Hello everyone! I'm new to the site..heard about it from the babycenter home daycare board!
I have just recently started watching 2 children (siblings, ages 1 and 3) in my home Mon-Fri.
I am new to this home daycare business (unlicensed..under states limit so good there) , so I thought i'd post a thread and get some advice, and info from you all! Since I'm new to home daycare, I do not have a contract, I do not get paid holidays or vacation, and the parent is only charged when the children are here. I know a lot of you do things complete opposite from me, but this is what I thought was best until I get licensed. I am only caring for 1 family right now, so
I don't see this being a huge issue. Am I doing this wrong? I charge 30/day for both children, so I'll make roughly 600 a month. Is this enough to cover small expenses such as groceries? Since they are so young, we do a lot of hands on things..is there anything besides groceries that I need to budget for? Also, how much should I allocate for groceries? I was thinking about $120 since they are young and they don't eat much?! I'm also stressing about tax time and what tax write offs I have, and how to come up with the time/space %..I will definitely claim all money paid to me, but will it be worth it to me to continue doing this?
I guess I wasn't thinking about taxes when I started. I've posted on the babycenter board, and one person said that I will be writing off almost 100% of my income..is this true? I'm not familiar with Tom Copeland..I've read a little bit on his page but most of it I don't completely understand. Thanks for all of your help