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Tax thoughts

Posted by on Sep. 10, 2012 at 8:52 AM
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 I was told to count business expenses even for just 1 child. That it would help reduce the amount of tax we pay.

Anyone else do that? Got a great site on how to get started, or a book?

Thanks.

by on Sep. 10, 2012 at 8:52 AM
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JSCC
by Member on Sep. 20, 2012 at 7:17 AM

Definitely keep track of expenses!

Don't forget to record meals and snacks you fed them.

links below are a starting place

http://www.thinksmall.org/for_early_childhood_professionals/record_keeping_and_taxes

http://tomcopelandblog.typepad.com/tom-copelands-taking-car/record-keeping-taxes/

CampClan
by on Sep. 20, 2012 at 10:17 PM

Just some food for thought- I get my taxes done at H&R Block. I was a preschool teacher (for 5 eyar olds not in kindergarten). I saved my receipts (about $150 worth). I was told that because I was not a certified teacher (neither preschool nor K-12) I could not claim my expenses. IDK if that is actually true or not but I refused to buy anything else after that!

JSCC
by Member on Sep. 21, 2012 at 7:01 AM


Quoting CampClan:

Just some food for thought- I get my taxes done at H&R Block. I was a preschool teacher (for 5 eyar olds not in kindergarten). I saved my receipts (about $150 worth). I was told that because I was not a certified teacher (neither preschool nor K-12) I could not claim my expenses. IDK if that is actually true or not but I refused to buy anything else after that!


that does not sound right to me.

If you take care of children in your home, then you are running a business in your home and there are lots of deductions you can claim ... things you use in your house that are also being used by the children in your care.  I go to a tax preparer who specializes in doing taxes for daycares.

CampClan
by on Sep. 21, 2012 at 12:06 PM
It's not in my home- it's in a center based daycare. And the company was small family owned & never re-imbursed us for anything.

Quoting JSCC:



Quoting CampClan:


Just some food for thought- I get my taxes done at H&R Block. I was a preschool teacher (for 5 eyar olds not in kindergarten). I saved my receipts (about $150 worth). I was told that because I was not a certified teacher (neither preschool nor K-12) I could not claim my expenses. IDK if that is actually true or not but I refused to buy anything else after that!



that does not sound right to me.


If you take care of children in your home, then you are running a business in your home and there are lots of deductions you can claim ... things you use in your house that are also being used by the children in your care.  I go to a tax preparer who specializes in doing taxes for daycares.

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