KIDZRMYBIZ 12:38 PM 05-31-2016
Does anyone know what the maximum amount that can be deducted for taxes for each category? I am having a hard time finding an answer online. Thanks!
Blackcat31 07:00 PM 05-31-2016
Originally Posted by KIDZRMYBIZ:
Does anyone know what the maximum amount that can be deducted for taxes for each category? I am having a hard time finding an answer online. Thanks!
Maybe this article helps?
http://tomcopelandblog.com/four-tax-questions-answered
If not hopefully Tom will see this and reply.
Blackcat31 07:03 PM 05-31-2016
Michael 09:16 PM 05-31-2016
TomCopeland 07:08 AM 06-01-2016
Originally Posted by KIDZRMYBIZ:
Does anyone know what the maximum amount that can be deducted for taxes for each category? I am having a hard time finding an answer online. Thanks!
As a general rule there is no maximum on what you can deduct as a business expense. If the expense is both business and personal you should apply your time-space%.
KIDZRMYBIZ 07:38 AM 06-01-2016
Thank you all! I figured it was a time/space deal, but wondered if there was also a cap. Although the kids don't play in the front yard often, we do use the areas outside the fence limitedly (usually at the end of the day waiting for pick-up when there are just a few kids still here). If there's a maximum amount that can be deducted, I may not need to bother trying to calculate that minimal amount.
There is also an expectation of our entire yards looking well-kept to attract clients. My husband and I wouldn't put near the effort into it we do if not for the daycare business. But I don't think that matters.