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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 12-31-2014, 02:57 PM
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itlw8 itlw8 is offline
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Default Change in Accounting for Repairs ???

I just got a letter from my tax guy about the change in the deduction for repairs. AND he needs to see all the repairs listed for the last 3 returns. Am I freaking about nothing ???

Yep not so organized here. I should have all that old receipts but not sure and where I put it

for me repairs have been things like paint

What are examples of things that do not count and things that do
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Old 01-02-2015, 03:55 PM
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I'm thinking repairs is fixing something that broke - the fence post. The coffee pot, etc.

Paint is maintenance. You maintain the condition by painting it so that you don't have to repair it later.

Tom?
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Old 01-02-2015, 04:15 PM
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Michael Michael is online now
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Or Home Improvement. https://daycare.com/forum/tags.php?t...me+improvement
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Old 01-03-2015, 07:24 AM
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Default Repairs

Quote:
Originally Posted by itlw8 View Post
I just got a letter from my tax guy about the change in the deduction for repairs. AND he needs to see all the repairs listed for the last 3 returns. Am I freaking about nothing ???

Yep not so organized here. I should have all that old receipts but not sure and where I put it

for me repairs have been things like paint

What are examples of things that do not count and things that do
You were always entitled to deduct repairs and maintenance expenses for your business. The new IRS rule allows you to deduct any item that costs less than $500 individually.
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