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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 02-04-2021, 11:03 AM
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Reimel61 Reimel61 is offline
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Default Anyone??? Time/Space Percentage Help

Need some help on Time/Space. I've been closed 73 days due to Covid or Covid related fears at first this past year. This rounds out to 10 week and 3 days. How to I deal with the 3 days? Drop it or round up to 11 weeks??

Thanks
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Old 02-04-2021, 11:35 AM
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I'd make sure to log everything business related you did each day, even if closed. Cleaning, planning, organizing, researching, yardwork, shopping for new equipment, applying for loans/grants, training classes, etc. Don't cut yourself short. "Other time spent"
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Old 02-04-2021, 12:02 PM
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Thanks, definitely "Other time spent". My brains kind of in a fog right now. Been working on taxes all week.
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Old 02-04-2021, 12:35 PM
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Quote:
Originally Posted by Reimel61 View Post
Thanks, definitely "Other time spent". My brains kind of in a fog right now. Been working on taxes all week.
Believe me, I understand. That is why the $8 a month I pay for kidkare is worth it. There are kinks and quirks, but it keeps my business simple to run without clutter. Simple and easy to keep clean are my favorites.

It gets harder to remember everything every year, too. Logging in dai8ly takes all that worry away.
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Old 02-07-2021, 09:56 AM
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Default time-space %

Quote:
Originally Posted by Reimel61 View Post
Need some help on Time/Space. I've been closed 73 days due to Covid or Covid related fears at first this past year. This rounds out to 10 week and 3 days. How to I deal with the 3 days? Drop it or round up to 11 weeks??

Thanks
Here's an article I wrote about how to calculate your time-space% if you were closed for a period of time in 2020:http://tomcopelandblog.com/calculati...entage-in-2020
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Old 02-08-2021, 12:02 PM
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Thank you Tom
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