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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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#1
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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?
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#2
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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. |
#3
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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.
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#4
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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. |
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#7
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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.
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deductible, deduction - household items, deduction - landscape, deduction limit, mmk, time space percentage, tom copeland |
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Thread | Thread Starter | Forum | Replies | Last Post |
Tom..."Other Income" | Crystal | Daycare and Taxes | 2 | 01-11-2011 11:35 AM |