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Daycare and Taxes>2015 Taxes, But Not Starting till 2016
yodaone 07:47 AM 11-19-2015
Hello,
This year I've purchased several items and paid for many things for my daycare that I would like to write off. However, I don't plan to official open until January 2016. How can I write off the items I purchased and claim them on my 2015 taxes? Thanks!
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TomCopeland 08:30 AM 11-19-2015
Originally Posted by heatherann:
Hello,
This year I've purchased several items and paid for many things for my daycare that I would like to write off. However, I don't plan to official open until January 2016. How can I write off the items I purchased and claim them on my 2015 taxes? Thanks!
Since you won't be in business until 2016, you must deduct these expenses on your 2016 tax return.
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yodaone 09:09 AM 11-19-2015
Thanks Tom! So if I understand correctly, even though I purchased and paid for things in 2015, I'll be able to write them off in 2016? That's not so bad :-)
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TomCopeland 06:23 PM 11-20-2015
Originally Posted by heatherann:
Thanks Tom! So if I understand correctly, even though I purchased and paid for things in 2015, I'll be able to write them off in 2016? That's not so bad :-)
Yes, that is so.
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Tags:starting a daycare, tom copeland, write offs
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