Firefly 06:03 AM 12-03-2018
Does anyone know if I can write off a new tv? Also can I count the time it takes to shovel and snowblow towards my total hours? Thanks!
Michael 12:46 PM 12-03-2018
TomCopeland 07:16 PM 12-03-2018
Originally Posted by Firefly:
Does anyone know if I can write off a new tv? Also can I count the time it takes to shovel and snowblow towards my total hours? Thanks!
If you use your television on a regular basis for your business, multiply the cost by your time-space% and deduct it in one year. You can count the hours shoveling and snowblowing in your total hours.
Firefly 06:26 AM 12-07-2018
Great, thank you! One more question-when I finally decide to shut down my daycare for good, how will my taxes be figured on the things I’ve been depreciating such as house, furniture, etc?
TomCopeland 07:19 AM 12-07-2018
Originally Posted by Firefly:
Great, thank you! One more question-when I finally decide to shut down my daycare for good, how will my taxes be figured on the things I’ve been depreciating such as house, furniture, etc?
Once you close down you no longer claim any remaining depreciation. You don't have to pay anything back. I've written an article about closing your business:
http://tomcopelandblog.com/closing-d...-care-business