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Daycare and Taxes>Care Loan/Lease Interest
WImom 04:37 AM 01-17-2011
I just opened my childcare in September 2010 but started getting things ready and advertising in July so I have receipts dating back to then. Would I start my lease interest from July or September (When my first child was enrolled).
TomCopeland 08:51 AM 01-17-2011
In general, expenses you incurred before your business begins, that are for your business, can be claimed after your business begins. However, your lease costs shouldn't be claimed until your business began in September because it wasn't used in your business before then.
Tags:advertise, lease, receipts
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