3 Easy Tips For Managing Your Record Keeping
To assure that you are prepared for tax time or in the event of an audit, it is vital that you effectively manage and maintain your tax records. Every year at the end of the year, I take a look at how I have been keeping track of my business income and expenses for tax … Read more
Getting Organized To Issue Tax Information To Parents
I’ve been preparing and issuing yearly Child Care Payment totals for parents since 1999 and I have found that it is vital that I keep track of parent payments to assure that parents are issued accurate totals for their tax return. In 2011, two parents questioned the payment totals that I issued to them (for 2010 childcare payments) and I thought that was impossible, because I was … Read more
Simple Strategies For Maintaining Receipts and Financial Records
The year was 1998 and I was only caring for one child. In fact, having one child enrolled, only brought in over $300 a month in income for my childcare business. That was not very much money to manage, however, it was a humble beginning and a start to managing income and expenses in my … Read more
Issuing Tax Statements To Parents
This is the Last Business week of the year and parents will soon be asking you for a childcare payment tax statement. Parents appreciate receiving childcare tax statement information in a timely manner to get extra credits on their tax return. A tax statement does not have to be a fancy document. However, it must contain the following information … Read more
Sole Proprietor or Limited Liability (LLC)?
Many child care providers have recently asked me this question, ” Should my childcare business be incorporated?“ The decision to incorporate your childcare business is solely up to you, however, it is recommended by tax professionals that childcare providers set up a Limited Liability Company (LLC) to reduce their personal liability. I was licensed as … Read more
Payroll and Tax Mistakes to Avoid – by Benita Tyler
When it comes to classifying the people who work for you it is important to know how to properly classify payments for payroll and keep your company in tax compliance. Here are a few things that will help you when it comes to reporting payroll at tax time. Employees An employee may be hired to … Read more
