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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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  #1  
Old 10-16-2011, 07:57 PM
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Default Tracking Receipts for Taxes

I am falling behind on my yearly paperwork for tax season. How does everybody track their expenses for daycare/taxes from receipts? I currently use Exxcel and categorize my expenses by Household, laundry, cleaning, preschool program, office supplies, etc.....I go through my receipts occasionally and track the expenses from the receipts... It seems like a lot of work, maybe there is a way to simplify tracking expenses, something that may not be use hard to keep consistent with. Does anybody use a special program, do you have any tricks or ideas you are willing to share?
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Old 10-17-2011, 07:32 AM
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I use MMK and try to enter all my expenses weekly but I do get behind during busy times (holidays and summer time mostly) and just collect all my expenses in a divided file filder. I then sit down on a rainy Sunday afternoon and catch up all my missed entries.

There have been times over the last few years that I have literally thrown all my receipts and bank statements into a plastic shoebox and then had to set aside an entire weekend to enter all the info but MMK does almost all the tracking, adding and "filing" for you so it is still easy even when I am not on top of things.
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Old 10-17-2011, 09:51 AM
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I just put the receipts in their corresponding monthly folder and then on the folder I write out my categories and the amounts from each receipt. I'm always behind, though, so usually the receipts are just sitting in my folder for months until I get to it
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Old 12-03-2011, 08:47 PM
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I am suppose to be doing this right now I got side tracked looking up how to track food. I think the taxes part scares me and I just keep putting it off. I hae the Red Leaf record keeping calendar.


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Old 12-11-2011, 05:28 PM
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Default Tracking Receipts

I'm afraid you are correct, your excel spread sheet is your friend after all. I've posted a video on my blog explaining How to Track Receipts For Preparing Your Tax Return.

http://www.daycaretaxexperts.com/?p=134
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Old 12-11-2011, 06:53 PM
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I have a great system (for me, anyway.) Toss all receipts into file drawer. That's all the work for almost an entire year. When it's tax time, I spend a few hours entering each item into relevant categories on Excel spreadsheet. Excel adds, I copy onto tax form. Done. I'm not on a food program though and don't need to estimate taxes because my husband withholds my taxes. It just seems easiest to me to do it all at once than to try to remember to do it weekly or on some other schedule.
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Old 12-12-2011, 12:37 PM
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My website is about primary education. I am a teacher, I love what I do, and I know a lot about it. It is a natural site for me to develop. I learn more about my topic every day simply because I am in the trenches with it. I have to keep up on the latest educational research, laws, teaching strategies and state/federal requirements. But it is not a chore for me. Why? Because I am passionate about it.
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Old 12-12-2011, 01:53 PM
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I used to be really good about recording receipts weekly.

Now they all get filed by month and long about this time of the year I do one or two months a week and enter them into MMK. For some reason, that works better for me. That way I have 12 months of electric, gas and water bills; cable, internet and cell phone bills, the mortgage statement, etc.

I guess I just get into 'tax mode' and it goes smoother than doing it weekly or monthly. But, that's just me
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Old 12-12-2011, 02:43 PM
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Quicken. Love that program.
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Old 12-12-2011, 02:48 PM
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Quote:
Originally Posted by kendallina View Post
I just put the receipts in their corresponding monthly folder and then on the folder I write out my categories and the amounts from each receipt. I'm always behind, though, so usually the receipts are just sitting in my folder for months until I get to it
lol this sounds like me also...
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Old 12-12-2011, 04:40 PM
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Quote:
Originally Posted by Blackcat31 View Post
I use MMK and try to enter all my expenses weekly but I do get behind during busy times (holidays and summer time mostly) and just collect all my expenses in a divided file filder. I then sit down on a rainy Sunday afternoon and catch up all my missed entries.

There have been times over the last few years that I have literally thrown all my receipts and bank statements into a plastic shoebox and then had to set aside an entire weekend to enter all the info but MMK does almost all the tracking, adding and "filing" for you so it is still easy even when I am not on top of things.
I could have written this myself!
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Old 04-13-2012, 07:52 AM
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what is MMK
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Old 04-13-2012, 11:11 AM
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http://www.minutemenu.com/web/index.html

Great software for tracking attendance, meals and expenses.
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Old 04-17-2012, 04:19 PM
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I hate spending hours going over receipts!! This year, I have a section in my log book, I have 1 sheet of lined paper marked with each month of the year. I put my totals for my expenses that month like utilities, phone, rent etc at the top. Then everytime I go shopping, I list the items I bought, the total and the date. I put a check mark at the top of the receipt, put it in my recorded envelope. The great thing about this is if I forget to put it in, or am busy, I put it in the to do envelope until I get to it. If I end up needing more space, I add another lined sheet and mark it as "March continued" check the receipt and file it away. When I think I have all of me receipts for March, I total the different categories at the end of the column. If I find a receipt in my jacket pocket, I just go back and add it to the sheet, readjust the total and voila! I'll let you know how it's going in November
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Old 04-17-2012, 07:23 PM
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Last year, I used a spreadsheet on the computer. This year, I have the Redleaf Calendar. I'm finding the calendar works better for me because I nearly always have a pen nearby, but I don't always have the computer handy.

I try to do it weekly, although sometimes they sit for 2 weeks. I would rather do it this way, while my purchases are fresh in my mind. If I waited any longer, when I look at that receipt, I would have no idea that gv ptprl3 was actually a deductible roll of paper towels. I made that mistake last year and lost a lot of deductions. (I didn't know about all of the allowed deductions until the end of the year and had to go back through 10 months of receipts).
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Old 04-18-2012, 12:32 PM
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I'm still looking for a good way to organize. I started buying items in 2010 and still in 2011 and was fully on my way this year with my daycare in full running. I just purchased the red leaf calendar keeper and will give that a try. I still have to go back and write down my hours so I'm completely falling behind. I better just open that dang folder and start with today. RIGHT? I've said that for a long time now!
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