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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 11-29-2020, 07:24 AM
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AnythingsPossible AnythingsPossible is offline
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Default Closed Daycare-Question for Tom

I closed my daycare at the end of 2019. I have always used TurboTax to do my taxes and am curious if it will walk through the process of recapturing depreciation if necessary or if it would be best this year to have our taxes done. Tom, does your tax book provide information on final taxes after closing your business or can you direct me to any other resources you may have in regards to this. I appreciate any insight anyone can provide.
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Old 11-29-2020, 10:41 AM
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TomCopeland TomCopeland is offline
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Default Closing business

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Originally Posted by AnythingsPossible View Post
I closed my daycare at the end of 2019. I have always used TurboTax to do my taxes and am curious if it will walk through the process of recapturing depreciation if necessary or if it would be best this year to have our taxes done. Tom, does your tax book provide information on final taxes after closing your business or can you direct me to any other resources you may have in regards to this. I appreciate any insight anyone can provide.
Thank you!
I'm not sure if TurboTax will deal with depreciation recapture. You only have to worry about this if you used the Section 179 rule on items such as furniture and appliances in the past. My 2020 Family Child Care Tax Workbook and Organizer does have a chapter on closing your business and how to handle the tax consequences. Feel free to call me at 651-280-5991 about the depreciation recapture issue.
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Old 12-03-2020, 07:37 PM
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AnythingsPossible AnythingsPossible is offline
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Thank you Tom, I will reach out. I appreciate it.
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