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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 01-11-2012, 06:51 PM
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sahm1225 sahm1225 is online now
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Default Are You Declaring A Profit?

This is my 2nd year doing daycare. Last year my profit was very small and This year, it's a way more. I became licensed and was able to add more chidren (I started with 2 and am now at 10).

I know this is super personal, but I was curious if anyone was willing to post what their gross receipts were and their ending balance/profit/loss?

Mine as of right now is 70k gross and 48k profit.

I wasn't very good at keeping receipts earlier this year and am paying for it now (tracking receipts down is a pain!). Im curious if my numbers are way off so I would love to know what everyone elses looks like.


Thank you!
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Old 01-11-2012, 07:31 PM
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I'll be showing a major loss this year.

I use the MMK and keep a manilla folder taped to the wall next to my computer to hold the receipts once I've recorded them.
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Old 01-12-2012, 07:37 PM
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I've never shown a profit. Keep all receipts and enter them and they go in an envelope per month.
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Old 01-13-2012, 06:55 AM
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I've never shown more then a $3000 profit.

With a 48K profit, I'm sure youre going to owe quite a bit in taxes!


Are you sure you're claiming everything you possibly can?!?!?!?!?
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Old 01-13-2012, 07:40 AM
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I've never not shown a profit. How people deduct their income down to nothing is beyond me. I generally have 36 to 42 thousand in gross income and have between 22 and 26 in profit. I buy what is needed for the daycare throughout the year, but don't spend a ton of money. I don't think it would be possible to deduct my income down to nothing.
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Old 01-13-2012, 09:18 AM
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Congrats on a great year!
Last year was my first year and I made about 12K with a profit of 3K and that is only with 2 other children part time. This year still 2 other children but full Time made 19K so I'm thinking maybe a profit of 8K or so. Maybe less I have more deductions this year.
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Old 01-13-2012, 12:53 PM
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Quote:
Originally Posted by AnythingsPossible View Post
I've never not shown a profit. How people deduct their income down to nothing is beyond me. I generally have 36 to 42 thousand in gross income and have between 22 and 26 in profit. I buy what is needed for the daycare throughout the year, but don't spend a ton of money. I don't think it would be possible to deduct my income down to nothing.
I agree with this - I always feel like "what am I missing?" when I see people say that they never declare a profit .

I generally gross between 35 to 40K and usually end up with a profit of anywhere from 15 to 23K depending on how much I put back into the business that year.
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Old 01-13-2012, 02:56 PM
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I grossed 14k this first year back (11 months), and will show a small profit of about 1500-2000 when all is said and done. I am ok with that, because we gained more than that 1500 in income, for sure. Part of the reason is because of the time/space thing.

31% of heating, phones, internet, cable, electricity, laundry detergent & cleaning supplies, and every household item that is "shared" in a year can add up to a lot!
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Old 01-13-2012, 03:46 PM
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Is 31% an average time/space percentage? I did a quick calculation last night (not counting the time I spent after the kids left) and came up with 30%. I was just in business for 10 months, but I guess I thought it would be more. I'm happy with it, just wanted to be sure it was about average in case I did something wrong.
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Old 01-13-2012, 08:07 PM
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Quote:
Originally Posted by Sunchimes View Post
Is 31% an average time/space percentage? I did a quick calculation last night (not counting the time I spent after the kids left) and came up with 30%. I was just in business for 10 months, but I guess I thought it would be more. I'm happy with it, just wanted to be sure it was about average in case I did something wrong.
I have one room at 100%, and as far as I can remember from years ago, my percentage was always around 30-35% or so....
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Old 01-13-2012, 08:21 PM
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I have one 100% room too, plus 100% use of my house. I guess I'm on the right track. Thanks!
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