Record Keeping!

Ok one more question:

For the toys and crafts that are shared. What would the calculation be then? The daycare uses them for 11 hours and my children use them for another 1-2 hours after. How do you find the percentage there?

OK so maybe that wasn't the last question :)

Do you claim km's driven to buy groceries? Even when they are shared groceries? And supplies?

My kids are grown so I have not had to do that calculation - but my understanding is it is the same as your household expenses... so if you bought the toys for your kids only 100 percent of the cost would be yours regardless of if they only used them 2-4 hours a week for personal use .... but because your are sharing with your busIness you can write off that portion the rest of thectime you are not open gardless of your kids actual use is "personal use" ... does that make sense?

Sorry typing on my phone and missed those typos :(

So would you say a reasonable % would be 11(hours open)/24 = 45% ?

Thanks!

Are you open 365 days a year ? Cause otherwise you have to factor in weekends and vacation too where they are not being used for business ;)

Of course I never thought of that too! I'm wondering if it's even worth claiming...

11/24 x 240/365 for example ... Assuming you work Monday to Friday and take 2 weeks vacation and the 10 stat holidays

Every $1 you can write off lowers the tax you have to pay by $0.17-$0.25 depending on your taxable income ...so every things is worth it to me ;)

Specially if the toy expenses puts you into the lowest tax bracket ... It can add up for sure:)

I think I am going to owe you professional fees!! I really appreciate the help, I hope I can pass it along one day!

I find this business is so specific that it's difficult to find the answers.