Daycare.com Forum Daycare Forum

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 02-04-2021, 12:03 PM
Reimel61's Avatar
Reimel61 Reimel61 is offline
New Daycare.com Member
 
Join Date: Oct 2012
Location: Maryland
Posts: 66
Default Anyone??? Time/Space Percentage Help

Need some help on Time/Space. I've been closed 73 days due to Covid or Covid related fears at first this past year. This rounds out to 10 week and 3 days. How to I deal with the 3 days? Drop it or round up to 11 weeks??

Thanks
Reply With Quote
  #2  
Old 02-04-2021, 12:35 PM
Cat Herder's Avatar
Cat Herder Cat Herder is offline
Advanced Daycare.com Member
 
Join Date: Dec 2010
Posts: 13,753
Default

I'd make sure to log everything business related you did each day, even if closed. Cleaning, planning, organizing, researching, yardwork, shopping for new equipment, applying for loans/grants, training classes, etc. Don't cut yourself short. "Other time spent"
__________________
- Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
Reply With Quote
  #3  
Old 02-04-2021, 01:02 PM
Reimel61's Avatar
Reimel61 Reimel61 is offline
New Daycare.com Member
 
Join Date: Oct 2012
Location: Maryland
Posts: 66
Default

Thanks, definitely "Other time spent". My brains kind of in a fog right now. Been working on taxes all week.
Reply With Quote
  #4  
Old 02-04-2021, 01:35 PM
Cat Herder's Avatar
Cat Herder Cat Herder is offline
Advanced Daycare.com Member
 
Join Date: Dec 2010
Posts: 13,753
Default

Quote:
Originally Posted by Reimel61 View Post
Thanks, definitely "Other time spent". My brains kind of in a fog right now. Been working on taxes all week.
Believe me, I understand. That is why the $8 a month I pay for kidkare is worth it. There are kinks and quirks, but it keeps my business simple to run without clutter. Simple and easy to keep clean are my favorites.

It gets harder to remember everything every year, too. Logging in dai8ly takes all that worry away.
__________________
- Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
Reply With Quote
  #5  
Old 02-07-2021, 10:56 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default time-space %

Quote:
Originally Posted by Reimel61 View Post
Need some help on Time/Space. I've been closed 73 days due to Covid or Covid related fears at first this past year. This rounds out to 10 week and 3 days. How to I deal with the 3 days? Drop it or round up to 11 weeks??

Thanks
Here's an article I wrote about how to calculate your time-space% if you were closed for a period of time in 2020:http://tomcopelandblog.com/calculati...entage-in-2020
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #6  
Old 02-08-2021, 01:02 PM
Reimel61's Avatar
Reimel61 Reimel61 is offline
New Daycare.com Member
 
Join Date: Oct 2012
Location: Maryland
Posts: 66
Default

Thank you Tom
Reply With Quote
Reply

Tags
other hours, time space percentage

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
What is Your Time/Space Percentage ?? SunflowerMama Daycare Center and Family Home Forum 7 04-15-2018 07:02 PM
Time/Space % when an addition is added in the middle of the year Unregistered Daycare and Taxes 3 08-28-2014 07:35 AM
Time/Space Question slorey Daycare and Taxes 4 01-13-2014 06:47 AM
Time Space Percentage Lower Than Last Year?? HappyPennie Daycare and Taxes 3 06-14-2012 09:12 AM
Taxes: Time/Space vs % of Business Use legomom922 Daycare and Taxes 4 09-21-2010 05:22 AM


All times are GMT -7. The time now is 10:07 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming