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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 11-01-2010, 12:01 PM
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Default What Do You Use ?? Software

Hey wondering what software people use and why they like it? do I need to purchase a program or not? I am just starting out last week so I wont have alot for childrens pay for care for the year but what about the start up rule all the things in your house to write off that you had before etc.. Did you make a inventory off everything you own? I need some advice so I start off on the right foot. thanks!
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Old 11-01-2010, 10:19 PM
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Abigail Abigail is offline
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It's not required to purchase or use software. Are you on the Food Program? You can log certain information on there. The main thing is to keep records of everything. Make sure you are keeping track of attendance, meals given, menus, etc.

I am reading Tom Copeland's book called Family Child Care Record-Keeping Guide and would recommend you purchase it before the end of the year. It's easy to understand and gives a lot of specific scenarios for item deductions for taxes. You can't just "write-off" what you already own, but whatever your daycare uses does depreciate and you can claim that over so-many years depending on what it is. It is best to purchase items after your daycare opens because anything usually under $100 can be tax-deductible since you're open for business, but if you had it before you were open for business you need to find the value of the item today and depreciate it over so-many years. All of this, of course, is related back to your time-space percentage that you will learn more about in the book. You can't have anything count as 100% daycare unless you follow the rules that it's ONLY used for daycare and never you or your own kids outside of daycare hours, so usually everything is a percentage.

I would take pictures of your daycare space as proof of what you have and it's never a bad idea to document things/take inventory.
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Old 11-02-2010, 03:51 AM
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I have Toms book as well, but have not had alot of time to really study it yet. There are others I want too!

I use Minute Menu Kids and I cant imagine me using anything else! I love it and you get a free 30 day trial to see how you like it.
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Old 11-03-2010, 05:24 AM
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is the mmk good for even if you are not doing food program? I currently have one infant. so I am not doing food program they supply me the formula.
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Old 11-03-2010, 06:03 AM
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Yes! You do not need to be on the food program to be on MMK. You just wouldnt fill out the food info.
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