Forum Daycare Forum

Go Back Forum > Daycare and Taxes

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.

Thread Tools Display Modes
Old 09-29-2011, 02:46 PM
Posts: n/a
Default Start Up Write Off

I read in the tax code somewhere that the first year you start a daycare you can write off up to $5000 in costs. Is this correct, and is it a 12 month year or just with in the year you started your business?

Example: I started in June 2011, can I still claim new flooring for the daycare room in Feb 2012?
Reply With Quote
Old 09-30-2011, 02:03 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default start up costs

There is an IRS rule about start up costs. It says that items you buy before you go into business may be deducted when you business begins. Items you buy after your business begins can always be deducted (if they are used in your business). So you can deduct your 2012 flooring on your 2012 tax return.
Reply With Quote
Old 10-01-2011, 08:19 AM
Posts: n/a

Thanks Tom! I was confused by the wording I guess.

Looking forward to using your 2011 tax book.
Reply With Quote

deduction - start up, start up, write off

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Daycare In An Apartment?? And What Is The Start Up Cost Looking Like For Me? Gloria16 Daycare Center and Family Home Forum 17 02-06-2018 09:51 AM
When To Start Advertising For Fall WImom Daycare Center and Family Home Forum 7 06-05-2012 09:23 AM
When to Start?? MrsMacklin New Members - Welcome to the Forum! 12 01-19-2011 05:47 PM
T/S% Unemployment & Late In The Year Start Date Unregistered Daycare and Taxes 0 01-05-2011 07:09 AM
Start Up Daycare Before or After I Have a Baby?? teacher28 Daycare Center and Family Home Forum 17 08-04-2010 05:45 AM

All times are GMT -7. The time now is 09:46 AM.         Find A Daycare         List Your Daycare         Toys & Products                 About Us
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming