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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 10-11-2017, 01:30 PM
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Default Doing Own Taxes

I am really considering doing my own taxes this year. I know all the things I can deduct but my concern is forwarding all the depreciation stuff and doing depreciation. Tom do you have an article on depreciation and is it fairly simple to figure out? We have had a couple of things we did this year such as fence, kitchen remodel that I would also be adding to it. oh and I know laws changed about the section 179, I purchased a kids play structure for $460.00 thank you.
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Old 10-11-2017, 01:55 PM
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Default Depreciation

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Originally Posted by tenderhearts View Post
I am really considering doing my own taxes this year. I know all the things I can deduct but my concern is forwarding all the depreciation stuff and doing depreciation. Tom do you have an article on depreciation and is it fairly simple to figure out? We have had a couple of things we did this year such as fence, kitchen remodel that I would also be adding to it. oh and I know laws changed about the section 179, I purchased a kids play structure for $460.00 thank you.
Depreciation is the most complicated part of your taxes. I've written a lot about this on my blog. My 2017 Family Child Care Tax Workbook and Organizer goes into great detail on how to depreciate items and where they go on Form 4562. It will be available in January. The Section 179 rule hasn't changed. You can deduct in one year any item that costs less than $2,500. You must depreciate a kitchen remodeling over 39 years. You can email me with more specific questions at tomcopeland@live.com.
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Old 10-12-2017, 09:35 AM
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Thank you Tom, I will definitely be picking up that book. Is it fairly easy move forward from things already being depreciated if I decide to do them on my own?
Also a question about the kitchen remodel, the only think we did was counter tops and back splash so I don't know if that would still fall under the 39 years. Thanks again for your help.
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Old 10-12-2017, 10:42 AM
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Default depreciation

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Originally Posted by tenderhearts View Post
Thank you Tom, I will definitely be picking up that book. Is it fairly easy move forward from things already being depreciated if I decide to do them on my own?
Also a question about the kitchen remodel, the only think we did was counter tops and back splash so I don't know if that would still fall under the 39 years. Thanks again for your help.
Yes, my book will help you. Since you didn't do a complete remodeling of your kitchen you can treat the expense as a repair and deduct your time-space % of the cost in one year.
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Old 10-12-2017, 01:30 PM
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oh wow that's great. What is the exact title of the book?
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Old 10-12-2017, 01:33 PM
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oh wow that's great. What is the exact title of the book?
Never mind I just saw the title in your last post. sorry
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