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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 02-23-2020, 03:39 PM
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Default How Do You Keep Track of Daycare Income and Expenses?

As I'm starting up in the next month, I'm trying to create a functional system for keeping track of income vs. expenses that I wouldn't have if I didn't have the daycare (i.e. what income I am bringing in by working). At the same time, I'm trying to figure out how to keep track of income vs. expenses that can be written off for taxes.

What are your systems? Do you have two such as what I am proposing?
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Old 02-23-2020, 04:12 PM
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You could use daycare software to better manage your business like Kidkare or Minute Menu. Here are some more helpful threads: https://www.daycare.com/forum/tags.p...ycare+software
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Old 02-24-2020, 04:01 AM
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KidKare is what I use going on 10 years. I wish I would have found it earlier in my career. I no longer have mounds of paper to store for years and it keeps everything instantly accessible. Printing out all your tax papers and enrollment forms in seconds is really easy. The auto-invoicing and auto-pay online payment section have been such a time and stress saver, too.

Oh, and it's only $8 a month.
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Old 02-26-2020, 01:58 PM
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I love KidKare. It makes record keeping easy - except for the part where I have to actually sit down and do it. But I have wine for that.
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Old 02-27-2020, 11:04 AM
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With KidKare, does anyone else have trouble getting their time/space to come out correctly? I'm trying to get my taxes put together from last year and KidKare is only including the hours that children were in attendance and not counting the 100+ hours I have logged as "Other hours". I only started up last August, so this is my first time figuring it all out.
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Old 02-27-2020, 11:44 AM
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Did you save each and every month separate on your "children present hours" under expenses (actions)?

Mine were really short, at first, then I realized that I had to do that, too, not just log daily attendance.

Mine does add the two together, though.
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Old 02-27-2020, 12:38 PM
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I started with the redleaf calendar keeper and then made Google sheets instead. They ca be updated from any device as they are stored in my Google drive. I love the convenience.
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Old 02-27-2020, 02:13 PM
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Quote:
Originally Posted by BoysMom View Post
With KidKare, does anyone else have trouble getting their time/space to come out correctly? I'm trying to get my taxes put together from last year and KidKare is only including the hours that children were in attendance and not counting the 100+ hours I have logged as "Other hours". I only started up last August, so this is my first time figuring it all out.
Where are you looking for that info? Under Accounting - Expenses - Time/Space - Time/Space Calculation it should include all of those hours when you click the Calculate % button. Otherwise you can run separate records of hours children attended and other hours under Reports - Accounting Reports.
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