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Daycare and Taxes>Things You Can Claim
jenboo 06:49 AM 01-15-2015
What are some things you can claim that I might be forgetting? I made 40k this year and I'm trying to write off as much as possible.
So far I have the basics:
Receipts from supplies (toys, diapers, food, cleaning, etc)
Utilities
Home improvement projects
.... What else could I be missing
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TomCopeland 07:34 AM 01-15-2015
Originally Posted by jenboo:
What are some things you can claim that I might be forgetting? I made 40k this year and I'm trying to write off as much as possible.
So far I have the basics:
Receipts from supplies (toys, diapers, food, cleaning, etc)
Utilities
Home improvement projects
.... What else could I be missing
Here's my article that lists many items:http://www.tomcopelandblog.com/2012/...-business.html

My book Family Child Care Record Keeping Guide lists over 1,000 allowable deductions.
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jenboo 08:37 AM 01-15-2015
Originally Posted by TomCopeland:
Here's my article that lists many items:http://www.tomcopelandblog.com/2012/...-business.html

My book Family Child Care Record Keeping Guide lists over 1,000 allowable deductions.
Thank you. I really need to get your books. What happens if I don't have receipts for everything?
I'm so dumb and didn't keep household receipts like toilet paper and stuff. Am I out of luck??
Reply
jenboo 08:46 AM 01-15-2015
Originally Posted by TomCopeland:
Here's my article that lists many items:http://www.tomcopelandblog.com/2012/...-business.html

My book Family Child Care Record Keeping Guide lists over 1,000 allowable deductions.
Man, I wish I would have kept more receipts!! I really to get your book. I didn't keep receipts for household stuff... And I out of luck or are there things I can claim without receipts?
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momtomany74 09:27 AM 01-15-2015
What about rent and renter's insurance? Utilities?
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jenboo 10:04 AM 01-15-2015
Originally Posted by TomCopeland:
Here's my article that lists many items:http://www.tomcopelandblog.com/2012/...-business.html

My book Family Child Care Record Keeping Guide lists over 1,000 allowable deductions.
I really need to get your books!
So now I'm thinking I didn't save enough receipts. I didn't save household stuff like toilet paper and such.
Is there anything I can do without receipts? Am I out of luck??
Reply
TomCopeland 10:49 AM 01-15-2015
Originally Posted by jenboo:
Thank you. I really need to get your books. What happens if I don't have receipts for everything?
I'm so dumb and didn't keep household receipts like toilet paper and stuff. Am I out of luck??
If you don't have receipts you can try to reconstruct your records - use cancelled checks, credit/debit card statements, take pictures of items you still have. See my article on this: http://www.tomcopelandblog.com/2011/...-now-what.html
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TomCopeland 10:49 AM 01-15-2015
Originally Posted by momtomany74:
What about rent and renter's insurance? Utilities?
Yes, you can deduct a portion of your rent, renter's insurance, and utilities. You can deduct anything that is "ordinary and necessary" for your business.
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Unregistered 09:37 PM 01-19-2015
Are most of the tax deductions the same between centers vs out of the home? Do your books cover both Mr. Copeland?
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TomCopeland 09:42 AM 01-20-2015
Originally Posted by jenboo:
Thank you. I really need to get your books. What happens if I don't have receipts for everything?
I'm so dumb and didn't keep household receipts like toilet paper and stuff. Am I out of luck??
You can try to reconstruct these expenses. See my article: http://www.tomcopelandblog.com/2014/...-records-.html
Reply
Tags:deductions - list, tom copeland
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