_Dana_ 10:02 PM 01-10-2014
I opened my business in Sept., 2013. We were living in another country and wanted to return to the U.S. with the intent on opening a FHCC. So I spent A LOT of time doing market research on various demographics, laws and ordinances of different states and cities. I also made a lot of phone calls and wrote emails to people in the various communities we were considering.
I'm able to document most of the planning I did because I saved all the info I found on Google docs. Google docs has a revision history, so I can go back and see exactly the dates and time stamps of every time I created a new doc or edited an existing one.
Am I able to factor in all the time I spent planning and researching into the time component of the time/space %?
I really LOVE these forums. I'm learning so much. Thank you all for sharing your experiences and expertise in all things related to child care!
Thanks for your help!
TomCopeland 07:23 AM 01-12-2014
Originally Posted by _Dana_:
I opened my business in Sept., 2013. We were living in another country and wanted to return to the U.S. with the intent on opening a FHCC. So I spent A LOT of time doing market research on various demographics, laws and ordinances of different states and cities. I also made a lot of phone calls and wrote emails to people in the various communities we were considering.
I'm able to document most of the planning I did because I saved all the info I found on Google docs. Google docs has a revision history, so I can go back and see exactly the dates and time stamps of every time I created a new doc or edited an existing one.
Am I able to factor in all the time I spent planning and researching into the time component of the time/space %?
I really LOVE these forums. I'm learning so much. Thank you all for sharing your experiences and expertise in all things related to child care!
Thanks for your help!
Any time you spent away from the home where you started doing child care in September do not count towards your time-space %. This is because you have to be in your home to count work hours. Once you moved into your home you could count these hours - but you may not want to, depending on how it will affect your house deductions.
For example, if you worked 100 hours in August in your home, you could count these hours, but then you would divide all your business hours for the year by the number of hours in the year from August - December. Assuming you worked more than 100 hours a month from September - December, counting your August hours will reduce your time-space %. It also means you would count your lower time-space % towards your house expenses from August - December.
If you didn't count your hours in August, you would calculate your time-space % based on the hours worked from Sept-Dec divided by total number of hours in the year for that same period. This will result in a higher time-space %, but you could only apply this to your house expenses from Sept - Dec.
In general, you are probably better off only starting to count hours in September.