100% vs T/S %...What am I missing?

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  • Jennifer91
    New Daycare.com Member
    • Jan 2011
    • 18

    100% vs T/S %...What am I missing?

    Hello all,

    Going through my mountain of receipts and I don't think I have ANYTHING that is used 100% for the daycare. I five kids of my own, and everything that I buy (that I can think of anyway) falls into my kids hands at some time. I use the standard deduction for food, so with that out of the picture, is there something that I'm missing that almost all daycare providers claim as 100% daycare use?

    Thanks to all who take the time to reply to all these posts from providers (and especially Tom). I love this resource and greatly appreciate all the informative, kind, and sometime humorous responses.
  • daycare
    Advanced Daycare.com *********
    • Feb 2011
    • 16259

    #2
    Originally posted by Jennifer91
    Hello all,

    Going through my mountain of receipts and I don't think I have ANYTHING that is used 100% for the daycare. I five kids of my own, and everything that I buy (that I can think of anyway) falls into my kids hands at some time. I use the standard deduction for food, so with that out of the picture, is there something that I'm missing that almost all daycare providers claim as 100% daycare use?

    Thanks to all who take the time to reply to all these posts from providers (and especially Tom). I love this resource and greatly appreciate all the informative, kind, and sometime humorous responses.
    do you purchase any curriculum? or items that are specific to the daycare?

    Comment

    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062

      #3
      100% expenses

      Originally posted by Jennifer91
      Hello all,

      Going through my mountain of receipts and I don't think I have ANYTHING that is used 100% for the daycare. I five kids of my own, and everything that I buy (that I can think of anyway) falls into my kids hands at some time. I use the standard deduction for food, so with that out of the picture, is there something that I'm missing that almost all daycare providers claim as 100% daycare use?

      Thanks to all who take the time to reply to all these posts from providers (and especially Tom). I love this resource and greatly appreciate all the informative, kind, and sometime humorous responses.
      If you bought toys, supplies, etc that cost less than $100 and you only used them for your business in 2013, you can deduct 100% of the cost, even if your own children first used these same items in 2014.

      Other potential 100% items might include: children's furniture, DVD rentals, curriculum, etc.

      Don’t miss my February 4th webinar “Tax Changes for 2013: How to Avoid Mistakes When Filling Out Your 2013 Tax Forms.” It starts at 9pm Eastern Time and is sponsored by Daycare.com. Register here: http://events.r20.constantcontact.co...&llr=yatrx4cab
      http://www.tomcopelandblog.com

      Comment

      • MarinaVanessa
        Family Childcare Home
        • Jan 2010
        • 7211

        #4
        Originally posted by Jennifer91
        Hello all,

        Going through my mountain of receipts and I don't think I have ANYTHING that is used 100% for the daycare. I five kids of my own, and everything that I buy (that I can think of anyway) falls into my kids hands at some time. I use the standard deduction for food, so with that out of the picture, is there something that I'm missing that almost all daycare providers claim as 100% daycare use?

        Thanks to all who take the time to reply to all these posts from providers (and especially Tom). I love this resource and greatly appreciate all the informative, kind, and sometime humorous responses.
        Some examples of 100% business deductions would be:
        -separate business account (fees etc)
        -resource books for you for daycare (record keeping guide, environment planning guide etc)
        -cost of second phone line for daycare
        -licensing/registration fees
        -cost of classes/workshops/training having to do with daycare (discipline, activity workshops, record keeping, taxes, chil development etc)

        Comment

        • sahm1225
          Advanced Daycare.com Member
          • Jun 2010
          • 2060

          #5
          I have a separate area for exclusive daycare use so for me a lot of the toys are daycare toys & we end up buying doubles of lots of things to avoid running up and down the stairs all day!


          Strollers
          High chairs
          Plates & utensils
          Kids tables
          Curriculum
          Crafts

          Good luck!

          Comment

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