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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 01-13-2012, 08:56 AM
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Default Fridge Purchase Tom

I am entering my new fridge into mmk and i was wondering what i should do for method and convention.. I got it in july of 2011 is that matters.. thanks
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Old 01-13-2012, 02:40 PM
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If it actually brand new and not new to u but was used, I think you can claim the special 100% depreciation on it. Mr Copeland has a writeup on it in his blog.
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Old 01-14-2012, 12:18 PM
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Default Fridge

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Originally Posted by care-care View Post
I am entering my new fridge into mmk and i was wondering what i should do for method and convention.. I got it in july of 2011 is that matters.. thanks
Don't worry about entering the method and convention. The answer is: 7 year 200% declining balance method and half year convention.
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Old 01-15-2012, 07:55 AM
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Thanks Tom!!!!! But it wouldnt let me enter it without those input in mmk!
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Old 01-31-2012, 08:05 AM
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special 100% depreciation?? the new fridge?

Does this qualify for that?

also when entering other things on mmk for the house like riding lawn mower and rakes ,shovels, holiday items,fans, etc what do you put for method and convection? I am entering things I didnt use in my first few months of being open and now are used.. ?? it doesn let me go any further with out the answer.
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Old 02-01-2012, 09:00 AM
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Default fridge

If you bought the refrigerator new in 2011 (you were the first user) then you can use the 100% bonus depreciation rule that allows you to deduct the business portion in one year, rather than depreciating it. See my article:http://www.tomcopelandblog.com/2011/...-big-deal.html

For everything except a home improvement, fence and the home, enter 200% declining balance method and half year convention.


Join me for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes" on February 9th, 8:30pm Eastern Time. For more information:http://events.r20.constantcontact.co...&llr=yatrx4cab
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