TAX TIME TIPS FOR CHILDCARE PROVIDERS
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- เผยแพร่เมื่อ 1 มิ.ย. 2024
- Are you writing off all your daycare expenses? In this video, I'm going to show you what organizational system I use throughout the year to get me ready for taxes!
Books mentioned in this video:
Record Keeping Guide by Tom Copeland
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2018 Tax Workbook by Tom Copeland
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2019 Record Keeping Calendar by Redleaf Press
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Family Childcare Mileage Keeper
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This was so helpful. I am definitely going to be putting my receipts into ziploc bags. That seems super easy to keep in my purse for the month and then move it over to the tax calendar. Thank you for sharing your tips!
Thank you, super helpful! I love your channel I'm learning a lot!
This was a very very helpful video. Thank you for the suggestions and tips.
Thank you for putting together such an informative video!
You are so welcome. When I first started my daycare record keeping and taxes were my two least favorite things! I will be creating some more tax tip videos this year as well, should be coming out soon.
Hello! This was sooo helpful! 🙌🏾🙌🏾 they also have those accordion folders too for receipts but sometimes they can slip through the bottom so the ziploc bag is a great method 🙌🏾😊
😀
Great system. Thank you for sharing.
You bet, thanks for watching!
Another fantastic video! Can you share more about the trainings you do? Do you have a resource for finding trainings? In Indiana where I live, we have an IN.gov site but I hear there are so many other options out there and just haven't found them yet.
Thanks!
very helpful info thank you - I have that same receipt book . Been using for 4 yrs now. Even though parents pay direct deposit. now i still use the book for other payments - if a parent so happens to pay cash . So what I do is use a record keeping book for all payments. Also, the use a form to write weekly payments for each parent and at the end of the year. each parent signs it & they could use the same form
Wonderful! Thank you for adding all these great tips to the comment section. We can all learn from each other. ❤️
Thank you this was very beneficial 🦋
You are welcome:)
Thank you for your excellent video. I have a question, when I register the CDA meal payment I register it as income, so when counting the food I add the child's meal: breakfast, snack, lunch, afternoon snack and dinner. makes sense?
Hi I recently watched your videos on care giving. I am recently homeschooling and watching other children that live with me. I was wondering if I can get paid to watch the children that live with me and their mother also stays with me and works full-time also.Thank you any information will help.
Great video! I have tried a few different systems over the years to see what works best for me...always nice to see other people’s systems! Here’s a question unrelated to the video: you’ve mentioned before that you only have kids ages 0-24 months...what do you do if the family has another child? Do they sent their children to different places once the older sibling ages out, or do you lose one child because they want the kids in the same place? I only have kids ages 0-5, and even that has been arc to stick to when there are siblings involved!!
Hi Alyssia, I've had many families who take their children to two different daycares. Babies come to me and older siblings go to another daycare. I actually live fairly close to a commercial daycare that's a really nice daycare with good reviews. Most of my families will take their older children to that daycare after they age out here. My families will also plan baby number 2 to arrive in time to take the first siblings spot, so first child ages out and new baby takes that spot if that makes sense. It works so great.
Clubbhouse Kids I love the concept...I personally enough working with ages 0-3 over any other ages.
Love love your video’s I am becoming a new provider and I was wondering where did you get the first receipt book, is it from green leaf ? The one that have Family Child Care written on it.
The receipt book is from Redleaf Press. I will link it here.
www.redleafpress.org/Family-Child-Care-Business-Receipt-Book-P7.aspx
Thank you
A very informative video. Thank you. My wife is running a daycare. I have a question. How do we keep a record of the two additional snacks? Any bills required for these snacks?? Thank you.
I use my daily sign in sheets as a record of the children's attendance to show they were present when the additional snacks were served. My daily schedule would show when snacks are served.
Wow really nice 😊
Thank you:)
Where did you get the receipt book from that you give to the parents at the end of the year?
Redleaf press, amazing website! It's my go to place for childcare record keeping supplies.
www.redleafpress.org/
Is there a in-home child care tax deduction list
Hello, I'm interested in starting a home daycare. Do you have any video on or advice about what kind of bank account to have? Do I need an EIN number or business account? Thank you
I do recommend getting an EIN number, which takes a couple of minutes on the IRS website. If you set up a business account separate from your personal account it will make it a lot easier to know what income is coming in and how much you are spending on daycare expenses.
When on the USDA food program do you still count that as food Expenses?
You will still count all your food expenses while one the food program. I just use the standard meal allowance so I do not personally keep all food receipts but you do have the option to do either one, standard or actual. The money you are send from the food program would be counted as income.
What form do u use to get a tax ID number the ss-4?
IRS website
Do you file the daycare taxes separately from personal?
Nope, I file together. I use Turbotax home and business.
Clubbhouse Kids where do you enter the information into TurboTax? I'm doing mine now. I don't have a home office per se but obviously use the whole house. I have all my
T/S calculations but I can't for the life of me figure out where to input that info
Is the advice for Canadians or Americans?
American, I'm sure some of it is the same but I'm not familiar with Canadian tax laws.
Do you file a schedule C or LLC?
I file a schedule C
Clubbhouse Kids ok thanks someone I know had to file a LLC.
Is this the same club house kids from teachers pay teachers 😮😮❤❤❤
Yes! ❤️ Glad you found me here, welcome:)