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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. Will that have any effect on my taxes this year?
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depreciation
Since you closed in the middle of the year, you won't be able to claim a full year's worth of depreciation on these items. Instead, you will get to claim a half year's worth of depreciation. For your home depreciation, you will get to claim 8 months of depreciation. I've written an article about this: http://www.tomcopelandblog.com/2011/...ax-issues.html
Join me for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes" on February 9th at 8:30pm Eastern time. To register:http://events.r20.constantcontact.co...&llr=yatrx4cab
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