Daycare.com Forum Daycare Forum

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 03-05-2013, 02:16 PM
KnoxMom's Avatar
KnoxMom KnoxMom is offline
Daycare.com Member
 
Join Date: Jan 2013
Location: Knoxville, TN
Posts: 306
Default Questions for Tom

1. If I have been planning my business long (purchasing supplies, attending courses/seminars, etc.) before the first day of care, how far back can I go to claim these items as business expenses?

2. What new books do we have to look forward to this year?

3. Do any of your books have specific information for individuals leasing their home/childcare spaces? I ask because I lease my home and dedicate 1400 square feet of the lower level solely to the daycare)

Thanks for all of your advice!
Reply With Quote
  #2  
Old 03-05-2013, 07:16 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default Questions

Quote:
Originally Posted by KnoxMom View Post
1. If I have been planning my business long (purchasing supplies, attending courses/seminars, etc.) before the first day of care, how far back can I go to claim these items as business expenses?

2. What new books do we have to look forward to this year?

3. Do any of your books have specific information for individuals leasing their home/childcare spaces? I ask because I lease my home and dedicate 1400 square feet of the lower level solely to the daycare)

Thanks for all of your advice!
1) You can go back as far as you want. Any expenses you purchased before you went into business that were purchased for the business, can be claimed in the year your business begins.

2) Every year I revise my Family Child Care Tax Workbook and Organizer (for those who do their own taxes) and my Family Child Care Tax Companion (for those who use a tax professional).

3) The best book would be my Family Child Care Record Keeping Guide which has a long chapter about how to claim house expenses and how to calculate your time-space %. There is also a discussion about leases.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #3  
Old 03-06-2013, 06:39 AM
KnoxMom's Avatar
KnoxMom KnoxMom is offline
Daycare.com Member
 
Join Date: Jan 2013
Location: Knoxville, TN
Posts: 306
Default

Thanks so much for your response. I'll be buying both!
Reply With Quote
  #4  
Old 03-06-2013, 08:31 AM
KnoxMom's Avatar
KnoxMom KnoxMom is offline
Daycare.com Member
 
Join Date: Jan 2013
Location: Knoxville, TN
Posts: 306
Default

Quote:
Originally Posted by TomCopeland View Post
1) You can go back as far as you want. Any expenses you purchased before you went into business that were purchased for the business, can be claimed in the year your business begins.

2) Every year I revise my Family Child Care Tax Workbook and Organizer (for those who do their own taxes) and my Family Child Care Tax Companion (for those who use a tax professional).

3) The best book would be my Family Child Care Record Keeping Guide which has a long chapter about how to claim house expenses and how to calculate your time-space %. There is also a discussion about leases.
Is the newest edition of the FCC Record-Keeping Guide the 8th Edition?? I purchase most items on amazon so I can keep track of the receipts easily.
Reply With Quote
  #5  
Old 03-06-2013, 09:18 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default book

Quote:
Originally Posted by KnoxMom View Post
Is the newest edition of the FCC Record-Keeping Guide the 8th Edition?? I purchase most items on amazon so I can keep track of the receipts easily.
Yes, the latest edition is the 8th edition.
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Tags
lease, leasing, tax advice, tax resources, tom copeland

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Questions TGPII Daycare Center and Family Home Forum 16 04-14-2012 02:40 PM
Expecting #2 Questions meli829 Daycare Center and Family Home Forum 4 11-22-2010 11:32 AM
A Few Questions for Providers dgis967 Parents and Guardians Forum 3 10-13-2010 08:05 AM
Some Questions Jimmy Daycare Center and Family Home Forum 8 05-26-2010 08:36 AM
Florida Providers I have a Couple Questions for You ghostlykisses Daycare Center and Family Home Forum 6 02-28-2010 06:32 AM


All times are GMT -7. The time now is 07:15 AM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming