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 02-17-2011, 07:06 AM
legomom922's Avatar
legomom922 legomom922 is offline
Advanced Member
Join Date: Jul 2010
Location: FL
Posts: 1,021
Default Where Do You Put Gift Expenses In MMK?

There is no category for toys that I have bought as gifts for christmas bdays, etc, I just put under toys. I also dont know where to put gifts such as baked goods that I made for the parents, or plants, or gift cards. I have pretty much just kinda through all of this stuff under supplies, but dont know if this is acceptable or not. So, what the correct thing to do?
Reply With Quote
Old 02-17-2011, 08:13 AM
Blackcat31's Avatar
Blackcat31 Blackcat31 is offline
Join Date: Oct 2010
Posts: 19,760

It says birthday cards go under office expenses but I don't know about gifts....maybe make a customized category? I use/made one and let my tax preparer deal with how to file it. If you do it all yourself then sorry I probably wasn't much help. Maybe Tom will clarify.
Reply With Quote
Old 02-17-2011, 10:52 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default Gifts

In general, it doesn't make any difference where you put your business expenses on Schedule C.

You are entitled to deduct gifts up to $25 per person, per year. More than that is not deductible. You could list this as a separate category under Other Expenses, line 27.

Join me for my webinar "How to Reduce Your Taxes for 2010 and 2011" on February 28th sponsored by For more info:
Reply With Quote

deductible, mmk, money management, schedule c

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
Going to K gift jojosmommy Daycare Center and Family Home Forum 3 08-13-2012 07:37 AM
Need Gift Ideas Please snbauser Daycare Center and Family Home Forum 4 06-04-2012 11:44 AM
Things Bought with Gift Cards Deductible? MarinaVanessa Daycare and Taxes 24 10-01-2010 01:55 PM
Explaing Expenses to Parents melissa ann Daycare Center and Family Home Forum 18 12-18-2009 05:15 PM
Gift Ideas? ConcernedMotherof2 Parents and Guardians Forum 7 09-27-2009 01:06 PM

All times are GMT -7. The time now is 08:21 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