance, property tax, mortgage interest, house repairs, and house depreciation.
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