Daycare.com Forum
Daycare and Taxes>So overwhelmed with taxes
Missani 12:50 PM 02-22-2011
I just started daycare in 2010. Up until this point, I've always done my own taxes with no problem. Now I am completely overwhelmed.
I did a lot to my home to start this business. I finished my basement, bought all new furniture and supplies, put up a fence, etc. I know the bulk of that is depreciated, but I don't know how to sort it all out.
As for other stuff, I have piles of receipts all over my house. I also have mileage figures jotted down and the amount of time spent on stuff figured to some extent.
I do not have MMK. I also do not have any of Tom's books. The funny thing about that is that Resources for Child Caring is literally across the street from my home (a busy street) and they sell all of his books, but I cannot get there because they are open 8-5 M-F. I could order them, but it seems silly since I have such easy access to them...I just can't get there. Also, I do not know which books I need to purchase.
I do plan to do the webinar, which again seems silly to me because Tom is very local to where I live and does presentations all over the place frequently. Again, I just am not organized enough to get there.
I also don't know how to find someone to prepare my taxes. Or, can I do them myself? I could if I had the right program? Would Turbotax business work, or will it miss some of daycare's specific laws? Could my accountant sister help me, or does she lack critical information specific to child care?
I am so lost. I am just clueless. I don't even know what I need to start doing this. I will be the idiot of the webinar for sure! Any advice is much appreciated!
I did a lot to my home to start this business. I finished my basement, bought all new furniture and supplies, put up a fence, etc. I know the bulk of that is depreciated, but I don't know how to sort it all out.
As for other stuff, I have piles of receipts all over my house. I also have mileage figures jotted down and the amount of time spent on stuff figured to some extent.
I do not have MMK. I also do not have any of Tom's books. The funny thing about that is that Resources for Child Caring is literally across the street from my home (a busy street) and they sell all of his books, but I cannot get there because they are open 8-5 M-F. I could order them, but it seems silly since I have such easy access to them...I just can't get there. Also, I do not know which books I need to purchase.
I do plan to do the webinar, which again seems silly to me because Tom is very local to where I live and does presentations all over the place frequently. Again, I just am not organized enough to get there.
I also don't know how to find someone to prepare my taxes. Or, can I do them myself? I could if I had the right program? Would Turbotax business work, or will it miss some of daycare's specific laws? Could my accountant sister help me, or does she lack critical information specific to child care?
I am so lost. I am just clueless. I don't even know what I need to start doing this. I will be the idiot of the webinar for sure! Any advice is much appreciated!
Little People 01:18 PM 02-22-2011
I am with you 100%. I have most of mine done and today i went into Turbo tax to see what it would do and I feel i am not getting back what I should. I think I am going to call around and see if i can find someone to do them
TomCopeland 02:11 PM 02-22-2011
Since you are overwhelmed (not uncommon for new providers) I would recommend hiring a tax preparer for your first year. I've posted a tax preparer directory at http://nafcc.net/index.php?option=co...297&Itemid=105
There are a number of tax preparers in the Twin Cities who have a lot of experience doing family child care taxes. I would not recommend using Turbo Tax cause it won't help if you don't already know what you are doing.
Look forward to hearing from you at the webinar.
I would suggest getting my Family Child Care Record Keeping Guide. It identifies over 1,000 allowable deductions and can help you get organized. Order it by phone! 800-423-8309.
Monday is the date for my webinar "How to Reduce Your Taxes for 2010 and 2011" sponsored by daycare.com. For more info:https://www.daycare.com/news/taxes/t...d-webinar.html
There are a number of tax preparers in the Twin Cities who have a lot of experience doing family child care taxes. I would not recommend using Turbo Tax cause it won't help if you don't already know what you are doing.
Look forward to hearing from you at the webinar.
I would suggest getting my Family Child Care Record Keeping Guide. It identifies over 1,000 allowable deductions and can help you get organized. Order it by phone! 800-423-8309.
Monday is the date for my webinar "How to Reduce Your Taxes for 2010 and 2011" sponsored by daycare.com. For more info:https://www.daycare.com/news/taxes/t...d-webinar.html