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I started my child care business in oct 2010 first child oct 25 i am putting info into mmk and for water/sewer i have a bill i paid 10/08/2010 would i NOT use this cuz it is for the 3 months prior? so i would wait til next yr and do the jan one for 2011? I thought i read on here that u use the bill the month u r in business.. so would same go for my heat and electric and tv? yes u claim or no cuz it was at end of month? tom??? So basically Im asking if i can claim octobers bills since I started oct 25 caring for children? and oct water bill that was for three months proir?
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When to claim expenses
I wouldn't try to claim any house related expenses before October 25th - when you first started caring for children. That would include water, utilities, house insurance, etc.
You can claim expenses before October 25th that you purchased for the business - toys, supplies, training, etc.
You can also depreciate the value of items in your home that you owned before you went into business and were then used in your business - furniture, appliances, household items, etc.
Join me for my webinar "How to Reduce Your Taxes for 2010 and 2011" on February 28th sponsored by daycare.com. For more info: https://www.daycare.com/news/taxes/t...d-webinar.html -
so then my electric and gas and tv bill i pay in the month of october I dont use ??Id start with novembers bills? Also how do I do my property taxes and mortage interest and such ? put the whole amount in for year and the program will give me my number? i am so confused and my hubby wants me to get this stuff to his accountant and i still need to do all my furntiture household stuff etc. i put in my numbers on mmk and it gives me a 10 percent time spaceComment
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Starting out
Only count expenses you paid after October 25th. You will also get 3 months of property tax and mortgage interest. In preparation for talking with a tax preparer, give him/her the annual expenses for property tax and mortgage interest and that person will calculate the correct amount.Comment
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