Taxes SUCK!!!!!!!!

[Cadillac]

I was doing some research after my big tax flop, looking loop holes really.

I found an article on doing inventory for a home daycare.

It's the same as doing an inventory for insurance purposes. You inventory all of the items in your household that you use for the daycare in anyway. I'm talking everything from couches to dishes to toys.

The ticket is the DEPRECIATION value. If all your stuff is worth 20,000 in resale at the beginning of the year, then after repeated use and broken items the resale value may only be 15,000 at the end of the year. Ergo, your income is lowered accordingly.

I'm going to try it. its too late this year. THere's no way I could document and remember values at this point and decpreciate accordingly. I would suggest you guys try it too. document all the resale value of your stuff now and do it again at the end of the year.

You just have to remember to depreciate appropriately so that if you are still using a table in a few years, you haven't lowered the value so much that its now only worth $2.00. No one will believe that. And remember, that if an item is bought, you have to add that into the inventory.