Daycare.com Forum Daycare Forum

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 02-01-2013, 08:25 AM
tn0087's Avatar
tn0087 tn0087 is offline
Daycare.com Member
 
Join Date: Feb 2011
Posts: 29
Default Write Off / Depreciate Bicycle

'Tis the tax season, and with it come the tax questions. I have two instances where I am not sure where I fall in the grey area between t/s write-off and t/s depreciation:

1. Bikes
We have purchased a few bicycles that are used by both the daycare children and my children. One of the bicycles was $185 and one was $100. My question is, since these are over $100 and expect to have a life of longer than a year, would I depreciate these? Or since they are in the 'Toy' category, can I write them off in one year?

2. Electronics
We have purchased an iPhone ($185 after plan discounts) and iPod ($225) which are jointly used inside and outside of the daycare (the phone being used as the only phone for the business).
Since these were over $100 but I don't anticipate them being used for longer than a year without being replaced, should they be written off or depreciated?

Thanks!
Reply With Quote
  #2  
Old 02-01-2013, 10:33 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default Deductions

Deduct the $100 bike in one year. Depreciate the $185 bike over 7 years. If the $185 bike is new, use the 50% bonus rule. If you use it more than 50% in your business, use the Section 179 rule.

Depreciate the phone and ipad over 5 years. If either are replaced before then, claim the remaining depreciation.
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Tags
bike, depreciate, iphone, ipod, write-off

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Do You Write A Daily Report? EchoMom Daycare Center and Family Home Forum 11 06-05-2012 08:15 AM
I Have Two Tax Write Off Questions mrsyecker Daycare and Taxes 5 01-16-2011 02:34 PM
I Have Two Tax Write Off Questions mrsyecker Daycare Center and Family Home Forum 1 01-14-2011 05:01 PM
What to write off for taxes JeepGirl6 Daycare and Taxes 2 12-30-2010 08:28 AM
Taxes: How Do You Write Off Cable & Internet? legomom922 Daycare and Taxes 15 09-23-2010 07:27 PM


All times are GMT -7. The time now is 09:21 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming