Your goal should be to have receipts for every penny of your expenses.~Red Leaf National Institute
As I write this blog post, we are less than 30 days away from a new year and this is a great time to tidy up your record keeping practices. According to Redleaf Institute, it is important that you become familiar with all of the IRS requirements for filing your taxes. In fact, when you are familiar with the IRS requirements and you are more effective in your record keeping endeavors, you will reduce be able to claim the maximum legal deduction, your records will be more organized and you will reduce your taxes. I agree 100% with Redleaf Institute and I have also found that Record Keeping is a vital part of managing a successful childcare business including:
- Keeping Track of and storing Receipts
- Knowing when to deduct expenses
- Keeping track of food expenses
- Conducting Regular Monthly Reviews of your Bank Statements
- Handling Employee Taxes
- Keeping Track of Household Inventory
- Time Space Percentage
- Year-end Expenses
- Home and Building Improvements
- Utilizing a Financial software to keep track of expenses
To Read the entire article, 10 Record Keeping Tips For New Child Care Provider, click here. Shiketa Morgan Recommended Reading Record Keeping Tips For Child Care Providers
The Child Care Business Owner Institute 
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