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Daycare and Taxes>Closing Temporarily
Lyss 09:02 PM 09-12-2017
I'm taking some time off. All my kids just graduated to Kindergarten and I'm not planning to replace them until next fall (a year from now). It's not a guarantee I will reopen but it's the plan right now.

Do I need to claim the business as closing this year? Will my end of year hours worked calculations need to reflect the whole year or just these months I worked?
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Mike 05:11 AM 09-13-2017
You don't have to close the business if you don't want to. You might even continue having expenses the next year. You can still claim them.
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TomCopeland 10:13 AM 09-13-2017
Originally Posted by Lyss:
I'm taking some time off. All my kids just graduated to Kindergarten and I'm not planning to replace them until next fall (a year from now). It's not a guarantee I will reopen but it's the plan right now.

Do I need to claim the business as closing this year? Will my end of year hours worked calculations need to reflect the whole year or just these months I worked?
You should file your normal tax forms for this year. You don't need to announce that you are closing. Your time-space % should be calculated based on the months you were in business and you will claim your expenses for the months you were in business. See my article on this: http://tomcopelandblog.com/how-does-...ect-your-taxes
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Lyss 05:04 PM 09-13-2017
Originally Posted by TomCopeland:
You should file your normal tax forms for this year. You don't need to announce that you are closing. Your time-space % should be calculated based on the months you were in business and you will claim your expenses for the months you were in business. See my article on this: http://tomcopelandblog.com/how-does-...ect-your-taxes
Thanks so much! This answers my questions!
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Tags:closing daycare, temporary closing
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