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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 02-04-2020, 09:10 PM
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lovemykidstoo lovemykidstoo is offline
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Default Attention Tom Copeland

Hi Tom, I am trying to figure my t/s ratio for my taxes. I followed the formula in your book that I bought, but I want to be sure I did it right. Can you help me with that to see if we get the same figure? Here are my numbers.

I closed in 2019, so I was only open from Jan 1, 2019 through August 9, 2019.

Total children in care and extra hours for planning, cleaning, communication etc was 2,065 hours.
Available hours 1-1-19 through 8-9-19 was 5,305 hours.

My home has 1,827 square feet. Out of that I have 1 room that is 100% exclusively used for daycare. That room is 132 square feet. So 132 is 100% and 1,695 is t/s%.

With that information, I figured that my t/s% is 43.36%. Last year my t/s was 36.87%. I kept much better records of my time this year. Do you think the extra 6.5% will cause a red flag?

Thank you so much. I really enjoy your book and recommend it to others!
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Old 02-07-2020, 09:01 AM
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TomCopeland TomCopeland is offline
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Location: St. Paul, Minnesota
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Default Time-Space%

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Originally Posted by lovemykidstoo View Post
Hi Tom, I am trying to figure my t/s ratio for my taxes. I followed the formula in your book that I bought, but I want to be sure I did it right. Can you help me with that to see if we get the same figure? Here are my numbers.

I closed in 2019, so I was only open from Jan 1, 2019 through August 9, 2019.

Total children in care and extra hours for planning, cleaning, communication etc was 2,065 hours.
Available hours 1-1-19 through 8-9-19 was 5,305 hours.

My home has 1,827 square feet. Out of that I have 1 room that is 100% exclusively used for daycare. That room is 132 square feet. So 132 is 100% and 1,695 is t/s%.

With that information, I figured that my t/s% is 43.36%. Last year my t/s was 36.87%. I kept much better records of my time this year. Do you think the extra 6.5% will cause a red flag?

Thank you so much. I really enjoy your book and recommend it to others!
Your answer is correct! Do not worry that it is higher than last year. This is common.
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http://www.tomcopelandblog.com
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Old 02-10-2020, 05:10 PM
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lovemykidstoo lovemykidstoo is offline
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Your answer is correct! Do not worry that it is higher than last year. This is common.
Thank you so much Tom!
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