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Daycare and Taxes>First Year Filing Daycare Taxes *Confused*
Unregistered 05:44 PM 12-16-2010
My husband and I do our taxes ourselves through turbo tax, but I opened an in home daycare this year and I was wondering if I should go to H&R Block or something similar...even though it will cost HUNDREDS of dollars!

I keep meticulous records, I'm kind of OCD about it, I have time sheet records for all hours I worked, a calendar showing what days which kids were here, what meals/snacks they ate, dates I was paid and amount etc

I have all my receipts organized by month plus the dates I made the purchases and the amount of the purchase written on the calendar

I have meal tracking sheets for each week filled out and know to the penny how much I can claim for food reimbursment, same with mileage, etc

I have the square footage of each room I used documented, with the total percentage of house that I use, and the total number of hours my daycare is open

So, I have all my bases covered...so my question now is....now what?? What do I do with all these receipts that are stapled to my calendar, my utility bills, my mileage sheets, etc....do I just type my into into turbo tax and save all this paperwork in case I get audited, do I mail it to the IRS and let them leaf through it...There were some months where my spending outweighed my income after mileage, food, buying big ticket items to get started (playpens, bouncers, changing table, etc) and I'm scared that's going to sound off the warning bells if I don't mail in my receipts to "prove" my losses are legit.

I'm kind of a mess over this stuff right now, so any advice would be really, really appreciated!
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Tags:mmk, money management, tax return, turbo tax
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