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We opened a daycare this summer. We spent 2 months converting the house to daycare. My question is about the house expenses (electric, gas, etc) We started the conversion on 5/1/2011, and finished 8/1/2011. Our first kid started on 8/17. I have a log of the hours we spent converting the house prior to opening and I understand how the hours work. The question is can I count utilities and rent payments starting 5/1/2011 since that is when we first started the project? During this time the exclusive daycare parts of the home were not used by my family at all.
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Now is a great time to register for our tax webinar with Tom Copeland scheduled for tomorrow.
To register, go to: http://events.r20.constantcontact.co...&llr=yatrx4cab
The cost is $25 (tax deductible!). -
I was planning on signing up tonight...
I think I figured it out.
We have a total of 200 hours in work before daycare opened. We started May 1st. !st Kid came Aug 17th, Total hours watching kids August - Dec was 1169, total hours before open was 200, total hours extra work Aug - Dec 280.
Total Hours worked 1709
Total Available Hours May - Dec - 5880
With my Sq Ft entered I get a T/S % at 51%Comment
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Time/space %
You can start counting hours from 5/1 to calculate your time space%. Then you can count expenses (including utilities and rent) from 5/1 as well. I've written an article on this:http://www.tomcopelandblog.com/2012/...tire-year.html
Join me tomorrow night (Feb 9) for my webinar "2011 Family Child Care Tax Update" sponsored by daycare.com. For details:http://events.r20.constantcontact.co...&llr=yatrx4cabComment
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