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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 01-08-2014, 02:01 PM
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melilley melilley is offline
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Default Can I Combine Purchases On The Same Receipt Or Do I Record Seperately?

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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Old 01-08-2014, 02:07 PM
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Default receipts

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Originally Posted by melilley View Post
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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Old 01-08-2014, 02:08 PM
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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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Old 01-10-2014, 08:16 PM
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Originally Posted by TomCopeland View Post
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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Old 01-11-2014, 08:57 AM
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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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Old 01-11-2014, 04:12 PM
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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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Old 01-12-2014, 07:08 AM
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Default expense categories

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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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Old 10-22-2018, 01:59 PM
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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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Old 10-23-2018, 08:40 AM
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Default Expenses

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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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Old 10-23-2018, 07:02 PM
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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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Old 10-24-2018, 12:57 PM
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Default suppies

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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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Old 12-31-2019, 05:46 PM
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Default Are the bouncer, crib, table, cubics , etc used at home daycare are deductible

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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Old 01-01-2020, 09:32 AM
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Originally Posted by Julia2 View Post
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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Old 01-02-2020, 09:15 AM
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Default when to deduct expenses

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Originally Posted by Julia2 View Post
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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