Daycare.com Forum Daycare Forum

Go Back   Daycare.com Forum > Main Category > Daycare Center and Family Home Forum

Daycare Center and Family Home Forum Daycare Center and Family Home owners, Directors, Operators and Assistants should post and ask questions here.

Reply
 
Thread Tools Display Modes
  #1  
Old 01-10-2014, 05:47 AM
laceylmm's Avatar
laceylmm laceylmm is offline
New Daycare.com Member
 
Join Date: Jan 2013
Posts: 227
Default So not prepared for taxes

This is my first year filing as a daycare provider: I really wish I had done more research and prepared more :/
Reply With Quote
  #2  
Old 01-10-2014, 06:05 AM
Jack Sprat's Avatar
Jack Sprat Jack Sprat is offline
New Daycare.com Member
 
Join Date: Jul 2013
Location: God's Country
Posts: 879
Default

I'm in the same boat. I wish I would have kept up with recording expenses. Now I'm entering it all into MLK (love the program). I also ordered Tom Copelands workbook so that will be a huge help. We are hoping to file our own but have an accountant lined up if we get "lost".
Reply With Quote
  #3  
Old 01-10-2014, 06:16 AM
Familycare71's Avatar
Familycare71 Familycare71 is offline
Daycare.com Member
 
Join Date: Apr 2011
Location: New York
Posts: 1,693
Default

I am almost 15 years in and I still have to go through receipts every year... Maybe someday ill learn! I am going to start using MMK too so maybe that will help for 2014!!
Reply With Quote
  #4  
Old 01-10-2014, 06:44 AM
Cat Herder's Avatar
Cat Herder Cat Herder is offline
Advanced Daycare.com Member
 
Join Date: Dec 2010
Posts: 13,753
Default

Quote:
Originally Posted by Familycare71 View Post
I am going to start using MMK too so maybe that will help for 2014!!
It makes a huge difference.

I have a manilla envelope, labled "daycare receipts". I keep it on my desk all year. It takes about 15 seconds to record them as I receive them, then I toss them into the envelope.

By the last attendance day before the Christmas Holidays I hit print on all forms, seal the envelope and hand the parents their forms. Simple.

***The only thing new here for 2014 is that I need to photo copy all store receipts then staple them together as the ink is not keeping like it once did.
__________________
- Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
Reply With Quote
  #5  
Old 01-10-2014, 06:56 AM
melilley's Avatar
melilley melilley is offline
Daycare.com Member
 
Join Date: Oct 2012
Location: Michigan
Posts: 5,018
Default

I'm in the same boat! I've spent the last two days entering info into MMK! One of my New Years Resolutions is to enter everything the day I get or pay it!
Reply With Quote
  #6  
Old 01-10-2014, 06:57 AM
daycarediva's Avatar
daycarediva daycarediva is offline
Daycare.com Member
 
Join Date: Jul 2012
Posts: 11,543
Default

Quote:
Originally Posted by Cat Herder View Post
It makes a huge difference.

I have a manilla envelope, labled "daycare receipts". I keep it on my desk all year. It takes about 15 seconds to record them as I receive them, then I toss them into the envelope.

By the last attendance day before the Christmas Holidays I hit print on all forms, seal the envelope and hand the parents their forms. Simple.

***The only thing new here for 2014 is that I need to photo copy all store receipts then staple them together as the ink is not keeping like it once did.
I am using MMK for the first time this year and so far, it's awesome! I started photocopying receipts last year after the scramble to recreate records using my cc statements due to faded receipts fiasco. Never again.
Reply With Quote
  #7  
Old 01-10-2014, 07:52 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

So I am behind on the times what is MMK? How does it help with taxes/receipts? Isn't MM, minute menu? So confused
Reply With Quote
  #8  
Old 01-10-2014, 07:58 AM
MarinaVanessa's Avatar
MarinaVanessa MarinaVanessa is offline
Family Childcare Home
 
Join Date: Jan 2010
Location: Ventura County, CA
Posts: 7,200
Default

Quote:
Originally Posted by mountainside13 View Post
So I am behind on the times what is MMK? How does it help with taxes/receipts? Isn't MM, minute menu? So confused
Yes, MMK is Minute Menu Kids. The completely unlocked version is Minute Menu Kids Pro (subscription). It's the program that the food program uses to keep track of and claim your meals with but you can do a lot more especially with the unlocked version like keep attendance, mileage, track expenses (which will calculate all of your time/space % for you as long as you keep track of attendance), track meals, track payments, create invoices, accept electronic payments, create reports (like W-10's and MUCH more). It's pretty much a child care providers dream all-in-one record keeping program.
Reply With Quote
  #9  
Old 01-10-2014, 08:16 AM
melilley's Avatar
melilley melilley is offline
Daycare.com Member
 
Join Date: Oct 2012
Location: Michigan
Posts: 5,018
Default

Quote:
Originally Posted by MarinaVanessa View Post
Yes, MMK is Minute Menu Kids. The completely unlocked version is Minute Menu Kids Pro (subscription). It's the program that the food program uses to keep track of and claim your meals with but you can do a lot more especially with the unlocked version like keep attendance, mileage, track expenses (which will calculate all of your time/space % for you as long as you keep track of attendance), track meals, track payments, create invoices, accept electronic payments, create reports (like W-10's and MUCH more). It's pretty much a child care providers dream all-in-one record keeping program.
This is my first year doing taxes and I am using MMK. It's so easy and convenient!
Reply With Quote
  #10  
Old 01-10-2014, 08:28 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

Quote:
Originally Posted by MarinaVanessa View Post
Yes, MMK is Minute Menu Kids. The completely unlocked version is Minute Menu Kids Pro (subscription). It's the program that the food program uses to keep track of and claim your meals with but you can do a lot more especially with the unlocked version like keep attendance, mileage, track expenses (which will calculate all of your time/space % for you as long as you keep track of attendance), track meals, track payments, create invoices, accept electronic payments, create reports (like W-10's and MUCH more). It's pretty much a child care providers dream all-in-one record keeping program.
Wow! I had no idea! I thought it was just to keep track of food for providers that use the food program! I am going to start using it for this year. I'm pretty organized but this year with the unusually busy holidays I just threw the receipts in a drawer. Now I have to go through all of them before I can file.
I would love an easier way!
Reply With Quote
  #11  
Old 01-10-2014, 08:31 AM
Cat Herder's Avatar
Cat Herder Cat Herder is offline
Advanced Daycare.com Member
 
Join Date: Dec 2010
Posts: 13,753
Default

Quote:
Originally Posted by mountainside13 View Post
Wow! I had no idea! I thought it was just to keep track of food for providers that use the food program! !
I am not on the food program and LOVE MMK Pro. I do the menus, though, because the parents like them and it keeps me organized for shopping. Get the free trial, you could be getting started by naptime (it is only $69.95 per year after that.).
__________________
- Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
Reply With Quote
  #12  
Old 01-10-2014, 08:43 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

Quote:
Originally Posted by Cat Herder View Post
I am not on the food program and LOVE MMK Pro. I do the menus, though, because the parents like them and it keeps me organized for shopping. Get the free trial, you could be getting started by naptime (it is only $69.95 per year after that.).
I just did a little research on it. It sounds pretty great! I will start the free trial, I am sure I will love it. But it might be a little hard convincing my husband to pay $70 a year for it.
Reply With Quote
  #13  
Old 01-10-2014, 08:45 AM
melilley's Avatar
melilley melilley is offline
Daycare.com Member
 
Join Date: Oct 2012
Location: Michigan
Posts: 5,018
Default

Quote:
Originally Posted by mountainside13 View Post
I just did a little research on it. It sounds pretty great! I will start the free trial, I am sure I will love it. But it might be a little hard convincing my husband to pay $70 a year for it.
Tell him if he doesn't let you get it, then he can do your taxes...lol
Reply With Quote
  #14  
Old 01-10-2014, 08:54 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

Quote:
Originally Posted by melilley View Post
Tell him if he doesn't let you get it, then he can do your taxes...lol
Haha! That would make him want it! How do you scan/enter in the receipts?
Reply With Quote
  #15  
Old 01-10-2014, 09:00 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

Quote:
Originally Posted by Cat Herder View Post
I am not on the food program and LOVE MMK Pro. I do the menus, though, because the parents like them and it keeps me organized for shopping. Get the free trial, you could be getting started by naptime (it is only $69.95 per year after that.).
I looked at the app portion and it says that providers that don't participate in the food program can't use the app. So I would only be able to use it on a computer?
Reply With Quote
  #16  
Old 01-10-2014, 09:01 AM
melilley's Avatar
melilley melilley is offline
Daycare.com Member
 
Join Date: Oct 2012
Location: Michigan
Posts: 5,018
Default

Quote:
Originally Posted by mountainside13 View Post
Haha! That would make him want it! How do you scan/enter in the receipts?
There are categories in the program, some things you depreciate, some not, but you can select a category and it will list examples and will have a depreciation part if it needs to be depreciated. I just manually enter the info. This probably doesn't make sense...hopefully someone can explain it more!

I'm still learning. I'm still going to go to a tax pro and am taking a tax class next week.
Reply With Quote
  #17  
Old 01-10-2014, 09:03 AM
Cat Herder's Avatar
Cat Herder Cat Herder is offline
Advanced Daycare.com Member
 
Join Date: Dec 2010
Posts: 13,753
Default

Quote:
Originally Posted by mountainside13 View Post
I looked at the app portion and it says that providers that don't participate in the food program can't use the app. So I would only be able to use it on a computer?
I only use mine on my computer because I am old and small print is not my friend.

I am not a smart phone person.
__________________
- Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
Reply With Quote
  #18  
Old 01-10-2014, 09:08 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

Quote:
Originally Posted by Cat Herder View Post
I only use mine on my computer because I am old and small print is not my friend.

I am not a smart phone person.
Haha! That would be a deal breaker for me if I can't use the app or my smart phone. We don't have a working laptop or a desktop anymore. The laptop we have is stuck in safe mode and has so many viruses no software could fix it. Lol!
Reply With Quote
  #19  
Old 01-10-2014, 09:16 AM
Cat Herder's Avatar
Cat Herder Cat Herder is offline
Advanced Daycare.com Member
 
Join Date: Dec 2010
Posts: 13,753
Default

Quote:
Originally Posted by mountainside13 View Post
Haha! That would be a deal breaker for me if I can't use the app or my smart phone. We don't have a working laptop or a desktop anymore. The laptop we have is stuck in safe mode and has so many viruses no software could fix it. Lol!
I am sorry to hear that. I don't think I could function without a PC. My family uses word, go to meeting and power point almost daily for homework and my DCK's do online preschool sessions a couple times a week for benchmark portfolios.

'Ya know buying one could be viewed as a business expense for you (not sure what percentage, ask Tom if you want a correct answer on that ).

The $70 subscription fee is also deductible.
__________________
- Unless otherwise stated, all my posts are personal opinion and worth what you paid for them.
Reply With Quote
  #20  
Old 01-10-2014, 09:38 AM
mountainside13's Avatar
mountainside13 mountainside13 is offline
Daycare.com Member
 
Join Date: Jan 2014
Location: Central Iowa
Posts: 868
Default

Quote:
Originally Posted by Cat Herder View Post
I am sorry to hear that. I don't think I could function without a PC. My family uses word, go to meeting and power point almost daily for homework and my DCK's do online preschool sessions a couple times a week for benchmark portfolios.

'Ya know buying one could be viewed as a business expense for you (not sure what percentage, ask Tom if you want a correct answer on that ).

The $70 subscription fee is also deductible.
That's true
Reply With Quote
  #21  
Old 01-10-2014, 10:25 AM
GKJNIGMN's Avatar
GKJNIGMN GKJNIGMN is offline
Daycare.com Member
 
Join Date: Oct 2013
Location: Pennsylvania
Posts: 140
Default

I kicked my butt into gear over New Years Day and have kept up with MMK like everyone suggested so hopefully next year will be good. Thankfully I have only been in business since August so I should be able to figure it all out from receipts.
Reply With Quote
  #22  
Old 01-10-2014, 10:49 AM
Kcole1075's Avatar
Kcole1075 Kcole1075 is offline
Daycare.com Member
 
Join Date: Nov 2013
Location: Southern California
Posts: 141
Default

I started in September i had a bunch of receipts kept i had them in a section of my wallet. But hubby LOVES to clean out my purse! I looked the other day for the reciepts and they are all gone!

I now have 4 reciepts for taxes. I did label the transactions on my bank account as which one was for buisness and stuff. But i have no reciepts to show what i got.
Reply With Quote
  #23  
Old 01-10-2014, 10:54 AM
Crazy8's Avatar
Crazy8 Crazy8 is offline
Advanced Daycare.com Member
 
Join Date: Jun 2011
Location: USA
Posts: 2,769
Default

I have to get started on my tax info!!! I always procrastinate and end up rushing last minute, LOL!! I don't use MMK, I like to use my own excel spreadsheets that I have tweaked over the years.

I really should work on parent statements this weekend so I can get them out a little early this year!
Reply With Quote
  #24  
Old 01-10-2014, 11:19 AM
MarinaVanessa's Avatar
MarinaVanessa MarinaVanessa is offline
Family Childcare Home
 
Join Date: Jan 2010
Location: Ventura County, CA
Posts: 7,200
Default

Quote:
Originally Posted by Crazy8 View Post
I really should work on parent statements this weekend so I can get them out a little early this year!
I know you mentioned that you don't use MMK but I have to put in a shameless plug here ... my client's W-10's were ready in 1 minute on January 1 and my clients had them in hand Jan 2, MMK makes it so easy but everyone is comfortable doing it their own way .

I used to use the Calendar Keeper.
Reply With Quote
Reply

Tags
minute menu kids pro, mmk, mmk - app, mmk - reports, receipts

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Families Not Prepared For Attending Daycare Unregistered Daycare Center and Family Home Forum 102 11-14-2013 04:41 PM
Going Into Home Daycare-Adversity Unregistered Daycare Center and Family Home Forum 30 03-27-2013 12:00 PM
Prepared Meals B Lou Daycare Center and Family Home Forum 8 08-22-2012 07:02 AM
Just Trying To Be Prepared... Cupajoe New Members - Welcome to the Daycare.com Forum! 1 07-20-2012 01:42 PM
The cook in preschool must be professional and well prepared. S/he must, after an off TGPII New Members - Welcome to the Daycare.com Forum! 2 04-30-2012 10:18 AM


All times are GMT -7. The time now is 07:59 AM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming