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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 01-05-2011, 12:19 PM
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JeepGirl6 JeepGirl6 is offline
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Question Receipts, Turbo Tax

This will be my first year with doing daycare taxes. I have all of my receipts sorted by month and have everything added up by what I bought each month. When doing turbotax will I just be able to have everything added or will I have to go back through all of my receipts for certain things such as, food, art supplies, cleaning supplies/paper towls/toilet paper, laundry soap, etc... is it all a single deduction or in categories when doing taxes? If so, I will have to go through all of my receipts again and find how much I spent for each category..Ugh...
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Old 01-05-2011, 12:45 PM
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TomCopeland TomCopeland is offline
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Default Receipts

Turbo Tax will ask you on a number of different screens to enter your business expenses for various items (Supplies, Interest, Mortgage, etc.). So, you will have to total each item for the year before you can enter them on the software.

But, here's the problem. Before you can enter your expense for supplies you need to know if some of your supplies were 100% business and if some were both business and personal (shared). For your shared supplies you must calculate your time-space percentage first, then multiply it by your shared supplies, then add this total to your 100% supplies. Now you can enter this result into Turbo Tax as your Supply expenses. Turbo Tax will not ask you if have any shared supplies. Turbo Tax will also not help you by identifying what can be called supplies. Many of the expenses family child care providers have don't easily fall under the categories that appear on the tax return (food, toys, activity supplies, household expenses, etc.). So, for these expenses you must create your own expense category under "Other Expenses" on Turbo Tax.

In general, if you don't already know what you are doing when filling out your own tax return, don't use Turbo Tax. You can make too many mistakes. Find a professional tax preparer or use my book 2010 Family Child Care Tax Workbook and Organizer.
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