Default Style Register
Daycare.com Forum
Daycare and Taxes>First time tax filing
unregistered 11:16 AM 11-11-2014
This is the first year I will be filing for my in home daycare. I have only been open since July 28th, but I am totally lost on what I need to have ready. My kids are young enough food receipts aren't an issue but most, if not all of my daycare supplies (swing, bouncer, toys) were bought used and I have no receipts. What should I do???
Reply
TomCopeland 11:32 AM 11-11-2014
Originally Posted by unregistered:
This is the first year I will be filing for my in home daycare. I have only been open since July 28th, but I am totally lost on what I need to have ready. My kids are young enough food receipts aren't an issue but most, if not all of my daycare supplies (swing, bouncer, toys) were bought used and I have no receipts. What should I do???
Take pictures of items you purchased that you have no receipts. Estimate their cost. Save any cancelled checks, monthly debit and credit card statements. Here's two articles:
http://www.tomcopelandblog.com/2014/...-for-2014.html

http://www.tomcopelandblog.com/2014/...-records-.html
Reply
Unregistered 12:34 PM 11-11-2014
Should I be keeping a percentage of my wages out each week? I am so afraid I am going to owe IRS. I only have 2 kids and been open for 4 months so I am glad I am realizing all this sooner rather than later.
Reply
TomCopeland 12:41 PM 11-11-2014
Originally Posted by Unregistered:
Should I be keeping a percentage of my wages out each week? I am so afraid I am going to owe IRS. I only have 2 kids and been open for 4 months so I am glad I am realizing all this sooner rather than later.
Save 20% of your gross income (parent fees, subsidy payments and CACFP income) and that should take care of all federal taxes. Save about 5% for your state income taxes.

See my article:http://www.tomcopelandblog.com/2014/...-business.html
Reply
Reply Up