broncomom1973 07:22 PM 12-05-2010
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.
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.
broncomom1973 08:47 AM 12-06-2010
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.
AnythingsPossible 11:44 AM 12-06-2010
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.
broncomom1973 12:45 PM 12-06-2010
Thank you.