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

Tax Filing Habits For Child Care Business Owners

03 15 25
Photo by Nataliya Vaitkevich on Pexels.com

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:

  1. Create an expense folder for operating expenses.
  2. Use a book keeping program and enter business expenses into the accounting program as you get receipts.
  3. Enter your income into your accounting program weekly or monthly.
  4. 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.
  5. File business expense receipts daily.

Expenses to claim on your taxes

  1. Rent or Lease payments
  2. Mortgage interest for home daycare providers
  3. Supplies
  4. Utililities
  5. Gas
  6. Insurance (Health/ liability/homeowners)
  7. Payroll
  8. Tax deposits
  9. Events
  10. Professional Development
  11. Medical cost ( health, dental, chiropractor, vision etc)
  12. Communication ( cell phone, internet, etc)
  13. Marketing ( website, ads, flyers)
  14. Vehicle Expenses
  15. Donations
  16. Travel Expenses
  17. Building or home repairs
  18. Food for the children
  19. Equipment purchases
  20. Alarm services
  21. 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!

Category:

Accounting, Taxes

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A New Marketing Habit

02 27 25

I was checking my email today and I received an email that notified me of a new home sale in my neighborhood. I love reading those emails because it tells me that the value of the homes in my neighborhood is increasing, and new families are moving in every week.

Moreover, as I was reading the email about the new home sales, I thought, I could send a brochure, my business card and a family resource to the new families that are moving in near my childcare center.

This type of marketing is known as direct mail marketing, and this is something that I have not done in over 20 years. In fact, I used to pay a company to do this type of marketing for me and it was not cheap.

Today, most of my marketing is done online and through word of mouth. However, I have decided to be the friendly childcare business in the neighborhood that welcomes all the new families into the community.

So I have now created a new marketing habit, and it is called, direct mail marketing. Would you like to join me in creating a new marketing habit and start welcoming families to your community?

If so, simply sign-up to receive emails at http://www.neighborhoodalerts.com. When new families move into the community near you or your childcare business, mail the family your business brochure, flyer and business card. Don’t forget to include a family resource. You can get a family resource at http://www.healthychildren.org.

Be sure to come back and tell me how your enrollment has increase with this new marketing habit. For more marketing habits, be sure to download or order my new book, Child Care Business Success Habits Guide.

With your success in mind,

Dr. Shiketa Morgan

Category:

Marketing

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