Penelope
Diamond Member
- Jul 15, 2014
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Why This is Important
Keeping these records is important! You can count hours spent cleaning, activity preparation, meal preparation, time spent on the Internet, parent interviews, talking to parents on the phone, and so on. See my article “What Hours Can You Count?” for a comprehensive list of activities you can count.
Every hour a week spent on these activities will increase your Time Percent by 1%. This may not seem significant, but it is.
You will be applying your Time-Space Percentage to all expenses used for both your business and your family. This includes property tax, mortgage interest, utilities, house insurance, house repairs, house depreciation, toys, supplies, furniture, appliances, and so on. This could easily total more than $20,000. One percent of $20,000 is $200. This means your business deductions would increase by $200 for every hour a week you spend on these activities.
The average number of hours that family child care providers work after children are gone is 13.9 hours a week*. That is equal to 8.3% of the hours in a week (168 hours). If you spent 13.9 hours each week on these activities and had $20,000 of shared expenses, you could deduct an additional $1,660 in business deductions ($20,000 x 8.3% = $1,660).
The Single Most Important Thing You Can Do to Reduce Your Taxes - Tom Copeland's Taking Care of Business
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Now why cant other businesses write off the hours they spend on blueprint and proposal writing, billing , time spent going to look at jobs, ( I know the miles are a write off) but I am talking time???
I know a daycare provider, even 2 and not that I'd like it, but they write off most of their home, yard, drive, fence, repairs, even diapers (why are not parents suppose to bring diapers ???) Also the Fed gov sends food allowance to the daycare, should this not be included in the price of the daycare??
and time spent for grocery shopping, cleaning, internet, planning for grocery shopping and meal planning.
and yes people this affect us all, all of us who pay taxes.
I guess we know why they pay very little taxes. I am not talking about the Daycares over 6 people, I am talking about home daycares.
Keeping these records is important! You can count hours spent cleaning, activity preparation, meal preparation, time spent on the Internet, parent interviews, talking to parents on the phone, and so on. See my article “What Hours Can You Count?” for a comprehensive list of activities you can count.
Every hour a week spent on these activities will increase your Time Percent by 1%. This may not seem significant, but it is.
You will be applying your Time-Space Percentage to all expenses used for both your business and your family. This includes property tax, mortgage interest, utilities, house insurance, house repairs, house depreciation, toys, supplies, furniture, appliances, and so on. This could easily total more than $20,000. One percent of $20,000 is $200. This means your business deductions would increase by $200 for every hour a week you spend on these activities.
The average number of hours that family child care providers work after children are gone is 13.9 hours a week*. That is equal to 8.3% of the hours in a week (168 hours). If you spent 13.9 hours each week on these activities and had $20,000 of shared expenses, you could deduct an additional $1,660 in business deductions ($20,000 x 8.3% = $1,660).
The Single Most Important Thing You Can Do to Reduce Your Taxes - Tom Copeland's Taking Care of Business
-------------------------------------------------------------------------------------------------------------------
Now why cant other businesses write off the hours they spend on blueprint and proposal writing, billing , time spent going to look at jobs, ( I know the miles are a write off) but I am talking time???
I know a daycare provider, even 2 and not that I'd like it, but they write off most of their home, yard, drive, fence, repairs, even diapers (why are not parents suppose to bring diapers ???) Also the Fed gov sends food allowance to the daycare, should this not be included in the price of the daycare??
and time spent for grocery shopping, cleaning, internet, planning for grocery shopping and meal planning.
and yes people this affect us all, all of us who pay taxes.
I guess we know why they pay very little taxes. I am not talking about the Daycares over 6 people, I am talking about home daycares.
