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Daycare and Taxes>When Do I Stop Counting Hours If I Am Closing?
snbauser 10:23 AM 03-10-2016
This would be for next years taxes....
My last day with kids will be June 10th. But there will be at least a 2 week period after that where I will still be doing "business" with things like selling off daycare items, closing out paperwork, etc. For my time/space, do I use the number of hours in the year up until I am done with daycare or only until I no longer have kids?
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TomCopeland 11:39 AM 03-10-2016
Originally Posted by snbauser:
This would be for next years taxes....
My last day with kids will be June 10th. But there will be at least a 2 week period after that where I will still be doing "business" with things like selling off daycare items, closing out paperwork, etc. For my time/space, do I use the number of hours in the year up until I am done with daycare or only until I no longer have kids?
You have a choice. If you count the extra two weeks of hours, your time percent is likely to go down, but you can apply your time-space % to two more weeks of house expenses. If you don't count the extra two weeks of hours your time percent will be higher and you apply it to two fewer weeks of house expenses. I'd choose the second option because your time-space % is also being applied to non-house expenses.
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Tags:closing daycare - how to, time space percentage, tom copeland
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