Daycare.com Forum Force of Nature Disinfectant

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 02-18-2013, 02:18 PM
frugalmama4's Avatar
frugalmama4 frugalmama4 is offline
Daycare.com Member
 
Join Date: Jan 2012
Location: Texas
Posts: 466
Default Vehicle Expense question for Tom Copeland

Hello,

I have two vehicles one is used 100% for daycare e.g. (trips to the store, bank, deposits, training's...never ever used for my families personal use); however I don't offer transportation for my daycare clients.

My question-

How and/or can I write of all expenses for this auto at a %100?

Thanks Tom!
Reply With Quote
  #2  
Old 02-18-2013, 03:27 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,033
Default Car expenses

Quote:
Originally Posted by frugalmama4 View Post
Hello,

I have two vehicles one is used 100% for daycare e.g. (trips to the store, bank, deposits, training's...never ever used for my families personal use); however I don't offer transportation for my daycare clients.

My question-

How and/or can I write of all expenses for this auto at a %100?

Thanks Tom!
You need to keep records that show you used these vehicles 100% for your business. This means records showing each trip you made and the miles it represented. Then, like anyone else using a vehicle for their business, you can use either the standard mileage rate or the actual expenses method for claiming vehicle expenses.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #3  
Old 02-18-2013, 04:15 PM
frugalmama4's Avatar
frugalmama4 frugalmama4 is offline
Daycare.com Member
 
Join Date: Jan 2012
Location: Texas
Posts: 466
Default

Quote:
Originally Posted by TomCopeland View Post
You need to keep records that show you used these vehicles 100% for your business. This means records showing each trip you made and the miles it represented. Then, like anyone else using a vehicle for their business, you can use either the standard mileage rate or the actual expenses method for claiming vehicle expenses.

One last thing,

I'm claiming the actual expense method...so would all expenses for this vehicle be deducted at a 100% (gas, insurance, repairs etc.) this is a new auto purchase in 2012.

Deprecation-since the auto is used a 100% for business would I be entitled to deducted the entire purchase price ($30,000) or will it still be limited to the limitation amount ($11,160)?

I'm trying to see over all for my "business and family" if its worth having a second auto with a monthly note. Thanks!
Reply With Quote
Reply

Tags
vehicle costs, vehicle expense

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 Copeland Webinar - Tax Changes for 2012 Michael Daycare Center and Family Home Forum 12 02-03-2013 11:54 AM
Tom Copeland Question On Claiming Shared Expense frugalmama4 Daycare and Taxes 1 10-31-2012 07:50 PM
Depreciation vs Expense Which Is Which? legomom922 Daycare and Taxes 1 02-20-2011 10:58 AM
Vehicle Costs Question proudarmywifewith4 Daycare and Taxes 2 02-05-2011 09:49 AM
Tax Question for Tom Copeland llove530 Daycare and Taxes 3 01-19-2011 08:35 PM


All times are GMT -7. The time now is 01:07 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