Setting up business

[Silly Songs]

I am planning to open my business in August . As of now I am doing a lot of research , paperwork and making some phone calls. How do I use this on my taxes for next year , and if I can , how do I prove how I spent my time ? It's approx 2 hours a night because I am still working during the day.

[yodaone]

I have the same question. Anyone?

[TomCopeland]

Starting up

I am planning to open my business in August . As of now I am doing a lot of research , paperwork and making some phone calls. How do I use this on my taxes for next year , and if I can , how do I prove how I spent my time ? It's approx 2 hours a night because I am still working during the day.

You can start claiming deductions for your business in the year your business begins. So, items you purchase before your business begins can be deducted. See my article on this: http://www.tomcopelandblog.com/2014/...ess-began.html

Don't start counting your hours until you start caring for children. Your time-space % will be based on the number of hours you use your home for your business after your business begins. Your business begins when you are ready to care for children and are telling others you are ready.

[MommyMuffin]

I am in the processes of getting licensed. Since April I have watched 1 child...can I claim time/space on him and meals?

[TomCopeland]

starting up

I am in the processes of getting licensed. Since April I have watched 1 child...can I claim time/space on him and meals?

Yes, because once you start caring for children you are in business, whether you are licensed or not!