Taxes...Where To Start?

[pootmcgoot]

I'm unlicensed but going for certification soon. I've been buying things here and there (toys, storage, double stroller etc) and keeping receipts.

Where do I start to make sure I'm covering my bum? Also buying stuff for the business is really adding up. What exactly can I claim to recoup the cost?

[Michael]

There is a lot in our Tax section. Tom Copeland answers many questions there. Suggest you use our TAG search for specific topics.

http://daycare.com/forum/tags.php

[MyAngels]

I would definitely take a look at buying Tom Copeland's Family Child Care Recording Keeping Guide. It's worth every penny you pay for it, and it's tax deductible. You can get it through Red Leaf Press.

He also has a really good blog: http://www.tomcopelandblog.com/

[magsgma]

Originally Posted by MyAngels

I would definitely take a look at buying Tom Copeland's Family Child Care Recording Keeping Guide. It's worth every penny you pay for it, and it's tax deductible. You can get it through Red Leaf Press.

He also has a really good blog: http://www.tomcopelandblog.com/

Agreed -- anything you need to know about Family Child Care taxes/record keeping - Tom Copeland is the go to person...

[TomCopeland]

Originally Posted by pootmcgoot

I'm unlicensed but going for certification soon. I've been buying things here and there (toys, storage, double stroller etc) and keeping receipts.

Where do I start to make sure I'm covering my bum? Also buying stuff for the business is really adding up. What exactly can I claim to recoup the cost?

You can deduct all expenses that are "ordinary and necessary" for your business. So, keep receipts for everything you buy.

[pootmcgoot]

Originally Posted by TomCopeland

You can deduct all expenses that are "ordinary and necessary" for your business. So, keep receipts for everything you buy.

Which books should I buy? One is listed as 2011...I don't want to buy it if it's not applicable. I've never done my taxes. We just take our W2 from the army to the army tax place and they do it in 5 minutes and bam, we're done.

[TomCopeland]

Originally Posted by pootmcgoot

Which books should I buy? One is listed as 2011...I don't want to buy it if it's not applicable. I've never done my taxes. We just take our W2 from the army to the army tax place and they do it in 5 minutes and bam, we're done.

The best book is the Family Child Care Record Keeping Guide. It lists over 1,000 allowable deductions and describes how to keep records throughout the year.