Daycare.com Forum
Daycare and Taxes>Only Operated For A Portion Of 2013
My4SunshineGirlsNY 08:28 AM 01-10-2014
I operated my daycare business from Jan.-April 22nd in 2013 (taking time off while my 16 year old daughter goes through extensive surgeries).
Remind me how I would enter this into Minute Menu Kids...I have my mortgage interest on my statement (showing one lump sum for the entire year). Do I take that amount and divide it into 52 weeks to see the weekly average and times that by the number of weeks I operated? I completely forgot how to do this when only operating for a portion of the year.
Remind me how I would enter this into Minute Menu Kids...I have my mortgage interest on my statement (showing one lump sum for the entire year). Do I take that amount and divide it into 52 weeks to see the weekly average and times that by the number of weeks I operated? I completely forgot how to do this when only operating for a portion of the year.
TomCopeland 02:06 PM 01-10-2014
Originally Posted by My4SunshineGirlsNY:
I operated my daycare business from Jan.-April 22nd in 2013 (taking time off while my 16 year old daughter goes through extensive surgeries).
Remind me how I would enter this into Minute Menu Kids...I have my mortgage interest on my statement (showing one lump sum for the entire year). Do I take that amount and divide it into 52 weeks to see the weekly average and times that by the number of weeks I operated? I completely forgot how to do this when only operating for a portion of the year.
You were in business for 30% of the year (112 days/365 days). So, multiply your property tax, mortgage interest and house insurance by 30% and put that amount on Form 8829 to be multiplied by your time-space %.I operated my daycare business from Jan.-April 22nd in 2013 (taking time off while my 16 year old daughter goes through extensive surgeries).
Remind me how I would enter this into Minute Menu Kids...I have my mortgage interest on my statement (showing one lump sum for the entire year). Do I take that amount and divide it into 52 weeks to see the weekly average and times that by the number of weeks I operated? I completely forgot how to do this when only operating for a portion of the year.
My4SunshineGirlsNY 02:26 PM 01-10-2014
Thank you Tom!