Daycare.com Forum Kidacare by Minute Menu Force of Nature Disinfectant HiMama Childcare App

Go Back   Daycare.com Forum > Daycare and Taxes

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.

Reply
 
Thread Tools Display Modes
  #1  
Old 01-08-2014, 03:01 PM
melilley's Avatar
melilley melilley is offline
Daycare.com Member
 
Join Date: Oct 2012
Location: Michigan
Posts: 5,018
Default Can I Combine Purchases On The Same Receipt Or Do I Record Seperately?

I am using MMK to record all of my expenses. Let's say that I went to the store and bought art supplies. Do I have record each purchase (on the same receipt) or can I add them up and put a total? What if it's a combination of things on the same receipt?
Also, do you record the purchase price or include the tax?

Thanks!
Reply With Quote
  #2  
Old 01-08-2014, 03:07 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,934
Default receipts

Quote:
Originally Posted by melilley View Post
I am using MMK to record all of my expenses. Let's say that I went to the store and bought art supplies. Do I have record each purchase (on the same receipt) or can I add them up and put a total? What if it's a combination of things on the same receipt?
Also, do you record the purchase price or include the tax?

Thanks!
The simplest way to go is to lump everything together on the receipt that is a business expense and call it one thing - "supplies" etc
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #3  
Old 01-08-2014, 03:08 PM
melilley's Avatar
melilley melilley is offline
Daycare.com Member
 
Join Date: Oct 2012
Location: Michigan
Posts: 5,018
Default

Quote:
Originally Posted by TomCopeland View Post
The simplest way to go is to lump everything together on the receipt that is a business expense and call it one thing - "supplies" etc
Thanks!!!
Reply With Quote
  #4  
Old 01-10-2014, 09:16 PM
jenboo's Avatar
jenboo jenboo is offline
Daycare.com Member
 
Join Date: Aug 2013
Location: Planet earth
Posts: 3,013
Default

Quote:
Originally Posted by TomCopeland View Post
The simplest way to go is to lump everything together on the receipt that is a business expense and call it one thing - "supplies" etc
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
Reply With Quote
  #5  
Old 01-11-2014, 09:57 AM
slorey's Avatar
slorey slorey is offline
Daycare.com Member
 
Join Date: Feb 2013
Posts: 200
Default

Quote:
Originally Posted by jenboo View Post
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
This is what I have always done and then just put it under the category that most items purchased on that receipt would fall under. Usually that ends up being cleaning supplies, supplies or toys.
Reply With Quote
  #6  
Old 01-11-2014, 05:12 PM
jenboo's Avatar
jenboo jenboo is offline
Daycare.com Member
 
Join Date: Aug 2013
Location: Planet earth
Posts: 3,013
Default

Quote:
Originally Posted by slorey View Post
This is what I have always done and then just put it under the category that most items purchased on that receipt would fall under. Usually that ends up being cleaning supplies, supplies or toys.
ok great! This is my first year so its confusing. Sounds like im doing thing right though.
Reply With Quote
  #7  
Old 01-12-2014, 08:08 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,934
Default expense categories

Quote:
Originally Posted by jenboo View Post
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
Yes, don't break down receipts into small categories. In the end, it doesn't matter what you category you pick, all expenses eventually get added together on Schedule C.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #8  
Old 10-22-2018, 02:59 PM
lovemykidstoo's Avatar
lovemykidstoo lovemykidstoo is offline
Daycare.com Member
 
Join Date: Aug 2012
Location: U.S.
Posts: 4,637
Default

Quote:
Originally Posted by TomCopeland View Post
Yes, don't break down receipts into small categories. In the end, it doesn't matter what you category you pick, all expenses eventually get added together on Schedule C.
Aren't cleaning supplies a t/s though and toys would be 100%?

Super old thread I know, but I'm trying to work on my year end a couple of months early.
Reply With Quote
  #9  
Old 10-23-2018, 09:40 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,934
Default Expenses

Quote:
Originally Posted by lovemykidstoo View Post
Aren't cleaning supplies a t/s though and toys would be 100%?

Super old thread I know, but I'm trying to work on my year end a couple of months early.
Depends. If you use the cleaning supplies for business and personal purposes, then use your time-space%. Some providers have children of their own, so their toys would also be time-space%. It all depends on how you use these items.
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #10  
Old 10-23-2018, 08:02 PM
lovemykidstoo's Avatar
lovemykidstoo lovemykidstoo is offline
Daycare.com Member
 
Join Date: Aug 2012
Location: U.S.
Posts: 4,637
Default

Quote:
Originally Posted by TomCopeland View Post
Depends. If you use the cleaning supplies for business and personal purposes, then use your time-space%. Some providers have children of their own, so their toys would also be time-space%. It all depends on how you use these items.
Thank you. My kiddos are 17 and 20, so I can use the 100% for toys and t/s for cleaning then. Thanks Tom!
Reply With Quote
  #11  
Old 10-24-2018, 01:57 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,934
Default suppies

Quote:
Originally Posted by jenboo View Post
so if I buy cleaning supplies, plates and a puzzle I don't have to break that down into smaller categories? I can just call it supplies?
Yes! Not a problem to do so.
__________________
http://www.tomcopelandblog.com
Reply With Quote
Reply

Tags
expenses, minute menu kids, mmk, tom copeland

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I Claim Yard Sale Purchases With No Receipt? Nickel Daycare and Taxes 5 07-16-2012 09:48 AM


All times are GMT -7. The time now is 03:09 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming