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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 01-08-2019, 01:24 PM
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Default Yet Another Tax Thread lol

Tom, I do have your book but am still somewhat confused. What I need is to figure out what categories in my Forms, Facts and Figures to use. This is what I have so far.

Consumers Power (gas and electric)
Gifts
Supplies (toys, office supplies, training)
Daycare Insurance
House Insurance
Water
Cable/Internet
Cleaning supplies/paper products
Property taxes
landscaping

Do I have too many? Not enough? How can I simplify?
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Old 01-09-2019, 05:06 AM
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Am I the only one that uses categories for expenses? Am I recording things different than everyone else?
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Old 01-09-2019, 09:13 AM
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Default expense categories

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Originally Posted by lovemykidstoo View Post
Tom, I do have your book but am still somewhat confused. What I need is to figure out what categories in my Forms, Facts and Figures to use. This is what I have so far.

Consumers Power (gas and electric)
Gifts
Supplies (toys, office supplies, training)
Daycare Insurance
House Insurance
Water
Cable/Internet
Cleaning supplies/paper products
Property taxes
landscaping

Do I have too many? Not enough? How can I simplify?
My Family Child Care Record Keeping Guide lists over 1,000 deductions and the expense category they belong under. In the end, it doesn't matter what expense category you put expenses on your tax return. House related expenses (property tax, mortgage interest, house insurance, house repairs, utilities and house depreciation) belong on IRS Form 8829 Expenses for Business Use of Your Home.
All other expenses belong on Schedule C. If you don't find an expense category on that form that fits your expense, put the expense on the back of Schedule C, under Other Expenses.
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Old 01-09-2019, 10:12 AM
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lovemykidstoo lovemykidstoo is online now
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Originally Posted by TomCopeland View Post
My Family Child Care Record Keeping Guide lists over 1,000 deductions and the expense category they belong under. In the end, it doesn't matter what expense category you put expenses on your tax return. House related expenses (property tax, mortgage interest, house insurance, house repairs, utilities and house depreciation) belong on IRS Form 8829 Expenses for Business Use of Your Home.
All other expenses belong on Schedule C. If you don't find an expense category on that form that fits your expense, put the expense on the back of Schedule C, under Other Expenses.
I have the book and have been reading through it and trying to find the best way to do it. So my house insurance, taxes, utilities, repairs can all go under just "expenses", because those are t/s% right? Then what about other expenses that are 100% such as activity expenses, gifts, toys, training should go under a different expense? What about cable/internet?
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Old 01-09-2019, 02:58 PM
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Default expenses

Quote:
Originally Posted by lovemykidstoo View Post
I have the book and have been reading through it and trying to find the best way to do it. So my house insurance, taxes, utilities, repairs can all go under just "expenses", because those are t/s% right? Then what about other expenses that are 100% such as activity expenses, gifts, toys, training should go under a different expense? What about cable/internet?
Expenses are either 100% business or shared (use your time-space%). You can lump 100% supplies together with time-space% supplies and put them on one line on Schedule C, as long as you are keeping your own records to show how you came up with the final number. It's not necessary to list 100% items separately from time-space% items. Cable/internet are utilities that go on Form 8829.
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Old 01-09-2019, 05:15 PM
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Expenses are either 100% business or shared (use your time-space%). You can lump 100% supplies together with time-space% supplies and put them on one line on Schedule C, as long as you are keeping your own records to show how you came up with the final number. It's not necessary to list 100% items separately from time-space% items. Cable/internet are utilities that go on Form 8829.
Thank you Tom!
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