Inspirational and Empowering Child Care Business Owners To Build Successful Child Care Businesses

Archive for the ‘Accounting’ Category

Finish Strong Series Day 8: Get Organized For Your Taxes

Filing your Business taxes is a Big chore every year!

I know because I’ve been filing my own taxes for the last 16 years as a Business Owner.

In fact, I have found that when you are organized with your record keeping throughout the year; it makes it easier for you when it is time to file your taxes.

 

If you enter all of your income & expenses into a computerized accounting program; you have already made it easier on yourself.

However, if your record keeping is manual and in written form, you have a ton of work to do to get ready for the upcoming tax season.

Here is a strategy that has worked for me and it helps me to organized my receipts in categories. Create a folder for items that you can claim on your tax return, including:

  • Classroom materials and equipment
  • Gas
  • Employee incentives and events
  • Business Events
  • Professional Development
  • Food for the Children
  • Your Lunch Receipts
  • Massage and Medical appointments
  • Car or Van Expenses
  • Marketing Expenses
  • Office Supplies
  • Building maintenance or home repairs
  • Utilities
  • Cell phone bills (must be used for Business)

For more Tax preparation tips, Check out this blog post to get some record keeping ideas for 2016, click here.

I want to hear from you, be sure to share your thoughts and feedback with me about this blog series by posting on the Child Care Business Owner facebook page or tweeting me @ccarebusiness. Be sure to use hashtag #Finishstrong2015

Join my Inner Coaching Circle Today!

Your Coach,

Shiketa

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Mastering Your Accounting Skills

intermediateaccountingIt’s your money and it is vital that you manage it well

Money is the life line of your business and when it is gone, you could be out of business.” Furthermore, it takes money to start a business and it takes money to maintain the business. Moreover, that is why I want to inspire you to Master Your Accounting Skills.

Do you plan to have an Accountant or do you manage your own money? Many business owners choose to have an accountant because they are not good at managing money, however, if you want to save your self some money; you must become a mastermind at Accounting.

My thoughts on having an Accountant: I have decided that an Accountant is necessary in the event you meed an outside audit or if you have multiple locations.  Also, if you plan to have multiple locations, it is vital that you have an accountant to monitor your book keeping practices.

To find out how to master your accounting skills or for more Business Management tips, be sure to subscribe to my 21-day (Going to Another Level) Mastermind Mind eCourse. Click here

Shiketa Morgan

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