As a child care provider, I have to keep track of tons of paperwork and records. The most daunting task is always entering expenses and filing paperwork before it piles up into a giant mountain. Many people put it off until the start of the new year and then have to spend a ton of time getting everything in order, only to most likely lose out on deductions due to too much time passing leaving people forgetful of what they purchased. In this video, I share seven tips to make this year a much better year for keeping track of your tax documents so when next year rolls around, you can relax while others are scrambling!
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I write “mileage” on the receipt and then when I record that receipt I make sure I keep track of how many miles it takes to drive to that store and back so I can multiply that by whatever the current mileage rate is for tax deductions, if that makes sense.
Running a business ans record keeping together is a huge task. I took help of http://dua.co.uk to take care of finances of my small business. You have covered everything very well. Thanks for sharing this.
hi, good advice, thanks. just one question, on your tip #5, you said on groceries you only claim for mileage. aren't you supposed to claim for foods for the kids as well? although, it might be different from australia where i am residing.
Hi do you use a state food program and you mentioned that you don't track the amount spent on groceries just keep receipts because you use food allowance cost I believe can you explain that please I'm in middle of doing my daycare taxes😫
hi, just posted a comment similar to this one. what would be the easiest formula to compute all the food cost for claiming. you said your latter option would be a nightmare, thus, i'll go former then if you can pls explain how. thanks!
+dominique lewis I do use a state food program, but even if I didn't I would just use the higher tier amounts multiplied by all my meals to calculate food costs. Tom Copeland who is a daycare tax guru Cala this the standard meal rate or something like that and you can claim that amount instead of actual food costs which to me would be a nightmare to try to calculate.
Hey sarah! thank you so much for the tips, I will definitely take it to consideration. I read tom copeland books and he does mention the minute menu. How much does it cost? Is payment yearly or monthly? and is there different types of programs to choose from from the minute menu or is it just 1 program? Thanks.
do you take "taxes" out of each of your paychecks every week? if so how much of a percentage do you take out? I have talked to a couple tax people and they say since I am just watching the one child at the moment *almost fully licensed, yay!* and make less then $10,000 a year I don't even file taxes next year so don't set anything aside. If I make more then $10,000 this year to take out 15%. Does that sound right?
+Christina D Yep, I'm taking 15% out and I've oversaved due to how much I've spent on expenses this year. San gets money taken out of his paycheck as well so we are hoping to. It have to pay any more in than I've paid in quarterly taxes!
Owned buildings at another site may be used as alternate workspace if a building cannot be occupied. This depends upon the location of the building and whether the building would be affected by the same hazard that prevented use of the primary building. The alternate facility may be a viable business recovery strategy if the building can be configured with the required equipment or existing equipment can be configured to need business requirements.
Systems and Equipment.
Evaluate these systems to determine whether they meet the needs of the program. Identify and plan to overcome emergency communication system limitations such as weak radio or cellular service or areas where a warning system cannot be heard. Upgrading this critically important system may be required. Verify that these systems are in reliable working condition.
If fuel, battery backup power or batteries are required, make sure the system can run for the required time and chargers are available. Document how to operate these systems and mark the locations of controls. Make sure the information is available during an emergency. Many of these systems also require periodic inspection, testing and maintenance in accordance with national codes and standards. Train staff so a knowledgeable person is able to operate systems and equipment.
Materials and Supplies.
Be sure to compile a list of available resources using the Emergency Response Resource Requirements and Business Continuity Resource Requirements worksheets as a guide.
Preparing for an emergency, responding to an emergency, executing business recovery strategies and other activities require resources that come from outside the business. If there were a fire in the building, you would call the fire department. Contractors and vendors may be needed to prepare a facility for a forecast storm or to help repair and restore a building, systems or equipment following an incident.
The following external resources should be identified within plan documents. Include contact information to reach them during an emergency and any additional instructions within the preparedness plan.
Public Emergency Services.
Contractors and Vendors.