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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 03-03-2011, 11:59 AM
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Default I’m Confused TOM

OK.. So now i am entering some items I had into mmk like my stroller and i went to household expenses is this were i would enter this? and put the date my lisense was vaild for date? and value of today for cost?
Seems like I was some wheres else and it asked date put into serivice and I wonder if I put a ton of things int he wrong catergory? I know I did cause I was entering the contents of say my living room and I have a picture and wall words in furniture section and it is less then 100.00 and well i think its in wrong spot.. HELP
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Old 03-03-2011, 02:16 PM
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Default Minute Menu

You can list the stroller under household items. If we are talking about 2011 and you bought the stroller in 2011 put the purchase price. If you bought it before your business began, put its value at the time your business did begin. If you bought it before your business began put as the date the date your business did begin.

I'm not sure why you're not seeing the items you entered. You might try printing out various reports to see where they appear.
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Old 03-04-2011, 11:15 AM
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Im sorry I wasnt very clear.. I entered my house hold stuff room by room and say like i entered my pictures,decorations,curtains,blinds etc down and I put them under furniture catagory and Im thinking that is wrong? maybe should be in household under schedule c? not other form? I entered my couch and chairs and tables in there but i also entered the smaller stuff is it in wrong place? I am thinking back to hearing you say if it is 100 or more depricate it and 100 or less not to. These are things I currently own prior to care. Also where do you put your dishwasher and microwave becuz they are built in.
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Old 03-04-2011, 08:05 PM
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Default Depreciation

The way to handle anything you owned before you went into business is to depreciate it, regardless of the cost. Exception to this rule: items that you bought before you went into business for your business (smoke detectors, supplies, etc.) you can deduct in one year. So, lump all the stuff you owned before you went into business and depreciate it on Form 4562, as 7 year property. If something was purchased as part of the home (dishwasher, microwave) this gets depreciated as part of the home (39 years) based on the purchase price of the home.
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Old 03-04-2011, 08:11 PM
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ok we built the house our selfs. But ya the stuff was included in our loan i think excpet the dishwasher which is new in 2010


And crud I just changed everyting that i put under furniture for depreciation to household today .. LIke anything under 100 bucks. Pictures wall hanging flower pot, chair on my front porch etc.. Here i go again I knew I should of waited for you!
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