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 01-23-2011, 12:48 PM
Lisa4kids's Avatar
Lisa4kids Lisa4kids is offline
New Daycare.com Member
 
Join Date: Jan 2011
Location: Michigan
Posts: 17
Default MMK, Expenses, T/S% Question??

I have never used the MMK Program other than to file my food reimbursement claims... after finding this wonderful site of information and all of the great things that are said about MMK, I have decided to try using the full system for my daycare home.
I have been entering expenses for last year into MMK, and was wondering if I need to use the t/s % for my utilities... from looking back at last years taxes, it looks like tthe t/s % was used by my preparer for line 20 on form 8829~but then i was confused when reading a few lines down to multiply that # by my business percentage. If I use the t/s % for utilities, doesn't that mean that the business percentage was already calculated. Do I need to give my preparer the "actual" total amount of utilities or the t/s% that MMK will give me? Thank you to anyone who responds!
Reply With Quote
  #2  
Old 01-23-2011, 01:15 PM
legomom922's Avatar
legomom922 legomom922 is offline
Advanced Daycare.com Member
 
Join Date: Jul 2010
Location: FL
Posts: 1,021
Default

I am no expert, and new at using MMk too which I love BTW, however you have your choice as to how you want to write the untilities off, either T/S or business %. As Tom would probably say, if you want to use business %, you have to have good clear records showing that the business use of your untilities is more than the t/s.

See my thread about Netflix, and he explains this there.
Reply With Quote
  #3  
Old 01-23-2011, 09:08 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default Mmk

When you enter expenses into MMK you should enter the full amount. Let's say you paid a utility bill of $100. Enter $100 under utilities and chose the t/s% option. Let's say your t/s% is 40%. The software will print out a Form 8829 report which will show $100 x 40% = $40. Your business deduction is $40. However, the tax preparer will enter the $100 on Form 8829, line 20. So, some tax preparers only want to see the $100 number rather than the $40 number because the Form 8829 asks for the $100 number. Give your tax preparer the Form 8829 report from MM.
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Tags
expenses, mmk, t/s%, taxes

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
Another Question About Being Unlicensed And Taxes LindaMJ Daycare and Taxes 7 02-14-2013 12:51 PM
Dumbest Question Of The Year.... Countrygal Daycare Center and Family Home Forum 14 09-01-2012 06:08 AM
Stumped-MMK Expenses Input Question legomom922 Daycare and Taxes 12 01-17-2011 09:54 AM
Part Time Question tenderhearts Daycare Center and Family Home Forum 12 06-30-2010 07:46 PM
Explaing Expenses to Parents melissa ann Daycare Center and Family Home Forum 18 12-18-2009 05:15 PM


All times are GMT -7. The time now is 12:38 PM.



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