Daycare.com Forum
Calikate 01:31 PM 03-08-2014
About how much do you keep out per week for taxes? Ballpark? Thanks!
LadyPearl 03:06 PM 03-08-2014
I roughly transfer 20% per month to another acct. I figure this should be enough once expenses are calculated in. However, I am new and have not gone through any of this before.
NoMoreJuice! 03:50 PM 03-08-2014
I've been withholding 20% of my income for the last few years in a separate savings account, and some years I have some left over (yay!) and some years I have to pay a little extra in (boo, but never more than a few hundred).
It all comes down to nickel-and-diming every single expense. EVERY single receipt, no matter how small or stupid, gets recorded. Yes, I spent $1.09 at the dollar store on glue. Doesn't matter, it gets deducted. All business owners (but especially home-based businesses like our's) lose so much money each year because they forget a few expenses here and there.
Hope this helps, and good luck to you!
It all comes down to nickel-and-diming every single expense. EVERY single receipt, no matter how small or stupid, gets recorded. Yes, I spent $1.09 at the dollar store on glue. Doesn't matter, it gets deducted. All business owners (but especially home-based businesses like our's) lose so much money each year because they forget a few expenses here and there.
Hope this helps, and good luck to you!
Maddy'sMommy 03:52 PM 03-08-2014
I set aside 30% every week, knowing realistically I will have more than I need at the end of the year.
Calikate 08:10 PM 03-08-2014
thanks everyone! Very helpful! do you use an accountant, is there anything else about taxes I should know besides saving EVERY receipt and putting aside between 25-30 percent?
Starburst 08:45 PM 03-08-2014
Do you know about time and space?
http://www.tomcopelandblog.com/record-keeping-taxes/
http://www.redleafpress.org/Search.a...cord%20keeping
http://www.tomcopelandblog.com/record-keeping-taxes/
http://www.redleafpress.org/Search.a...cord%20keeping
melskids 04:53 AM 03-09-2014
I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
Leigh 08:10 AM 03-09-2014
Originally Posted by melskids:
I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
Same here, and we still get a refund.I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
Crazy8 09:01 AM 03-09-2014
Originally Posted by melskids:
I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
same here, we always get a refund. I know we could adjust DH's w2 to get more in each check but I like having that safety net as I have some high income years and some low income years (expenses seem to go down the longer you're in this business).I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
rebekki78 10:57 AM 03-21-2014
Originally Posted by melskids:
I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
Same here. I don't set anything aside, and we still get a return. But it helps that we claim 4 children on our return. Once the children are grown, I will take the advice of 20-30 percent. Thanks ladies.I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
melilley 11:04 AM 03-21-2014
Originally Posted by melskids:
I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
Same here. I actually don't set anything aside. It always works out that whatever I owe gets deducted from whatever we would have gotten back from my husbands return.
This was my first year having to do taxes (for last year) and I was sooo worried that we would have to owe, but we actually got some back!
jenboo 11:31 AM 03-21-2014
Originally Posted by melilley:
Same here.
This was my first year having to do taxes (for last year) and I was sooo worried that we would have to owe, but we actually got some back!
Same here! I was only open for 3 months but also nannied during the rest of the year. I wasn't making enough to set some $$ aside. I was so nervous about having to owe but we are still getting some back!! My husband withholds at his job so it helps.Same here.
This was my first year having to do taxes (for last year) and I was sooo worried that we would have to owe, but we actually got some back!