Daycare.com Forum Kidacare by Minute Menu HiMama Childcare App

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 12-05-2010, 07:22 PM
broncomom1973's Avatar
broncomom1973 broncomom1973 is offline
Daycare.com Member
 
Join Date: Sep 2010
Posts: 179
Default Food Costs

I am trying to figure out the best way to go about this. I have been doing daycare 1-1/2 years and last year I used Quickbooks and did splits (broke down all of the paper goods, art supplies, groceries, cleaning supplies, toys etc) on all of my receipts. My computer crashed and although I thought I had backed up all of my data we are unable to find it. It shows the right date but nothing is there past 12/2009. So, my question is, do you break down your receipts like or do you do it another way? Doing splits on all of my receipts will honestly take an incredible amount of time since I am essentially starting over from January. I know there are other ways mentioned in the Record Keeping Guide but I am curious as to how everyone else does their food/cleaning/supply costs. I know there has to be an easier way. Please help, any suggestions or information is greatly appreciated.
Reply With Quote
  #2  
Old 12-06-2010, 07:04 AM
jen jen is offline
Advanced Daycare.com Member
 
Join Date: Sep 2009
Posts: 1,808
Default

I use the standardized amount for food as provided by the IRS...for many of the other items, I purchase those soley for daycare or soley for home use.
Reply With Quote
  #3  
Old 12-06-2010, 08:47 AM
broncomom1973's Avatar
broncomom1973 broncomom1973 is offline
Daycare.com Member
 
Join Date: Sep 2010
Posts: 179
Default

Forgive me, but what do you mean by the standardized amount? Do you do anything with your receipts or you just go by how many meals are served? I mean it when I say I am clueless about how to go about this. Dh wants me to do splits on all of my reciepts, but I really dont have the time to start over from the beginning of the year. Please explain to me what you mean. Thanks.
Reply With Quote
  #4  
Old 12-06-2010, 11:44 AM
AnythingsPossible AnythingsPossible is offline
Daycare Member
 
Join Date: Jan 2010
Posts: 795
Default

There is a standard deduction that you can claim for meals on your taxes. I am unsure of what the rate is for 2010, but you can deduct a certain amounty per child for breaksfast, am snack, lunch, pm snack and dinner if you serve it.
Check with your tax professional for sure, but I believe the rates are 1.19 for breakfast, 2.22 for lunch/supper, and .66 for snacks. You add up how many meals you served and then multiply it by the amount. You claim this as your meal deduction and then have no need for grocery reciepts, you do however still need to keep receipts for non food items you plan to deduct.
Reply With Quote
  #5  
Old 12-06-2010, 12:45 PM
broncomom1973's Avatar
broncomom1973 broncomom1973 is offline
Daycare.com Member
 
Join Date: Sep 2010
Posts: 179
Default

Thank you.
Reply With Quote
Reply

Tags
food costs

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may 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
Does Food Program Really Cover Food Costs? kpa0627 Daycare Center and Family Home Forum 64 07-29-2016 05:44 PM
When Do You Stop Pureed Baby Food? SunflowerMama Daycare Center and Family Home Forum 5 08-08-2012 12:04 PM
Advice on Food, wwyd? E Daycare Daycare Center and Family Home Forum 12 04-28-2012 06:07 AM
Food Reimbursement Question For Those That Aren't On The Food Program MarinaVanessa Daycare and Taxes 17 10-06-2010 01:47 PM
Food Program tenderhearts Daycare Center and Family Home Forum 17 07-28-2010 05:28 AM


All times are GMT -7. The time now is 12:44 PM.



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