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So I'm new to this and I have a load of questions but I will take it one day at a time. I am in the process of opening a daycare center and I'm at the point where I have to purchase furniture and supplies. Are these expenses that I can claim on my taxes? If so how? What other start up cost can I claim if any?
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Tom Copeland answers your question in an earlier thread here: https://www.daycare.com/forum/showthread.php?t=35099 -
start up expenses
You can deduct all expenses that are "ordinary and necessary" to your business. This includes furniture, supplies, car expenses, rent, utilities, etc. If you are self-employed, report your expenses on Schedule C. If you are a corporation, report your taxes on the various corporate tax forms.Comment
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Does this include a new living room couch??"God said, ‘I have found David son of Jesse, a man after my own heart. He will do everything I want him to do.'"
Acts 13:22Comment
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Couch?
If you use the couch in your business, then you can deduct the business portion of it. If you do child care in your home, use your time-space % to determine the business portion. For more on the time-space %, see http://www.tomcopelandblog.com/2011/...tage-quiz.htmlComment
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