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Daycare Center and Family Home Forum>Taxes - Every Year I Say...
Baby Beluga 11:44 AM 01-11-2017
I am going to keep better track at the time. But every year I toss my receipts into a box and wait to record them.

One of these years I will learn

What do you wish you would do differently when it comes to taxes?
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laundrymom 11:46 AM 01-11-2017
Just the same as you. But mine are mason jars.
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Blackcat31 12:47 PM 01-11-2017
zip lock baggies here...
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Crazy Baby 01:22 PM 01-11-2017
I got an app on my phone called Tiny Scanner and as soon as I get a receipt or a document that I need to keep, I scan it with my phone and upload it to Google Drive. It has really helped me to keep my business organized and I have all my documents right there when tax time comes around.

The one thing that I wish I have done differently, is to get on some sort of tax payment plan. I am still paying sales and use tax from 2015 and I am about to get the bill for 2016. I assume that the rest of you pay the taxes monthly? That's possible to do right?
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Josiegirl 02:46 PM 01-11-2017
One thing I wish I did differently about taxes is get money back. Paying so much money in quarterly is killing my bank account. Every time I get a little cushion in the bank, the taxes come due and then I remember why there's money in the bank.

I use file folder accordions to save receipts. Lol Nothing else. Then I spend 1 whole weekend, figuring out all the numbers from there and my checkbook.
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Baby Beluga 03:06 PM 01-11-2017
Originally Posted by Crazy Baby:
I got an app on my phone called Tiny Scanner and as soon as I get a receipt or a document that I need to keep, I scan it with my phone and upload it to Google Drive. It has really helped me to keep my business organized and I have all my documents right there when tax time comes around.

The one thing that I wish I have done differently, is to get on some sort of tax payment plan. I am still paying sales and use tax from 2015 and I am about to get the bill for 2016. I assume that the rest of you pay the taxes monthly? That's possible to do right?
I'm not sure? I used turbo tax for 2015 and they estimated what taxes would be do ahead of time in 2016 and made vouchers with the amount and dates I needed to have them sent by. I would just print off the voucher, write the check and mail it in.
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Baby Beluga 03:08 PM 01-11-2017
I'm glad I'm not the only one who procrastinated

I have a file folder where I keep everything. I am supposed to enter a receipt into my spreadsheet and place it in the appropriate section of the file folder. But I mostly just put them into a white photo box that sits on my desk and will spend a couple of days sorting through it all. One year...one year
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kendallina 04:28 PM 01-11-2017
Every April 16th I say that going to hire professional the next year. I never do. I always procrastinate and usually file them around 10pm on the 16th with glass of wine in my hand saying, next year I'm hiring someone!
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Baby Beluga 06:11 AM 01-12-2017
Originally Posted by Baby Beluga:
I'm not sure? I used turbo tax for 2015 and they estimated what taxes would be do ahead of time in 2016 and made vouchers with the amount and dates I needed to have them sent by. I would just print off the voucher, write the check and mail it in.
To late to edit. Should say due not do.
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Mike 07:03 AM 01-12-2017
Glad I'm not the only one.
I've been self-employed most of the last 40 years, am a whiz at math, know accounting, but never have the time to do it properly. It WILL (I hope ) be different if and when I start daycare because I'm already setting up my bookkeeping for it. I know I will need to keep better track of everything if I want to maximize my profits. But then, who needs profits? Day care providers do it for the love of kids, right?
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Snowmom 10:01 AM 01-12-2017
You're not alone!

I got a quiet second job (sitting at a desk, basically by myself). I work once a month and bring some receipts with me and tally them.
If I didn't have that time away from home, I'd procrastinate until April.
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Missjaime 10:11 AM 01-12-2017
I always end up with 2 or 3 months worth looking perfect and then the rest of the year goes downhill from there. I start out well, but it all falls apart by April. Hoping I'll make it through May this year - lol
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daycarediva 10:12 AM 01-12-2017
I do mine weekly. Input totals, scan receipts. I'm ocd about it. Otherwise I lose receipts.

Dh on the other hand, hands me a stack when I say "tax time"
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DaveA 10:20 AM 01-12-2017
Ziplock bags here also. Every year we swear we're going to do this monthly. Didn't happen this year either. Between home daycare, bladesmithing business, DW & I both teaching CPR, and 2 rental houses our taxes is way beyond our abilites. My brother is a CPA so we take them to his firm.
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MyAngels 10:29 AM 01-12-2017
I used to be really organized and on top of it all. The last 2-3 years not so much. I do at least manage to keep the receipts all in one place, so at least I've got that much
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laundrymom 10:33 AM 01-12-2017
Sales tax?
Originally Posted by Crazy Baby:
I got an app on my phone called Tiny Scanner and as soon as I get a receipt or a document that I need to keep, I scan it with my phone and upload it to Google Drive. It has really helped me to keep my business organized and I have all my documents right there when tax time comes around.

The one thing that I wish I have done differently, is to get on some sort of tax payment plan. I am still paying sales and use tax from 2015 and I am about to get the bill for 2016. I assume that the rest of you pay the taxes monthly? That's possible to do right?

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LysesKids 11:32 AM 01-12-2017
Originally Posted by laundrymom:
Sales tax?
Believe it or not there are a few states you actually have to pay sales taxes on services you provide; it totally took me by surprise my first year doing childcare because WV is one of the states lol.
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laundrymom 11:33 AM 01-12-2017
Originally Posted by LysesKids:
Believe it or not there are a few states you actually have to pay sales taxes on services you provide; it totally took me by surprise my first year doing childcare because WV is one of the states lol.
That completely sucks. Lol
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Controlled Chaos 11:38 AM 01-12-2017
I enter the purchases and expenses in the Exel spreadsheet monthly so keep track of my profit and loss for the month. I set money aside monthly for my quarterly taxes. My actual paper receipts...a hot mess. I need to be more diligent about filing them away right away or scanning them...most fade anyway But the tracking of the money I am solid on. I like it, since if its a good month, I know I can transfer extra profit into my personal account! And if its not a good month...I know to adjust my expenses.
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Unregistered 05:15 AM 01-13-2017
My household already uses YNAB (youneedabudget.com) to track all expenses. I just pull up the categories that I can use t/s on, and there you go.
Every year, I used to wait til December and then try to go back and tally all of my hours, as well as my meals served, and meals reimbursed for my own children.
Finally, for 2016, I set up some simple spreadsheets to track these things. I had some friends I used to help keep me accountable. They never had to remind me, cause every week, I was excited to say that I was still up to date. I was just too tired of not having it ready. So this year, I am EXCITED for taxes, because it won't be all of the tedious work of years past.
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knoxmomof2 06:12 AM 01-13-2017
Hahahahaha! You are SO not alone! (I enjoyed reading the responses by the way!) I throw mine in a box, in a drawer in my closet. Then, I spend 1 or 2 of my slower days near the end of the year, tallying. Then, I stack them, roll them up together and put a rubber band around them. Makes them much more compact for storage!!

Every year, I tell myself it will be different. I was just joking with my DD about that at Walmart last night, in fact! I planned on buying at least paper products in bulk at the beginning of the year, but I just can't bring myself to spend that big chunk of money ahead of time. Agh!

I always say I'll separate out daycare purchases into a separate transaction too, but I don't want to mess with it on shopping night when I'm worrying about my totals and which methods of payment I'll use (I try to use any cash I have first, then debit, and then the credit card IF I need it). I only keep 4 children, so I don't keep separate finances, but the receipts part could be easier if I just did 2 separate transactions.
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Baby Beluga 06:18 AM 02-08-2017
Just wanted to update this and say so far for 2017: I have all of my receipts properly entered and put away, mileage is entered and completed and I changed up my sign in sheets (on my end) to calculate the total tuition paid and meals served for each page, making the yearly total easier to calculate.

Here is to hoping I can continue all year long!
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Tags:receipts, taxes
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