Time in Space and Buying Toys/supplies-Tom

[lovelife]

I was wondering how I figure time in space. I just started daycare in April of 2011. I I use my whole downstairs for daycare (dining area, kitchen, living room, laundry room, bathroom and garage for storage).

Also when you purchase toys, daycare supplies (arts and crafts), cleaning supplies, ect. What % can I write off? I have a two year old son and a seven year old son (who is here before and after school). I heard since my own children are in the daycare I can only claim a portion of that back.

Any help would be great! Thank you in advance.

[lovelife]

Need help still. TY

We live on a military base so we are going to see if our housing office has a floor plan so we do not have to measure. So can we claim the garage as time in space? I am not allowed to use it with the children but I store daycare toys, tables and strollers in my garage which enables me to park in it.

Also I am still curious about the toys, cleaning products and ink. With the toys can I claim 100% since I am buying them for the purpose of the daycare. The ink I use way more for daycare than I do home, and same with the paper towels. I am required to use them so I use about 6 rolls a week.

Thank you!

[TomCopeland]

time-space%

The general rule is that if you use something for both your business and your family, apply the time-space % to determine how much of the cost you can deduct. What matters is how you use these items, not why you bought them. If your own children use them during day care hours, but not after, then you can claim 100% of the cost.

See my article on how to calculate your time-space% when you started your business in the middle of the year: http://www.tomcopelandblog.com/2012/...tire-year.html

You must include the garage and basement as part of the total square feet of your home. You can still count them as regular use in your business (car, garbage can, tools, storage of day care stuff, laundry room, etc) even though children aren't permitted there.

Join me on February 9th at 8:30PM Eastern Time, for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes." Cost is $25 (tax deductible!). http://events.r20.constantcontact.co...&llr=yatrx4cab