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rdiggidy · 12-31-2009, 07:01 PM

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About 3 months ago my wife began the process of starting a day care in our home. We set aside the front room of our home (about 800 sq ft) and began filling it with toys, setting up play pens, changing tables, etc. We also began making our home child care safe for the inspection we will have in early January to compete the certification process. My wife has been taking the necessary classes (CPR, Child Care Certification, etc) over the last three months.

We have spent approximately $1,500 on furniture (changing tables, kids chairs, etc), toys, training, etc.

Our first child is scheduled to arrive January 4th 2010 (and will obviously be our first income).

Should I consider the business "launched" in 2009 and file accordingly (I believe I would be taking a Net Operating Loss) and would just be using Turbo Tax to help me through the process or would there be some benefit to considering the business "launched" in 2010 when we have an income starting to roll in?

Thanks for any help!

skier_j · 01-04-2010, 03:59 PM

Until all the steps necessary to operate have been made---including the inspection to take place soon, your assets specific to the day care are not in service. None of the costs should be deducted in 2009.

Do keep track of all expenses and place the itenms that qualify as fixed assets in service whenever your first client come across the threshhold.

that would seem to be today!

good luck

rdiggidy · 01-05-2010, 06:02 PM

Quote:

Originally Posted by skier_j

Until all the steps necessary to operate have been made---including the inspection to take place soon, your assets specific to the day care are not in service. None of the costs should be deducted in 2009.

Do keep track of all expenses and place the itenms that qualify as fixed assets in service whenever your first client come across the threshhold.

that would seem to be today!

good luck

Thank you sir! Just what I needed to know.

KCLaw · 03-22-2010, 10:37 AM

For me now is the time to build your own business for the future of your family. And also without a business the economy will not ran!

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Blacklight · 04-07-2010, 04:59 PM

having your own business sometimes is tiring sometimes people that owns a business thinks that they are better if they are just an employee on one company.

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