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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 01-01-2020, 10:25 AM
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Default Time/Space % Not Using It

My tax guy doesn't use t/s% and it's driving me crazy because I don't know whether to calculate it myself or leave the numbers whole and let him do his thing. My mom works for him and told me he enters it into a program that calculates things for him. My problem (or one of them at least) with this is I do 100% claim on some items but not others. Like paper towels get 100% because I keep separate receipts but cleaning supplies like laundry soap is t/s. I indictate that in my spreadsheet but it sounds like he disregards my indications and just enters it in. My mother told me he does nothing with t/s and she looks at me like I'm a stubborn idiot every time I bring it up.
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Old 01-01-2020, 12:32 PM
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Do most tax accountants use a program to calculate t/s%? Maybe they are doing it but since it's in the program just don't call it a t)s%. Tax season always annoys me! Any suggestions on a program I could use to make it easier? I sort receipts into an Excel spreadsheet right now.
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Old 01-01-2020, 09:29 PM
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Check out kidkare. It does t/s for you after you enter info. Plus for $15, Tom will double check your taxes and back taxes.

If I were you, I'd ask him for the t/s percentage from last? If he doesn't know what you are talking about, then ask to see your complete taxes including all the worksheets.
If he does a t/s then there will be a worksheet showing you the details.
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Old 01-02-2020, 07:43 AM
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I wouldn't go through your mom, I'd talk directly to the person doing my taxes. If he doesn't know what t/s is or doesn't use it, he's not the right person to be doing your taxes.

Being audited is not fun, and you want to have confidence in all your numbers, and understand everything on your taxes, because at the end of the day, it's your responsibility to make sure everything is correct.
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Old 01-02-2020, 09:10 AM
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Default Time-Space%

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Originally Posted by Jo123ABC View Post
My tax guy doesn't use t/s% and it's driving me crazy because I don't know whether to calculate it myself or leave the numbers whole and let him do his thing. My mom works for him and told me he enters it into a program that calculates things for him. My problem (or one of them at least) with this is I do 100% claim on some items but not others. Like paper towels get 100% because I keep separate receipts but cleaning supplies like laundry soap is t/s. I indictate that in my spreadsheet but it sounds like he disregards my indications and just enters it in. My mother told me he does nothing with t/s and she looks at me like I'm a stubborn idiot every time I bring it up.
Your time-space% appears on IRS Form 8829, line 7. You do need to know if he is applying your time-space% on items that are shared and is deducting 100% on items used exclusively for your business. It's his responsibility to tell you how he calculated each line on your tax return. If he won't tell you how he calculated each line, you should assume it's wrong and find another tax preparer. Seriously.
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