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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 01-21-2011, 12:47 PM
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JeepGirl6 JeepGirl6 is offline
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Question Hiring a Tax Professional

This is my first year doing child care taxes. I am very overwelmed with this whole thing so I have been sort of putting it off but I know it is something I really need to look into. I have all of my receipts for food for the children, just have to add all of them up for my food deduction. I pay all of my bills online so I don't have any paper track of my house payment or utlities but can look up past payments online, so should I print out my previous payments to give to a tax professional? I am still trying to figure out the whole t/s thing. ( Do I need to have this already figured out for the tax professional?) I use four main rooms ( 3 are strictly daycare and one room is personal/daycare) in my home for my daycare, in addition do you count your bathroom? If I go to a tax professional I don't want them to think I am stupid for not having everything in order...Can someone tell me what all I need to take to a tax professional..... Advice on any good family child care tax professionals in Ohio? I bought Tom's Tax workbook(2009) ( Didn't realize he revised every year) and looked over a few chapters but it is out of date so I don't want to fill in the info and not even be able to use it, let alone, I find it confusing since I have never been self employed before...Do many of you get into depreciation of things such as items in your home, your house alone? I don't know if I want to deal with figuring out the whole depreciation stuff.....Also how to do you deduct the gas when you go grocery shopping? Because I don't just put gas in my vehicle to go to Giant Eagle for example, that gas is used to go other places...I didn't keep gas receipts for 2010...probably should have...Ahhh For those of you who do hire a tax professional about how much do they charge?
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Old 01-21-2011, 07:04 PM
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My4SunshineGirlsNY My4SunshineGirlsNY is offline
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I HIGHLY recommend you get Tom Copeland's Family Child Care Record Keeping Guide. It has helped me understand so many deductions that I can take and once you read the book, things don't seem as overwhelming. Last year (well 2009 I mean) was my first year in Business and although I had his book, I didn't read very far as I always had a zillion things to do. But with this being my first full year in business, I thought I better get a better grip on what I can deduct.

At first the depreciation seemed so complicated but it really isn't. If you can find a way to organize your records, everything goes much more smooth. I wanted to be very organized so I bought the annual subscription to Minute Menu Kids, software program for Child Care providers. It takes a little time to browse the program and understand everything but it really is an easy program and the BEST part is, all you have to do is enter your info (attendance, receipts, addition time, ect.) and the program calculates everything for you! Your time/space percent, gas mileage, standard meal rates.

I always take the standard meal allowance and the standard mileage rate. I find it much easier as I have enough receipts for other purchases.

If you have all your receipts (get your utility payment statements from your utility company or print them from online if you can), my best recommendation is use Minute Menu Kids...it has saved me from a TON of stress and keeps me VERY well organized. Good luck! Get the book and don't miss out on the deductions you are entitled to!
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Old 01-21-2011, 07:44 PM
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TomCopeland TomCopeland is offline
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Default Tax Professional

Don't worry about what to bring to your tax professional. He or she will tell you what they want. You can use the Organizer in my 2009 Tax Workbook to help you organize your records. There's a tax preparer directory at www.resourcesforchildcare.org (Click on Child Care Provider). Then click on Business of Child Care. Then click on Record Keeping.
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