As I write this post we are only 30 days from the April 15th tax deadline. However, before you file your taxes, I want share with you five ways to get organized and share a lost of items that you may deduct as a business owner.
A childcare business comes alonvg with lots of expenses or as some would say, a very large over head.
In fact, as a childcare business owner myself, I’ve learned that almost everything seems to be a tax expense and it is truly necessary to keep a letter size envelope with you just to keep up with receipts.
I’m not a CPA, but I have done my own business taxes for over 25 years using Turbo tax to file my taxes every year without any audits.
Today I simply want to share some tax filing tips with you that I’ve used for many years and I believe that the tips that I’m going to share with you today will help you to get prepared for your upcoming tax filing.
5 habits that lead to a more organized tax preparation:
- Create an expense folder for operating expenses.
- Use a book keeping program and enter business expenses into the accounting program as you get receipts.
- Enter your income into your accounting program weekly or monthly.
- Use a payroll company to process payroll and file all payroll reports on a virtual folder. If you are old school like me, file reports on a 3 ring binder.
- File business expense receipts daily.
Expenses to claim on your taxes
- Rent or Lease payments
- Mortgage interest for home daycare providers
- Supplies
- Utililities
- Gas
- Insurance (Health/ liability/homeowners)
- Payroll
- Tax deposits
- Events
- Professional Development
- Medical cost ( health, dental, chiropractor, vision etc)
- Communication ( cell phone, internet, etc)
- Marketing ( website, ads, flyers)
- Vehicle Expenses
- Donations
- Travel Expenses
- Building or home repairs
- Food for the children
- Equipment purchases
- Alarm services
- Inspections/License/ Legal fees
That was a short list of expenses that you can claim, however. I hope that you are prepared to claim all your business expenses.
Keep this in mind, the more expenses that you claim, the less taxes you will owe.
Moreover, the amount of taxes that you pay is also determined by other factors that I have not mentioned in this post. I do suggest that you consult a CPA if you have tax questions or if you need assistance, I’m available for coaching.
Happy Tax filing 😊
Dr.Shiketa Morgan
Get my newbook, Child Care Business Success Habits!
The Child Care Business Owner Institute 
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