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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 09-12-2017, 09:02 PM
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Lyss Lyss is offline
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Default Closing Temporarily

I'm taking some time off. All my kids just graduated to Kindergarten and I'm not planning to replace them until next fall (a year from now). It's not a guarantee I will reopen but it's the plan right now.

Do I need to claim the business as closing this year? Will my end of year hours worked calculations need to reflect the whole year or just these months I worked?
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Old 09-13-2017, 05:11 AM
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You don't have to close the business if you don't want to. You might even continue having expenses the next year. You can still claim them.
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Old 09-13-2017, 10:13 AM
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Default Closing temporarily

Quote:
Originally Posted by Lyss View Post
I'm taking some time off. All my kids just graduated to Kindergarten and I'm not planning to replace them until next fall (a year from now). It's not a guarantee I will reopen but it's the plan right now.

Do I need to claim the business as closing this year? Will my end of year hours worked calculations need to reflect the whole year or just these months I worked?
You should file your normal tax forms for this year. You don't need to announce that you are closing. Your time-space % should be calculated based on the months you were in business and you will claim your expenses for the months you were in business. See my article on this: http://tomcopelandblog.com/how-does-...ect-your-taxes
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Old 09-13-2017, 05:04 PM
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Lyss Lyss is offline
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Quote:
Originally Posted by TomCopeland View Post
You should file your normal tax forms for this year. You don't need to announce that you are closing. Your time-space % should be calculated based on the months you were in business and you will claim your expenses for the months you were in business. See my article on this: http://tomcopelandblog.com/how-does-...ect-your-taxes
Thanks so much! This answers my questions!
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