Daycare.com Forum Daycare Management Software

Go Back   Daycare.com 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.

Reply
 
Thread Tools Display Modes
  #1  
Old 03-09-2011, 02:59 PM
SilverSabre25's Avatar
SilverSabre25 SilverSabre25 is offline
Senior Member
 
Join Date: Aug 2010
Location: Where I am legally unlicensed ;), USA
Posts: 7,625
Default MMK--"Other Activites" For T/S %

Do I really have to enter stuff like cleaning day by day...or can I do it, like, month by month and enter the total number of hours I spent cleaning or whatever outside of daycare hours?
Reply With Quote
  #2  
Old 03-09-2011, 04:29 PM
Michael's Avatar
Michael Michael is online now
Admin & Owner-Daycare.com
 
Join Date: Aug 2007
Location: Moorpark CA, Ocean Ridge, FL
Posts: 7,698
Default

I put a lot of TAGS that may apply to your question. Click on them on the bottom left.

Last edited by Michael; 03-09-2011 at 04:52 PM.
Reply With Quote
  #3  
Old 03-09-2011, 04:36 PM
TomCopeland's Avatar
TomCopeland TomCopeland is online now
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,053
Default Tracking hours

Keeping track of hours worked after the children are gone is difficult, but extremely important.
The IRS is likely to accept up to one hour a day on such activities without much backup evidence. But most providers are spending 10+ hours a week on such activities.
I would strongly recommend entering at least 2 months of actual hours worked in MM on a daily basis. Then use the average per month for the rest of the year. Do this every year. Without at least 2 months of these records, you are guessing and probably underreporting your hours.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #4  
Old 03-09-2011, 04:40 PM
SilverSabre25's Avatar
SilverSabre25 SilverSabre25 is offline
Senior Member
 
Join Date: Aug 2010
Location: Where I am legally unlicensed ;), USA
Posts: 7,625
Default

Thanks, Tom, that's not *quite* what I meant though! I have my records from last year, and I'm now trying to enter all those records into the computer...I was wondering if it will look weird if I just do an entry that includes my totalled up cleaning hours for each month, etc, rather than doing "Dec 1--45 mins" Dec 2--30 mins" and so on.

I've been doing it daily for this year because I can do it as I go...I'm just 28 weeks pregnant and lazy as all get out right now and want to know if I can take that shortcut or if I have to tough it out and do it the hard way.
Reply With Quote
  #5  
Old 03-09-2011, 04:50 PM
daycare's Avatar
daycare daycare is offline
Advanced Daycare.com Moderator
 
Join Date: Feb 2011
Location: Mars
Posts: 16,021
Default

Quote:
Originally Posted by SilverSabre25 View Post
Thanks, Tom, that's not *quite* what I meant though! I have my records from last year, and I'm now trying to enter all those records into the computer...I was wondering if it will look weird if I just do an entry that includes my totalled up cleaning hours for each month, etc, rather than doing "Dec 1--45 mins" Dec 2--30 mins" and so on.

I've been doing it daily for this year because I can do it as I go...I'm just 28 weeks pregnant and lazy as all get out right now and want to know if I can take that shortcut or if I have to tough it out and do it the hard way.
hey im not pg and I dont want to do it that way either...lmao I dont have an excuse....
Reply With Quote
  #6  
Old 03-09-2011, 06:20 PM
legomom922's Avatar
legomom922 legomom922 is offline
Advanced Daycare.com Member
 
Join Date: Jul 2010
Location: FL
Posts: 1,021
Default

Quote:
Originally Posted by SilverSabre25 View Post
Thanks, Tom, that's not *quite* what I meant though! I have my records from last year, and I'm now trying to enter all those records into the computer...I was wondering if it will look weird if I just do an entry that includes my totalled up cleaning hours for each month, etc, rather than doing "Dec 1--45 mins" Dec 2--30 mins" and so on.

I've been doing it daily for this year because I can do it as I go...I'm just 28 weeks pregnant and lazy as all get out right now and want to know if I can take that shortcut or if I have to tough it out and do it the hard way.
I entered everything on eby one, however when it came time to put in time for emails etc, I did it by the week, so for an example I would enter the ending week date and put " week of Aug 1 email clients, 30 minutes" There is really no other way that I know of to log things that take up less than 15 min, so it just seemed easier to do it this way. I dont know if its correct or not, but I didnt know how to enter 2 minutes into the system.
Reply With Quote
  #7  
Old 03-10-2011, 09:38 AM
TomCopeland's Avatar
TomCopeland TomCopeland is online now
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,053
Default MM and hours

If you've got careful records outside of MM, then it's okay to enter "January 23 hours other activities" rather than entering in every time you worked. Save your other records.

Entering hours by the week into MM is also okay.
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Tags
deductible, deduction - household items, deduction - landscape, deduction limit, mmk, time space percentage, tom copeland

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may 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
Tom..."Other Income" Crystal Daycare and Taxes 2 01-11-2011 11:35 AM


All times are GMT -7. The time now is 04:44 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
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