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Daycare and Taxes>Can I Combine Purchases On The Same Receipt Or Do I Record Seperately?
melilley 03:01 PM 01-08-2014
I am using MMK to record all of my expenses. Let's say that I went to the store and bought art supplies. Do I have record each purchase (on the same receipt) or can I add them up and put a total? What if it's a combination of things on the same receipt?
Also, do you record the purchase price or include the tax?

Thanks!
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TomCopeland 03:07 PM 01-08-2014
Originally Posted by melilley:
I am using MMK to record all of my expenses. Let's say that I went to the store and bought art supplies. Do I have record each purchase (on the same receipt) or can I add them up and put a total? What if it's a combination of things on the same receipt?
Also, do you record the purchase price or include the tax?

Thanks!
The simplest way to go is to lump everything together on the receipt that is a business expense and call it one thing - "supplies" etc
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melilley 03:08 PM 01-08-2014
Originally Posted by TomCopeland:
The simplest way to go is to lump everything together on the receipt that is a business expense and call it one thing - "supplies" etc
Thanks!!!
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jenboo 09:16 PM 01-10-2014
Originally Posted by TomCopeland:
The simplest way to go is to lump everything together on the receipt that is a business expense and call it one thing - "supplies" etc
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
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slorey 09:57 AM 01-11-2014
Originally Posted by jenboo:
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
This is what I have always done and then just put it under the category that most items purchased on that receipt would fall under. Usually that ends up being cleaning supplies, supplies or toys.
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jenboo 05:12 PM 01-11-2014
Originally Posted by slorey:
This is what I have always done and then just put it under the category that most items purchased on that receipt would fall under. Usually that ends up being cleaning supplies, supplies or toys.
ok great! This is my first year so its confusing. Sounds like im doing thing right though.
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TomCopeland 08:08 AM 01-12-2014
Originally Posted by jenboo:
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
Yes, don't break down receipts into small categories. In the end, it doesn't matter what you category you pick, all expenses eventually get added together on Schedule C.
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lovemykidstoo 02:59 PM 10-22-2018
Originally Posted by TomCopeland:
Yes, don't break down receipts into small categories. In the end, it doesn't matter what you category you pick, all expenses eventually get added together on Schedule C.
Aren't cleaning supplies a t/s though and toys would be 100%?

Super old thread I know, but I'm trying to work on my year end a couple of months early.
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TomCopeland 09:40 AM 10-23-2018
Originally Posted by lovemykidstoo:
Aren't cleaning supplies a t/s though and toys would be 100%?

Super old thread I know, but I'm trying to work on my year end a couple of months early.
Depends. If you use the cleaning supplies for business and personal purposes, then use your time-space%. Some providers have children of their own, so their toys would also be time-space%. It all depends on how you use these items.
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lovemykidstoo 08:02 PM 10-23-2018
Originally Posted by TomCopeland:
Depends. If you use the cleaning supplies for business and personal purposes, then use your time-space%. Some providers have children of their own, so their toys would also be time-space%. It all depends on how you use these items.
Thank you. My kiddos are 17 and 20, so I can use the 100% for toys and t/s for cleaning then. Thanks Tom!
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TomCopeland 01:57 PM 10-24-2018
Originally Posted by jenboo:
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
Yes! Not a problem to do so.
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Julia2 06:46 PM 12-31-2019
I just started with my home license daycare, I started from scratch, I just have my son old toys to start a home daycare, I will need bouncer, little table, more toys, outdoor toys, etc are all those go into tax deductions, my son doesn’t need anything, he is a 8 years old, for now I am going to goodwills to get things for my home daycare that will be open in 3 months, but the license will take one month more to get it, what is your recommendation in my case, an accountant toll me no to purchase any until I have the license but I northerlies to get the license in MD I have to have practically everything ready to pass the inspection, I am a bit loss, thank you,
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284878 10:32 AM 01-01-2020
Originally Posted by Julia2:
I just started with my home license daycare, I started from scratch, I just have my son old toys to start a home daycare, I will need bouncer, little table, more toys, outdoor toys, etc are all those go into tax deductions, my son doesn’t need anything, he is a 8 years old, for now I am going to goodwills to get things for my home daycare that will be open in 3 months, but the license will take one month more to get it, what is your recommendation in my case, an accountant toll me no to purchase any until I have the license but I northerlies to get the license in MD I have to have practically everything ready to pass the inspection, I am a bit loss, thank you,
Again I believe your accountant is wrong. I was able to claim everything I bought/ paid for to open.
This year I took a conference by Tom and he talked about how I can (could have) written off my daughter's old toys that became daycare toys.
So I recommend you to talk to Tom.
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TomCopeland 10:15 AM 01-02-2020
Originally Posted by Julia2:
I just started with my home license daycare, I started from scratch, I just have my son old toys to start a home daycare, I will need bouncer, little table, more toys, outdoor toys, etc are all those go into tax deductions, my son doesn’t need anything, he is a 8 years old, for now I am going to goodwills to get things for my home daycare that will be open in 3 months, but the license will take one month more to get it, what is your recommendation in my case, an accountant toll me no to purchase any until I have the license but I northerlies to get the license in MD I have to have practically everything ready to pass the inspection, I am a bit loss, thank you,
You can deduct items you purchased for your business before you get your license. Your accountant is wrong. Save the receipts.
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