T/S Formula

[Josiegirl]

When I give all my information to my tax preparer, do I just hand him a total amount of work hours? For example, we're open from 7-5 but 1/2 hr. before and after those hours we're preparing or cleaning up because of daycare? So do we count the 7-5 or the 6:30-5:30?
I know we can also include all the extra hours going to/from and attending trainings, paperwork, etc.(as long as it's done outside of daycare hours right?). But what about grocery shopping(or is that solely mileage), cleaning house, or even painting a room? If we take a whole weekend and repaint a room or work on our taxes, rearrange our daycare space, can those types of projects or errands count into the formula as well?

Just want to be clear about all these things. Thanks!!

[Unregistered]

I believe you can only count the things that actually occur IN YOUR HOUSE. Not training or grocery shopping. It's a time/space differential because you are using the home's space for that amount of time. So if you are gone, you are NOT using it. Paperwork, cleaning, painting, rearranging should all be good in the t/s because they occur in the house.
You can still take mileage of course, for training and shopping.

[Unregistered]

Also time spent for interviews or parent conferences should be included in t/s.

[Josiegirl]

So Network meetings and trainings, workshops....you cannot claim the time you're there because of child care?

[Unregistered]

Don't know why it won't post.

Yes, that is my understanding. Here is Tom Copeland's blog about it:

http://wwwDOTtomcopelandblogDOTcom/2013/07/can-i-count-the-hours-i-work-away-from-my-home.html

Sub "." for "DOT"

[Unregistered]

Here is another applicable post:

http://www,tomcopelandblog.com/2011/...you-count.html

Replace the DOTs.

[Teach54]

Figuring Time/Space

I am starting a preschool [like MDO] in a large metal building in my yard. It will be used mostly for my school, we may have 2 or 3 family parties in it throughout the year. If I don't use my house at all, how do I figure my time/percent. The building is about 900 sq ft and I'll be teaching 9-2 three days per week. I know about keeping up with my non student time also. This is the most confusing part so far. Thanks for any help.

[TomCopeland]

Hours

So Network meetings and trainings, workshops....you cannot claim the time you're there because of child care?

Only count hours your home is used for your business.

[TomCopeland]

time-space%

I am starting a preschool [like MDO] in a large metal building in my yard. It will be used mostly for my school, we may have 2 or 3 family parties in it throughout the year. If I don't use my house at all, how do I figure my time/percent. The building is about 900 sq ft and I'll be teaching 9-2 three days per week. I know about keeping up with my non student time also. This is the most confusing part so far. Thanks for any help.

If you don't use your house at all, and you only use the metal building for your business (no personal use ever), then deduct 100% of the costs associated with the metal building (including utilities, property tax, mortgage interest, depreciation). If you have a separate cost for the metal building use this to determine the depreciation.

[Teach54]

Preschool Building T/T ???

If you don't use your house at all, and you only use the metal building for your business (no personal use ever), then deduct 100% of the costs associated with the metal building (including utilities, property tax, mortgage interest, depreciation). If you have a separate cost for the metal building use this to determine the depreciation.

Thanks for your help. So I would say I use the building 90% for school as we do have 2 or 3 family parties in it throughout the year. But the other time is for classes. We pay separate electric bill for it but share garbage, property tax, insurance [I will be getting separate ins. for my school though]. My husband built it over several years and I'm not sure how to depreciate just the building. My tax statement doesn't separate it from my house. Should I get a realtor to give me an estimate of it's worth? And does the time% not figure in here because I don't use my house? I want to get this part figured out before I start using the MMK Pro program. I appreciate any help I have your books but this part has me stumped because it's so different from home day care.

[TomCopeland]

Metal building

Thanks for your help. So I would say I use the building 90% for school as we do have 2 or 3 family parties in it throughout the year. But the other time is for classes. We pay separate electric bill for it but share garbage, property tax, insurance [I will be getting separate ins. for my school though]. My husband built it over several years and I'm not sure how to depreciate just the building. My tax statement doesn't separate it from my house. Should I get a realtor to give me an estimate of it's worth? And does the time% not figure in here because I don't use my house? I want to get this part figured out before I start using the MMK Pro program. I appreciate any help I have your books but this part has me stumped because it's so different from home day care.

Ask your county tax assessor what is the value of the metal building, multiply the cost by 90% and depreciate it over 39 years.

[Teach54]

Thank you so much, Tom