Taxes and Ending Business

[luvmykids]

I am quitting after about 7 years of running my daycare. It was always going to be a short term job while my kids are young and in the fall they both will be in school.

For tax reasons is it better to stop at the end of the month? Would I be able to use the time I spend clearing all my daycare items out on my taxes? I have 100% daycare dedicated space in my home that I would need to clear out.

I guess I just need to know the best way to do this! I want to give my families plenty of notice.

[luvmykids]

And not tax related but how much notice is good? I do have an infant in my care and they are the one I'm most worried about since infant spots are hard to find without paying for them (bigger centers vs in home).

[Blackcat31]

Here is an article written by Tom Copeland about closing up shop:

http://www.tomcopelandblog.com/2011/10/going-out-of-business-checklist.html

[luvmykids]

Perfect! Thank you!

[Unregistered]

So about #8- if we buy new windows to replace the ones we have now, then decide to close at the end of that year- do we claim the whole depreciation of the purchase that one year? Or is it just for original items we were depreciating before the purchase of the replacement? I'm confused!