TurboTax deadline.... HELP PLEASE!

Well here goes... this isn't the first time my mind makes things more difficult then it has to be.
I opened my doors Oct 21, 2013.
I'm using TurboTax Home and Business Online
I JUST CAN'T WRAP MY MIND AROUND THE CALCULATION/FORMULA I SHOULD BE USING!!! HELP ME PLEASE!!!!
Is it easier to use rooms vs sq ft?

I have 12 rooms in my house, I use a total of 7 rooms for daycare (4 shared, 3 daycare only)

Too many variables are confusing me....
-shared/non shared
-only 3 months of bills vs 12 (therefore most formula need to be altered?
- do i still incorporate hours of use into the formula, cause Turbotax has it's own formula built in.... and i don't know how to include my 3 month calculations.


I'm sooo confused!

I used turbo tax but didn't let it do the formula calculations for me, I have read on here that it can screw it up. I went on the CRA website under "business," then "daycare," then "using rooms in your house for daycare" or something like that...the formulas are all there, for rooms that have only daycare use and rooms that are shared. I have been open since Sept, so then I divided my totals by 3, because that's a third of the year. Once you have your numbers, you can simply put them into the spaces provided by turbo tax - it didn't try and do the formula for me, since I did it manually, it just accepted it. You won't be able to claim much at all, my totals for things like hydro, mortgage interest and one more...property taxes I think? (sorry, don't have it in front of me) were pretty negligible.

Quote:

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Originally Posted by CrazyEight

I used turbo tax but didn't let it do the formula calculations for me, I have read on here that it can screw it up. I went on the CRA website under "business," then "daycare," then "using rooms in your house for daycare" or something like that...the formulas are all there, for rooms that have only daycare use and rooms that are shared. I have been open since Sept, so then I divided my totals by 3, because that's a third of the year. Once you have your numbers, you can simply put them into the spaces provided by turbo tax - it didn't try and do the formula for me, since I did it manually, it just accepted it. You won't be able to claim much at all, my totals for things like hydro, mortgage interest and one more...property taxes I think? (sorry, don't have it in front of me) were pretty negligible.

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How were you able to avoid turbotax's formula. The following page asks about total house space and space used for daycare... Did you leave that blank?? Can u leave it blank....

Just a note about the use of home. While you may not be able to use much of it, any unused portion is carried through to further years when you make more so worth putting all of the costs in now and then using the formula to determine how much you can use this year.