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

Getting Organized To Issue Tax Information To Parents

01 15 12

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 using Quickbooks to keep track of my weekly parent payments.

Moreover, I discovered, that I failed to record several payments in my payment receipt book, which resulted in two payments not being entered into the computer. I  praised those parents for doing such a great job on keeping track of their childcare payments and thanked them for bringing the tax error to my attention.

In fact, I was so grateful for the error, because it inspired me to be more diligent about recording payments that I receive from parents.

Tom Copeland writes a great blog for Child Care Providers and I strongly suggest that you check out his blog post titled: A Family Child Care provider asks:Is it income if I don’t report it?

As I was preparing to issue Child Care Payment totals for 2011, I was reminded again of the importance of keeping track of parent payments and how time-consuming the process is.

According to Tom Copeland, “In any situation, however, money you receive from parents for child care is taxable income and must be reported on IRS Form 1040 Schedule C. If you fail to report all of your income there are several ways you can get caught:

* A parent who previously agreed not to claim the child care tax credit may decide later to go ahead and claim the credit when she realizes how much it can be (the maximum is $1,050 for one child).”

Furthermore, be sure to give parents a notice that indicates the following information:

  • Your Tax Id number
  • The Name and address of your business
  • The amount that the parent paid you for childcare services
  • The name of the child or children that you cared for
  • Your phone number
  • It’s also a good idea to add the following words on the Tax Letter Please keep with your “Tax Year” Records

The IRS does not look for any form in particular from you to issue to parents, however, the parent will need the information above to claim a child and dependent tax credit.

My final tip to you is to have a back-up system for keeping track of childcare payments and this includes:

  • Creating a back-up file on a flash drive
  • Keep a copy of the written payment receipts issued to parents
  • Have payments stored in your computerized financial software for easy access

Have you prepared your tax statements or letters to issue to parents for 2011 yet? If so, how was the process for you? I look forward to your comments and tax payment ideas.

With your Child Care Business in Mind,

Shiketa

Are You ready to expand your business? Frustrated with the level that you are on?  Check out the Going to Another Level, 21-Day Mastermind e-Club.

Category:

Business Management, Family Child Care, Record Keeping, Taxes

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Getting Organized and Attracting Success with Feng Shui

01 11 12

Time to Get Organized the Feng Shui Way…

2011 was a very busy year for me. I was busy writing e-books and creating e-Courses. Due to my busy schedule, I failed to keep my office organized.

In fact, my busy schedule resulted in my office being cluttered, which led to clutter throughout the business. In 2011, My goal is to de-clutter and improve my business maintenance plan for a more productive year in business.

I am starting off the year by implementing some Feng Shui tips in my office and in the classrooms!

What is Feng Shui?

It is a complex branch of knowledge, which was developed by the Chinese. It simply explains the phenomenon of balancing energies to bring good health and wealth.

Robert T. Carroll sums up what feng shui has become in some cases: Feng Shui has become an aspect of interior decorating in the Western world and alleged masters of feng shui now hire themselves out for hefty sums to tell people such as Donald Trump which way his doors and other things should hang.

In this blog post, I want to inspire you to incorporate Feng Shui as an interior decorating approach to attracting success into your childcare business, getting organized and creating an environment that promotes health.

Becki Abeyta of Sharp Start Learning Center In Colorado Shares Photos of How she Implements Feng Shui in her Child Care Business: (See Photos Below)

Uploaded from the Photobucket Android App

This work space attracts positive energy. It’s de-cluttered and is full of light.

Uploaded from the Photobucket Android App

(see tips below about fish tanks)

I love how neat and organized Becki’s workspace is. In fact, I can imagine how productive a day in her office is like. When your work space is de-cluttered, you will feel so much more productive.

Moreover, I have always believed that the environment is a direct reflection of the mind and if you want success, it’s time to create a successful looking environment that leads to health and prosperity.

Here are 8 steps to incorporating Feng Shui in your Child Care Business:

1. Is it time to paint your office? Blues, Purples and Reds Enhance wealth and prosperity.

2. Add plants in your office. Looking at the color green enhance your creativity and plants add positive energy into your space. (remove any plants that are weltering or dying)

3.  Remove any clutter. Clutter blocks the flow of positive energy. It also makes you feel cluttered in your mind.

4.  Do you love the sound of water? Adding a water fountain will be a great improvement and it will enhance the energy in your office or business.

5.  Open your blinds and let in some sun light. Sun light adds positive energy into your business.

6.  Always sit with a solid wall behind your back. Keep your desk in a commanding position, where you have a direct view of the door and a view out the window.

7.  Add an aquarium with blue and black fish; According to Feng Shui, it will activate your business.

8. Don’t add mirrors in your office, it reflects negative energy from clients to other people in the room. Always maintain the control of energy in your office or business.

I hope that you are inspired to get creative, incorporate more of nature into your business  and  activate positive energy in your business today.  Moreover, I believe that your faith, and an environment that is filled with positive energy will attract wealth and prosperity into your business!

Thanks for Sharing your office space with us Becki!

To Your Success,

Shiketa Morgan

 

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Get Organized

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