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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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  #1  
Old 01-27-2010, 01:05 PM
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Default Time Space Percentage

I was reading the recent tax thread and since I'm new and this is my first business tax return...I was wondering what the normal TSP rate is...what is yours?

I have a 2077sq. ft. home, using 1650 sq. ft. (none for exclusive business), open from 5:30a.m.-5p.m. M-F and my TSP is 30.18%

I put in extra time for planning activities, meeting with parents, bookwork, ect.

Just wondering what the normal is? Thanks.
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Old 01-27-2010, 01:12 PM
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My Time/Space percentage this year was 29%.
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Old 01-27-2010, 03:24 PM
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I have 1296sq ft of space in my home regularly used for daycare. None of which is strictly dedicated for dc.

I offer services 24/7, though I don't have kids every hour of every day. I didn't get my license until March, and really didn't get high enrollment until May/June.

Last year I did NOT do a very good job of keeping track of the time I worked for daycare w/o kids present. I'd say on average it was about 2 hours a week.

So without that addition calculated in, my TSP right now is 38%.

I'm sure it'll be a lot higher this next year as I have more children enrolled with a wider variety of scheduling, and of course I'll be keeping better track of my hours worked without kids around.
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Old 01-28-2010, 08:08 AM
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I am figuring it out with my math but I couldnt. I would need your help. I have a 1700 square feet and I am using 850 square feet for daycare. I work from 6am-6pm Monday thur Friday. What is my tSP?

For example:

Utilities: $8800 a year (full amount) x _____% = ________ then I can enter my taxes after I do my TSP or should I enter a full amount what I paid a year? I am using Turbo Tax.

Thanks!
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Old 01-28-2010, 08:41 AM
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It seems complicated to me. Mine is calculated through my minute menu system. There is 3 formulas to get the overall percentage. This is how they do it for me.

Exclusive Use
456 Sq. Ft. of home used exclusively
divided by
1456 Total sq. ft. of home

equals 31.32%

Regular Use
1000 Sq. ft. of home that is shared
divided by
1456 Total sq ft.

equals 68.68%

Time percentage
3279 hours home is used for business
divided by
8760 total hours in 2009

equals 37.43%

So for the time space percentage they use this formula
exclusive area + (regular * time) = TSP
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Old 01-28-2010, 09:58 AM
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I get it! Thank you so much, Gbcc! I am working on my tax so I can go ahead to file on Monday morning. It is a good thing I am off today.
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Old 01-28-2010, 10:26 AM
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No problem! Good luck
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Old 01-28-2010, 03:42 PM
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Minute Menu is awesome...everything is calculated for me and no mistakes!
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Old 01-29-2010, 06:26 AM
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It was so neat but it would be $69.95 a month so I probably will do that in a few months. Thanks!
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Old 01-29-2010, 06:29 AM
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Quote:
Originally Posted by safechner View Post
It was so neat but it would be $69.95 a month so I probably will do that in a few months. Thanks!
No, it's a yearly fee! After the first year it goes down about half price. I love the program and don't know how I managed without it, but I couldn't pay that much per month!
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Old 01-29-2010, 05:06 PM
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Sorry you are right. I was not attention since my daughter complained that she needs to use the computer. I think it would be neat so I will go ahead to join it without stress me out. Thanks for the help!
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Old 01-29-2010, 06:28 PM
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Yes, I was just going to say...it is YEARLY! I would not pay that if it was monthly either. Plus after that the rate goes down just like gbcc said.
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Old 02-01-2010, 12:45 PM
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Over the past 8 years, mine has been either 29 or 30% depending on hours worked, but always right around there.
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  #14  
Old 02-05-2010, 02:45 PM
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Very common daycare percentages are 30 to 45%. After 45% your talking about rooms that are 100% used for daycare or longer than "normal" hours during the week.

I would question some of figures for "areas" used for daycare mentioned. This is NOT space that has to be licensed. It is space that is somehow used for daycare. For instance the kids walk through my livingroom everytime they eat. They do not play there. I count it. The kids can not go in the cubby under my front entry way..(bi-levelL) but it's filled with daycare storage. The children do NOT go in my own childrens rooms with out an invitation...but there are lots of books and toys that are stored there. The laundry room is not only a room where I do daycare laundry, but the furance is there and some daycare storage. For the most part I would guess that most homes have 80-100% used area.

When your caluculating your hours, also remember this is not hours that the children are at your home. This is hour in which you do anything related to daycare in your home. If your reading daycare resources, if you chatting daycare stuff on the internet, if your baking cookies for snacks. DAYCARE time. If your dh is mowing the back yard where the children play. even if it's not YOU daycare work is being done.
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