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I closed my daycare at the end of 2019. I have always used TurboTax to do my taxes and am curious if it will walk through the process of recapturing depreciation...
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Channel: Daycare and Taxes
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by GuestI've read through a few of the kitchen remodel threads but couldn't find an answer to my question. We completed a kitchen remodel that was well over $2500...
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Channel: Daycare and Taxes
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by GuestI started depreciating my home in my first year of daycare in 2017. I’m still doing home daycare, but I’m considering closing within the next couple...
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Channel: Daycare and Taxes
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I've never bothered capturing depreciation using form 3115 due to the fact that I never owe enough taxes to make it worth it. In an audit, can a taxpayer...
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Channel: Daycare and Taxes
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by SherriWJust opened my daycare in August 2017. First time for taxes and I'm doing my own with the help of Toms Book.
I read an article of Tom's...-
Channel: Daycare and Taxes
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by tenderheartsI 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...
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Channel: Daycare and Taxes
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by midaycareDo I have to depreciate expensive toys? I bought a few expensive things with grant money this year. $2000, $500, $1500, etc. Do I need to list these as...
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Channel: Daycare and Taxes
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My house was in the path of a tornado in December 2015, and had some damage. Insurance paid for almost everything that was repaired, so I didn't plan...
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Channel: Daycare and Taxes
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by tenderheartsI bought a tablet that I use for both daycare and personal use for $119. Does this go under ts% supplies??
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Channel: Daycare and Taxes
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by Abigail1. We had a pest control service come out to take care of the lawn so the kids could play without the inconvenience of weeds. It was $228 for the season...
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Channel: Daycare and Taxes
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by GuestI opened my licensed daycare in 2013 and was only in operation for 4 months. I did my own taxes and reported my income however, I didn't worry about...
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Channel: Daycare and Taxes
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by LyssI ended up buying a new camera last year and I want to make sure I'm doing it right. I use the camera for personal but a lot of daycare: I have a blog...
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Channel: Daycare and Taxes
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by AbigailIs my baby Swing
Smart TV
Crib
Upright Freezer
Beluga Rocker/Recliner
Master Bedroom Set and
Carpet..............all...-
Channel: Daycare and Taxes
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by CraftyMomThis is my first year filing taxes for daycare. Do I understand this right: I can depreciate household items used for daycare even if I bought them before...
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Channel: Daycare and Taxes
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by zorramboAs far as I can tell from the IRS website there is only one way to depreciate furniture purchased in 2013: the 7 year straight line. It appears there...
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Channel: Daycare and Taxes
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by LilaI purchased two laptops for my business this past year. The first one I bought was to replace the children's computer which we played our music and videos...
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Channel: Daycare and Taxes
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by Jennifer91Hello All, I need clarification of Bonus Depreciation Rule that expires Dec. 31. I wanted to purchase a refurbished Macbook Laptop from Apple. According...
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Channel: Daycare and Taxes
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by AbigailI'm getting confused! 2012 was my first year of business and I have to finish my tax things in the next few days for my tax lady. Is it easier to just...
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Channel: Daycare and Taxes
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by EAPIf we plan on buying a new washer and dryer this year should I just skip depreciating the old set on this years taxes?
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Channel: Daycare and Taxes
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by EAPFor items you can depreciate that cost under $100 are you putting them on the schedule c or listing them on form 4562, I see in Tom's book it says you...
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Channel: Daycare and Taxes
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by MalmomThis is the first time I've ever claimed depreciation. I purchased an iPad that I am wanting to claim, and we also purchased new living room furniture...
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Channel: Daycare and Taxes
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by TheGoodLifeHi!
I just started my home DC business in August, and bought the house in April (we needed a bigger home to have an exclusive DC area, so...-
Channel: Daycare and Taxes
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Can I still claim depreciation if I went out of business before the end of the year?
If I can:
Can I still claim depreciation on...-
Channel: Daycare and Taxes
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by krosey5We bought our home from my parents 3 years ago. We purchased the house for $30,000 less than what the house appraised for. We just started the daycare...
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Channel: Daycare and Taxes
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by GuestThis year we added onto our deck. We will use this additional area for story time during nice days as well as enjoying lunch outdoors. The cost of the...
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Channel: Daycare and Taxes
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by KimWe are putting a new roof on our house this summer. We bought the shingles and some supplies for it last night. I'm keeping all the receipts for it but...
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Channel: Daycare and Taxes
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by JenniferdawnYou helped me calculate my new car depreciation and the numbers came out to $1490 depreciation deduction plus bonus $8000 deduction. We are doing our...
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Channel: Daycare and Taxes
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by Mrs. CCI am entering the info in MMK and they want to know Depreciation Method and Convention. I don't understand what they want me to put here.
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Channel: Daycare and Taxes
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by kentsterNew to the forum but tons of reading previously....great way to find info! Listing our swimming pool ($38K) under Land Improvement as a depreciable item...
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Channel: Daycare and Taxes
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by WImomI'm always confused when this comes up. (right now i'm entering cots I just bought into MM and have no idea what to choose.)
Is there a...-
Channel: Daycare and Taxes
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I have made it to my state taxes now and ran into something I am not sure about. I depreciated items on my federal return, I live in New york and have...
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Channel: Daycare and Taxes
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Some of the items I put into use for my business in august I bought a year or two ago and don't remember the exact price. Is there a website I can go...
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Channel: Daycare and Taxes
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by wheelerkidz4is it best to use the 100% bonus depreciation on items this year? is this something that is new and will continue in the coming years? i've been trying...
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Channel: Daycare and Taxes
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I have a few questions!
This year I bought a camera that I use for both business & personal use. When I put it in Turbo Tax as an asset,...-
Channel: Daycare and Taxes
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by tn0087I was finishing the archiving of my 2011 receipts when I stumbled upon a receipt for a Dyson vacuum we purchased in March (I completely forgot about the...
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Channel: Daycare and Taxes
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by WImomWe put in a 4ft cheap fence in 2010 and used it until spring of 2011. We had to move my outdoor fenced space due to flooding issues and when moving the...
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Channel: Daycare and Taxes
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by WImomJUst wanted to check. We put in a new fence this year. From what I read below we can deduct the cost all this year correct or not because the fence is...
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Channel: Daycare and Taxes
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I closed my daycare in Aug. 2011. Last tax season I took depreciation on larger items such as a TV I purchased, my camcorder, expensive camera, ect....
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Channel: Daycare and Taxes
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by Toni's TotsDoes anyone have any information on what types of depreciation there are? I see in the Minute Menu for expenses it shows depreciation when I finished...
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Channel: Daycare and Taxes
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Okay, So with tax season coming up so soon, I just started my daycare in August, and I keep hearing about being able to file deprecation on home contents...
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Channel: Daycare Center and Family Home Forum
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Can someone tell me how this all works? I actually bought a house full of new furniture before I started in June (Bought in April, $12000 worth). I was...
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Channel: Daycare and Taxes
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by AbigailI thought I read somewhere that there is a $5,000 limit on deductions for startup costs in the first year? I have been accumulating a LOT of things to...
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Channel: Daycare and Taxes
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by tn0087We were informed that the playset in our backyard would need to be mulched before the daycare children could play in the backyard as part of NY state's...
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Channel: Daycare and Taxes
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We purchased our home in March of 2009, and didn't claim depreciation on 09 taxes, would I have to refile our whole tax return for 09 in order to claim...
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Channel: Daycare and Taxes
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by legomom922When i am depreciating items in MMK, when I enter an item I want to take the 50% depreciation bonus on, do I just enter it as business use %? or is there...
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Channel: Daycare and Taxes
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by legomom922Since I am almost out of business except my one DCG, (I am not taking any more on and have sold 98% of my stuff) would it be better for me to take the...
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Channel: Daycare and Taxes
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by legomom922I'm just throwing questions out there as I am working on stuff..
In Toms book it says we must keep written records, photos etc of stuff...-
Channel: Daycare and Taxes
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by legomom922I have been doing my home inventory, and I need to know if I am suppose to be depreciating every single item in my home that was here before my business...
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Channel: Daycare and Taxes
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by legomom922Not a new car but a used, 2003 SUV. Can I claim any of it since now I have a new car loan & interest?
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Channel: Daycare and Taxes
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by legomom922Ok, I'm stuck again...I'm confused on which items in my house are to be depreciated. I *thought* it was items over $100? But as I'm reading through your...
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Channel: Daycare and Taxes
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by legomom922I am almost ready to make a appt to have someone do my taxes, however, I am not sure which reports I should print out from MMK to take with me. Is there...
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Channel: Daycare and Taxes
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by care-careTom I am almost done with my tax entering into mmk. and I have a question about vechicles. I have a car I use to go to the store and deposit my daycare...
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Channel: Daycare and Taxes
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by legomom922I guess I'm confused as to what you depreciate and claim as a expense. I think I read it somewhere on MMK that (this is a example) that a baby swing is...
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Channel: Daycare and Taxes
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by tn0087Hi Tom,
I have purchased your Record-Keeping Guide which has played an absolutely essential role in completing my taxes. I am currently...-
Channel: Daycare and Taxes
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by kitkatPlease help! I think I've re-read this stuff too many times and have confused myself! I started child care in 06. In 09 we had a home improvement and...
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Channel: Daycare and Taxes
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So now I know I really should depreciate my home, and can't figure out HOW to calculate it. I use Minute Menu and it doesn't calculate it for me. I...
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Channel: Daycare and Taxes
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by llove530We had to purchase a new heating/ac unit for our house. I use 100% of my home for my daycare. The unit was very costly. How do I write this off on...
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Channel: Daycare and Taxes
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We put up a fence for daycare. MMK gives me the option of 15 year straight line depreciation, 15 year-150% declining, or other..
Can someone...-
Channel: Daycare and Taxes
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