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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 09-18-2010, 04:40 PM
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legomom922 legomom922 is offline
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Default Taxes: Time/Space vs % of Business Use

Tom had said something very simple but made so much more sende and I always remember it..He said it's not "why" you bought something, that matters, but "how" it is used..

So now I'm wondering if there is another "simple" way to answer this question about weather something is time/space % or % of business use.

1.Would I be correct in assuming that if something in your home "could" be used for personal, it would be time/space?

2. If the item is used MORE for business than personal, we would then use the % business use?

Because if I am using the t/s method, and say it comes to 11% of the time,

but if I am using that item more for business than personal, it could be a 90% business use item?

Does that make sense?

Tom, I sure hope you are out there tonight, because I have alot of tax questions!
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Old 09-20-2010, 05:50 PM
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anyone know this one?
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Old 09-20-2010, 06:32 PM
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Honestly, I just use time/space, Mine is at like 44% and I find that sufficient, figuring out the actual percentage, I dont know, That alot, for every item, I know I use childrens toothpast more with all the daycare kids, I use it on 5 other children every morning vs the two I have, but its just not worth putting that one item at an extra percentage, I would not want to go through every individual item and figure out the actual percentage, bleach I use 90% toilet paper, 60% milk 55% dvd player 10%........that just seems like a lot of work, unless its a big item like a computer maybe.
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Old 09-20-2010, 07:19 PM
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Same here. I just use t/s % for everything unless I know it's 100%. It's just not worth the hassle to me to figure out the details of everything else.
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Old 09-21-2010, 04:22 AM
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I have 2 PT kids, so my t/s is really low...I guess I can see your point, but if you have alot of FT kids, you are making out with t/s..Like I have this DCB who has allergies pretty bad, and his nose is constantly running, and I go through a box of tissues for the 2 days he's here(we may use a couple for personnal)...but if I write it off as t/s, I get like a.26 write off for a $2.00 box of tissues!! So it doesnt seem right that I am spending all this money on tissues for him, and I get sooo little back. So thats why in my case, t/s is screwing me!
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