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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 02-02-2011, 06:31 PM
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Default Newbie With A Few Questions

This is my first year doing taxes for my daycare business. I started in Sept. 2010. I have two questions... I bought a Wii for both my older daycare kids and of course our family...can I deduct a portion of it? When you do the depreciation of your assets...what if you don't have receipts anymore?
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Old 02-02-2011, 08:21 PM
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Did you charge it or write a check to buy it? Was it an online purchase...those always have a trail of proof.
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Old 02-02-2011, 10:01 PM
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Yes, you can deduct the time-space % of this item because it's used for both business and personal purposes.
If you don't have a receipt, look to see if you have a cancelled check, a credit/debit card statement. Take a picture of the item and write a note explaining where and when you bought it and how much it cost.
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Old 02-03-2011, 05:28 AM
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Thank you so much! One more question, can you deduct the cost of a CPR class?
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Old 02-03-2011, 06:02 AM
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Sorry one more question!! I am a little confused about the time/space %.
I was open for 18 weeks of the year, so my hours are 1090 and there are 3024 hours
in that time period total. So I take the 1090 and divide it by 3024. I get 36%. My house is 2072 sq. ft total (including my unfinished basement), I use 1274 sq. ft for my daycare. So I divide that and I get 22.16%. But like say my tv, sure it's not on ALL day, but it is used. But it's on my main floor of my home. So do I use 22.16% or 36%?
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Old 02-03-2011, 10:21 AM
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Yes, you can deduct the cost of a CPR class as a business expense.

Your time percent is 36%. Dividing 1274 square feet by 2072 equals a 61.4% space. Multiply 36% by 61.4% = 22%. Therefore, your time-space % is 22%. Multiply your tv by 22%.
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