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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 01-23-2016, 11:00 AM
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Nisaryn Nisaryn is offline
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Default T/S% Only Was Open for Half a Year

Hello, I just got my Copeland tax book and was looking over how to calculate my T/S but I was only open from June...how would I calculate for half a year? If I follow the rules using the hours for an entire year I come up with an extremely low number....about 16% for the entire year! Is this correct or should I only use the hours for half a year? TIA for any advice!
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Old 01-23-2016, 12:12 PM
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Preschool/daycare teacher Preschool/daycare teacher is offline
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I believe Tom Copeland has said to only count the months you were providing childcare because otherwise, like you said, you come out with a really low number that isn't accurate for your circumstances. I'm in the same situation, only open for 7 months during 2015.
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Old 01-23-2016, 01:17 PM
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Don't count the time for the whole year, calculate the number of hours for the part of the year you were providing care.
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Old 01-24-2016, 11:03 AM
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Default time-space %

Quote:
Originally Posted by Nisaryn View Post
Hello, I just got my Copeland tax book and was looking over how to calculate my T/S but I was only open from June...how would I calculate for half a year? If I follow the rules using the hours for an entire year I come up with an extremely low number....about 16% for the entire year! Is this correct or should I only use the hours for half a year? TIA for any advice!
Calculate your time-space % for 6 months divided by the hours in the year for 6 months. Then only deduct house expenses for 6 months.
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