My4SunshineGirlsNY 05:33 AM 01-28-2012
I closed my daycare in Aug. 2011. Last tax season I took depreciation on larger items such as a TV I purchased, my camcorder, expensive camera, ect. Will that have any effect on my taxes this year?
TomCopeland 12:13 PM 01-29-2012
Since you closed in the middle of the year, you won't be able to claim a full year's worth of depreciation on these items. Instead, you will get to claim a half year's worth of depreciation. For your home depreciation, you will get to claim 8 months of depreciation. I've written an article about this:
http://www.tomcopelandblog.com/2011/...ax-issues.html
Join me for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes" on February 9th at 8:30pm Eastern time. To register:
http://events.r20.constantcontact.co...&llr=yatrx4cab