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09/07/2012

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Taimi

Do I have to be licensed to get all the deductions you are talking about?
Thank you

Tom

If you are exempt from your state child care licensing rules you can deduct the same expenses as if you were licensed.

Silvia Paredes

My tax preparer told me that he can not depreciate all my kitchen inventory. He told me that is not sense how can depreciate the use of a spoon.
Is that correct?
Thank you.

Tom

You are entitled to depreciate all property you owned before your business began and then start using in your business. Yes, it doesn't make sense to depreciate one spoon. It does make sense to depreciate hundreds of items. The IRS Child Care Provider Audit Technique Guide makes this clear.

Brandy

we are looking into buying a new 12 passenger van specifically for my rf child care, what write offs would I have? Is it only mileage?

Tom

You can either use the standard mileage rate or the actual expenses method to claim car expenses. If you use the standard mileage method you can deduct $.56 a mile for 2014, parking, tolls, and the business portion of car loan interest and annual property tax. If you use the actual expenses method you can deduct the business portion of all actual expenses - gas, oil, repairs, insurance, parking, tolls, car loan interest, property tax, and depreciation on the car.

Jannah

Is insurance tax detactable

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