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I moved into my rental home in July 2012 and started the daycare October 2012. When giving my tax preparer my utilities, renter's insurance, rental costs, etc do I calculate those costs from October onward and tell the tax preparer my opening date so he can figure it all out? He's going to be calculating my time space percentage for me based on a worksheet I fill out, and I don't know if I start calculating from when I moved here in July or when I started business in October. Anyone know?
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Time-Space%
Tell your tax preparer the day you started caring for children. Add up the hours you used your home for your business from that date until the end of the year. Your tax preparer should divide this number by the total number of hours in the year from that date to the end of the year. You can then claim house expenses for those months only.
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