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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 02-20-2011, 05:46 AM
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Default Deductions Furniture /Household Etc Tom

Tom what if all my belongings and startup costs end up coming out to more than i even made this year I watched a baby for 2 months made 985.00 but i know all my stuff is gonna amount to way more than that i havent even put my all my start up costs in. would i keep entering these furniture items in? or wait and put stuff in for 2011?
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Old 02-20-2011, 07:29 AM
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Default Start-up costs

It's not uncommon for a new provider to have more expenses than income. You want to still claim it all for two reasons. One - the law requires you to claim any deductions you are entitled to. Two - it will benefit you to claim them.

If you claim everything and report a loss, the loss gets put on your Form 1040 and will reduce any other income from your family (spouse). Your house expenses on Form 8829 can't create a loss, but you can roll over these expenses to the next year. Thus, you can reduce income in 2011.



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Old 02-20-2011, 08:31 AM
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Thanks for the fast response!! You are a god send to all of us on here!
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