Tax time!

I would love a copy of the guide if you could email it to me :)
michellesmunchkins@g mail.com

I find now that I have been in daycare for so long that I have to scramble to find enough deductions since I have all of my equipment, toys, etc. Replacing sippy cups or bibs just doesn't add up. As well since I take infants/toddlers my craft expenses are way down from when I had older kids. On the other hand even if do pay some taxes at the end of the year I still have more money in my pocket than when I was deducting everything since they were still outlays that were direct to the daycare and didnt' benefit me.

My son is graduating from university this spring with a business degree in accounting and I have been telling him he could start his own firm catering to daycare providers and I bet he could be run off his feet catering to just one clientele - us.

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Originally Posted by playfelt

I find now that I have been in daycare for so long that I have to scramble to find enough deductions since I have all of my equipment, toys, etc. Replacing sippy cups or bibs just doesn't add up. As well since I take infants/toddlers my craft expenses are way down from when I had older kids. On the other hand even if do pay some taxes at the end of the year I still have more money in my pocket than when I was deducting everything since they were still outlays that were direct to the daycare and didnt' benefit me.

My son is graduating from university this spring with a business degree in accounting and I have been telling him he could start his own firm catering to daycare providers and I bet he could be run off his feet catering to just one clientele - us.

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Hi playfelt! I think I have similar situation in that all my kids are toddlers so craft/ teaching supplies are very minimal. I also bought many things second hand so although I do have receipts for everything, it does not add up to thousands of dollars! I do not drive with the kids so no car write off either. Oh well, I'm glad I read the suggestion on here to save all of one child's fees for tax time!

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Originally Posted by michellesmunchkins

I would love a copy of the guide if you could email it to me :)
michellesmunchkins@g mail.com

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Hi Michelle, if you go onto the government website you can just click on the booklet request and they mail you one straight away!

Perfect, thanks Emily :)

Just be careful on few things. Though people write their internet/cable/phone bills off unless used exclusively for daycare you can't so if you are comfortable taking that risk go ahead, if you get audited they will disallow that. I'm pretty sure you can write your mortgage interest off the percent you use but I think if you do mortgage payment that would be capital gains if you ever sell. Also pretty sure you can only write your car interest off and not the payment unless its a lease. The gov't site has a lot of info online and you can always call too.