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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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Old 11-14-2018, 09:38 AM
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Default Dining Room Table

My dining room table has taken a beating!

If I purchase a new on before 2018 is over - I am able to still deduct a portion of it via time/space percentage, right? Or wrong?
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Old 11-14-2018, 12:22 PM
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Default deduction

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Originally Posted by Baby Beluga View Post
My dining room table has taken a beating!

If I purchase a new on before 2018 is over - I am able to still deduct a portion of it via time/space percentage, right? Or wrong?
If it costs less than $2,500 you can deduct the business portion in one year by attaching a statement to your tax return stating that you are electing this rule. Deduct it on Schedule C. If it costs more than $2,500 you can deduct the business portion in one year, using the 100% bonus depreciation rule by deducting it on Form 4562, 14.
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Old 12-03-2018, 07:23 AM
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Originally Posted by TomCopeland View Post
If it costs less than $2,500 you can deduct the business portion in one year by attaching a statement to your tax return stating that you are electing this rule. Deduct it on Schedule C. If it costs more than $2,500 you can deduct the business portion in one year, using the 100% bonus depreciation rule by deducting it on Form 4562, 14.
Thank you Tom!
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