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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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#1
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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! |
#2
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receipts
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http://www.tomcopelandblog.com |
#3
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Thanks!!!
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#4
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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?
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#5
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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.
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#6
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ok great! This is my first year so its confusing. Sounds like im doing thing right though.
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#7
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expense categories
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.
__________________
http://www.tomcopelandblog.com |
#8
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Super old thread I know, but I'm trying to work on my year end a couple of months early. |
#9
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Expenses
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.
__________________
http://www.tomcopelandblog.com |
#10
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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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#11
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suppies
Yes! Not a problem to do so.
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http://www.tomcopelandblog.com |
#12
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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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#13
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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. |
#14
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when to deduct expenses
Quote:
__________________
http://www.tomcopelandblog.com |
Tags |
expenses, minute menu kids, mmk, tom copeland |
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