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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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#1
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I bought a 15 passenger van for my daycare this year and my cpa told my I can either deduct the actual expense of the car along with repairs gas and what not. Or I can do mileage. My question is if I did mileage can I still do depreciation on the car itself? I use this car only for daycare but use my personal car for all grocery trips, bank trips and what not. What would benefit me more?
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#2
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There's a lot of record keeping when it comes to actual expenses but it should be easier for you if you only use your van for daycare. As far as using your car for grocery trips and other errands that could be considered daycare related I believe you can still use the mileage for that car instead which, in my opinion, would be easier.
Tom Copeland can probably answer your question about mileage (standard rate) expenses and depreciation. |
#3
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I have kept track for years and the standard mileage rate has won every year, by a lot.
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I see little people. |
#4
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my big question is can I count the actual cost of the vehicle along with the mileage or can I only do that with the actual expenses
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#5
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So for example, since I claim the standard mileage rate I can't also deduct gas that I put into my daycare van, or a tune-up, or new tires etc. |
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#7
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If you use the standard mileage method you cannot claim depreciation on the car. The only expenses you can claim when using the standard mileage method are: $.565 per business mile, parking, tolls, the business portion of car loan interest and the business portion of property tax on the car (the tax you pay each year with your registration - not in all states).
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http://www.tomcopelandblog.com |
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Thread | Thread Starter | Forum | Replies | Last Post |
T/S% Round or Actual? | Lyss | Daycare and Taxes | 3 | 02-11-2013 09:50 PM |
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