I Need To Claim More

[lovemykidstoo]

http://tomcopelandblog.com/how-to-ca...e-year-is-over

I don't calculate anything as my daycare is 100% separate from my home. Like 7 miles down the road separate.

Oh gotya! That would be nice to have it separate!

[lovemykidstoo]

You can deduct up to one breakfast, one lunch, one supper and three snacks per day per child, if you serve that many. One snack for one child each day is worth a $189 deduction per year. Be sure to claim all of the snacks you serve.

I serve breakfast, lunch and 2 snacks. I do get reimbursed for breakfast, lunch and 1 snack in my food program check each month. Can you tell me how that would work then? I am most definitely buying your book so I can be going all year doing the right thing.

[lovemykidstoo]

Here's my food program tax statement. Is there something on here that can tell me how to claim the $189 per day per child type of thing?

[Josiegirl]

I pay in about 6K every year to Federal and another 600 to state. I keep thinking I must be missing things but I always come up with the same lists every year. Do make sure when you figure your hours that you worked, you add all those hours you've put in at home doing dc-related activities. Cleaning dc rooms, planning meals, being here on this forum, taking on-line classes at home, prepping curriculum or materials, working on taxes, rewriting your policies, meeting with potential clients, etc., etc. It will up your T/S ratio and help a bit.

Another thought...the first several years I worked I made zilch because I was just getting started. I was so excited. But all those years are coming back to haunt me because I won't get much at all in social security. Certainly not enough to retire at 65.

[Josiegirl]

Have you claimed any computer expenses? Paper, ink, software, repairs, internet?

[MyAngels]

Here's my food program tax statement. Is there something on here that can tell me how to claim the $189 per day per child type of thing?

To claim the other snack (over and above what you've been reimbursed for) you could add in another 1,296 snacks (based on the picture you posted), giving you an additional deduction of $946.08 at the current rates.

I keep a meals and snacks tally along with my attendance records to make this easier at the end of the year.

Also, don't forget to calculate mileage for any trips that are more than 50% for your daycare. I overlooked that for a number of years. My mileage mainly comes from trips to deposit daycare payments and for hitting garage sales, but it's a few hundred dollars every year.

Don't forget to include things like landscaping, cleaning and paper products, anything that the daycare even uses only sparingly (I once included a bathroom scale because they like to play with it when we're in the bathroom :.

And I agree, taxes ****

[lovemykidstoo]

Have you claimed any computer expenses? Paper, ink, software, repairs, internet?

I have claimed internet. Is that a t/s deduction?

My last tax preparer added up my internet and cable tv and landline and deducted 100%. I don't know if that was right or not.

I do need to add on for printer ink and paper. For some reason I don't have any receipts for that.

[lovemykidstoo]

To claim the other snack (over and above what you've been reimbursed for) you could add in another 1,296 snacks (based on the picture you posted), giving you an additional deduction of $946.08 at the current rates.

I keep a meals and snacks tally along with my attendance records to make this easier at the end of the year.

Also, don't forget to calculate mileage for any trips that are more than 50% for your daycare. I overlooked that for a number of years. My mileage mainly comes from trips to deposit daycare payments and for hitting garage sales, but it's a few hundred dollars every year.

Don't forget to include things like landscaping, cleaning and paper products, anything that the daycare even uses only sparingly (I once included a bathroom scale because they like to play with it when we're in the bathroom :.

And I agree, taxes ****

Boy that helps me alot! Can you tell me how to get that figure? How's it figured out?

[MyAngels]

Boy that helps me alot! Can you tell me how to get that figure? How's it figured out?

In this case I took the number of snacks you were reimbursed for (1296) and multiplied it by the IRS standard deduction rate of .73. I'm going on the assumption that you serve two snacks per day like I do, and so you can claim that extra snack as a deduction on top of what the FP reimburses you. The IRS says you can claim up to one breakfast, one lunch, one dinner and 3 snacks per day per child (assuming you actually served them that is) even though you're only reimbursed for a maximum of 3 per day with the CACFP.

Does that explanation help?

[lovemykidstoo]

In this case I took the number of snacks you were reimbursed for (1296) and multiplied it by the IRS standard deduction rate of .73. I'm going on the assumption that you serve two snacks per day like I do, and so you can claim that extra snack as a deduction on top of what the FP reimburses you. The IRS says you can claim up to one breakfast, one lunch, one dinner and 3 snacks per day per child (assuming you actually served them that is) even though you're only reimbursed for a maximum of 3 per day with the CACFP.

Does that explanation help?

It does perfectly thank you! I serve breakfast, am snack, lunch and pm snack. So that pm snack I'm not reimbursed for. So that's how I can get this $946 deduction right?

[TomCopeland]

expenses

I have claimed internet. Is that a t/s deduction?

My last tax preparer added up my internet and cable tv and landline and deducted 100%. I don't know if that was right or not.

I do need to add on for printer ink and paper. For some reason I don't have any receipts for that.

Any expenses that is used by both your business and your family can be deducted using your time-space%. No way your internet, cable tv and landline are used 100% for your business, but you could apply your time-space %. To claim your phone, you can deduct the first phone line, but you can deduct your time-space% of a second line.

[TomCopeland]

food

It does perfectly thank you! I serve breakfast, am snack, lunch and pm snack. So that pm snack I'm not reimbursed for. So that's how I can get this $946 deduction right?

Assuming you serve 1296 pm snacks that were not reimbursed by the food program, yes, you can deduct $946 for serving them. Keep records showing you served these snacks.

[lovemykidstoo]

Assuming you serve 1296 pm snacks that were not reimbursed by the food program, yes, you can deduct $946 for serving them. Keep records showing you served these snacks.

How do I keep records on that other than the attendance sheets? Thank you! You all have been lifesavers!

[lovemykidstoo]

Any expenses that is used by both your business and your family can be deducted using your time-space%. No way your internet, cable tv and landline are used 100% for your business, but you could apply your time-space %. To claim your phone, you can deduct the first phone line, but you can deduct your time-space% of a second line.

Our last accountant did 100% on internet and cable. Hope I don't get in trouble for that. That's why I hired someone, I have no clue. This account did the t/s on it. I am writing off my landline, which is only about $50 a year since I use Magic Jack, but I think my husband may write off part of the cell phones since he has a carpet cleaning business. I'm assuming only 1 of us can write that off or can both of us?

[Josiegirl]

Our last accountant did 100% on internet and cable. Hope I don't get in trouble for that. That's why I hired someone, I have no clue. This account did the t/s on it. I am writing off my landline, which is only about $50 a year since I use Magic Jack, but I think my husband may write off part of the cell phones since he has a carpet cleaning business. I'm assuming only 1 of us can write that off or can both of us?

My current tax guy asked me about what % is used. I told him 100% for paper, ink, and probably 75% for internet and other computer usage. I doubt I'd be on my computer much if not for dc.

Tom, thanks for the info about t/s% off 2nd phone! I never knew that and missed out on it this year.

If you throw any parties or functions for dcfs don't forget to count all the $$$ you put into that plus all your outside of work hours!