The IRS Deductions Blog

Posts Tagged ‘medical deductible example’

Question: What exactly does it mean when I’m told that all of my business expenses are tax deductible?

I own a daycare in my home and I’m told that all of my equipment I buy is tax deductible. Does this mean I’m only getting a percentage of the expense back or all of it? For example, I bought new playground equipment for around $1000. Do I get all of this back or only some of it and how do they decide how much?

Answer: It means you get a percentage of your expenses back in relation to your income. As a childcare provider you may also be entitled to deducting water, electricity, food, phone, etc. Basically anything that is used or needed in conducting your business.
I recommend consulting a CPA and save, save, save ALL RECIEPTS.

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