Tax Questions

[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!

[Michael]

We usually have a deduction thread for everything but for some reason, we don't for TV. We do have some for Snow Shoveling: https://www.daycare.com/forum/tags.p...snow+shoveling

[TomCopeland]

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]

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]

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