Confused with 100% Deduction

[Julia2]

Hi I will open a daycare soon, it will be a LLC , I will take care maximum 5 children, I am starting from scratch, I am working on my license now, MY BIG QUESTION IS ABOUT THE 100% DEDUCTION for daycare items, for example if I purchase a outdoor play set for $500 just for the daycare , do I deducted the 100% in my taxes?, that means I can deduct $500 or how this work?, thank you

[Alwaysgreener]

Yes Tom says you can deduct the whole $500 as long as your children do not play on it after hours.

[TomCopeland]

Deductions

Hi I will open a daycare soon, it will be a LLC , I will take care maximum 5 children, I am starting from scratch, I am working on my license now, MY BIG QUESTION IS ABOUT THE 100% DEDUCTION for daycare items, for example if I purchase a outdoor play set for $500 just for the daycare , do I deducted the 100% in my taxes?, that means I can deduct $500 or how this work?, thank you

You can deduct as a 100% business items that are used 100% for your business. Make sure it's 100% business use and not 95% business use. Any expense can be deducted in one year (100% or partly business), regardless of the cost, except for a home, home improvement and home addition.

[Julia2]

Thank you for answer me, I will buy your book from amazon, is there any maximum, I read somewhere that small business can do a maximum deduction of a $5000, thank you

[Julia2]

When I should start buying my home daycare items to deduct 100%?, my license will came out in 3 weeks as far as I know, for now I am buying just used toys, thank you

[TomCopeland]

100% deduction

When I should start buying my home daycare items to deduct 100%?, my license will came out in 3 weeks as far as I know, for now I am buying just used toys, thank you

Anything you buy now you will be able to deduct this year. Go ahead.