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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 02-22-2014, 07:35 AM
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melilley melilley is offline
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Default Where To Enter Inventory In MMK

Last year was my first year in business and I'm going through my house and doing an inventory on everything that I owned before I opened that I am using in my dc.

Where do I enter these items in MMK? Do I just put them in each category like I would enter everything else for 2013? Most items are under $100 so I've been entering them to claim in the first year (start up rule/expense ) and the items over $100, I've been depreciating. That's what I've been doing, but I just want to make sure I'm doing it right.

And also, would a blender, toaster oven, things along those lines be considered an appliance?
Thank you!
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Old 02-23-2014, 09:43 AM
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TomCopeland TomCopeland is offline
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Default Inventory

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Originally Posted by melilley View Post
Last year was my first year in business and I'm going through my house and doing an inventory on everything that I owned before I opened that I am using in my dc.

Where do I enter these items in MMK? Do I just put them in each category like I would enter everything else for 2013? Most items are under $100 so I've been entering them to claim in the first year (start up rule/expense ) and the items over $100, I've been depreciating. That's what I've been doing, but I just want to make sure I'm doing it right.

And also, would a blender, toaster oven, things along those lines be considered an appliance?
Thank you!
There isn't a good place to record this in Minute Menu Kids Pro. Any items you owned before you went into business that was purchased without the daycare business in mind, must be depreciated, regardless of how little it cost. The start up rule only applies to items you purchased before your business began specifically for your business. I'd make a separate list outside of Minute Menu.
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Old 02-24-2014, 06:38 AM
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Default

Is it ok to enter things like furniture/appliances/play equitment/carpet in MMK? Because in that category, it asks for the day it was first used in business and also the value as of date placed in service and it also depreciates it or should I still list it separately?
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Old 02-24-2014, 08:20 AM
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Default Inventory

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Originally Posted by melilley View Post
Is it ok to enter things like furniture/appliances/play equitment/carpet in MMK? Because in that category, it asks for the day it was first used in business and also the value as of date placed in service and it also depreciates it or should I still list it separately?
Yes, you can enter these items into Minute Menu. I previously suggested you not do so because you probably have dozens and dozens of items and it will be a lot of work to enter them individually. So, you could either enter each item into MMK or make a separate list outside of the software.
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