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Thread: Tax help

  1. #11
    Euphoric !
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    In theory toys you buy that will be used by your kids and daycare are supposed to be 50% such as what they got for Christmas Anything outside their ages such as an infant toy would be 100% because it is because of the daycare. Also realize you buy more because of the daycare so having 10 puzzles where you would have bought your own child only 3-4 so claim accordingly. As far as craft supplies goes remember that the wastage is just that so in many cases you cut hearts out of red paper and get extra which your child uses so it isn't always that they are taking the full percentage. Also realize that most of the crafts you do are because of the daycare and likely wouldn't do them all if it was just you and your own child at home. Food is the same way in that if you open a can of something and it feeds all the kids the cost of food for that meal is still the cost of the whole can of food since you can't go to the store and buy 3/4 of a can of something - the wastage got eaten by your own child instead of being tossed in the garbage.

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  3. #12
    Euphoric !
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    Just remember that if you are audited that they won't be coming to your house to do a full inventory of what is in your daycare - they will be looking over your receipts. If you have a receipt for toys and you say it is a daycare receipt then how can they tell you that it isn't?

    I claim 50% of all household expenses. I use my basement as daycare and we do not use this space at all outside of daycare hours. When you use your whole home for daycare and personal use then you have to use the calculations of how many daycare hours based on how many hours in the day etc. Make sure and add an additional hour onto your day for daycare for prep work/cleaning etc. You can claim 100% for a cell phone but 0 for a home phone.

    My accountant costs $400 for me and my husband to get our taxes done. Cheaper isn't always best and I would rather pay to get it done right. Also you can use it as a deduction.

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  5. #13
    Euphoric !
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    Question on the cell phone...why is it 100%? I only have a cell phone so obviously I use this outside of daycare hours. I will have to double check with my accountant but I think I claim 50%.

    I agree cheaper isn't always better but in this case it is for me. I did the expensive accountant and they made a couple mistakes that shouldn't have been made. I found a retired accountant with years of experience and trust her. Just as cheaper isn't always better neither is the more expensive. Make sure you find an accountant that knows what they are doing

  6. #14
    Euphoric !
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    Not sure why 100% but my accountant told me that. He said 0 for home phone but a cell could be 100% deduction as a business expense. Not sure if it should only be 50% if it is your only phone though.

    Yes I agree always the most expensive isn't the best either. But just like we don't want parents to go to the cheaper daycare's the same should apply to an accountant as well. Find one that is good and price shouldn't matter. My accountant is excellent and I recommend him to anyone and yes he is a bit more money but that is OK.

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  8. #15
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    All good points, thanks.

    This girl was recommended from a friend, the price was really a bonus. She did clarify a few things, so it seems like we're on the same page. I'm just not the type of person to put my income entirely in someone else's hands. I think we're responsible for having an idea of what the government considers claimable and "reasonable" - I don't want to get in trouble because neither of us knew what we were doing.

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