Comments on: How do you figure your taxes for your home daycare business? http://www.bookkeepingservicesclt.com/uncategorized/how-do-you-figure-your-taxes-for-your-home-daycare-business/ Sat, 11 Feb 2012 18:13:13 +0000 hourly 1 http://wordpress.org/?v=3.4.2 By: Chelsea http://www.bookkeepingservicesclt.com/uncategorized/how-do-you-figure-your-taxes-for-your-home-daycare-business/comment-page-1/#comment-334 Chelsea Wed, 17 Aug 2011 18:03:25 +0000 http://www.bookkeepingservicesclt.com/uncategorized/how-do-you-figure-your-taxes-for-your-home-daycare-business/#comment-334 Yes you can go to places like H&R Block to do your taxes. In general, you need to report all the payments from the parents and any other income for your business (such as grants and subsidies). But you can deduct any business related expenses, such as costs of meals or snacks, insurance premium, toys and equpments. You can even deduct part of your rent/mortage and utility bill using Time-Space Percentage (your tax preparer should know this). I'm not so sure about the tax exmpt items. I believe if it's business related, it's still tax deductible. You can check with your tax preparer. Yes you can go to places like H&R Block to do your taxes. In general, you need to report all the payments from the parents and any other income for your business (such as grants and subsidies). But you can deduct any business related expenses, such as costs of meals or snacks, insurance premium, toys and equpments. You can even deduct part of your rent/mortage and utility bill using Time-Space Percentage (your tax preparer should know this).

I’m not so sure about the tax exmpt items. I believe if it’s business related, it’s still tax deductible. You can check with your tax preparer.

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