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

Posts tagged ‘Child Care Business’

Tax Filing Habits For Child Care Business Owners

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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5 Easy Ways To Plan for a Successful Summer Camp

The Business of Childcare Book Signing Moments

Today we kicked off Summer Camp enrollment at my Child care center. The enrollment forms have been uploaded on our website, forms have been uploaded to our social media pages and we are anticipating a fun summer camp.

Are you planning to have a Camp this Summer? If so, now is the perfect time to start marketing your Camp.

However, if you have been too busy to market your camp; it’s never to late to start today!

The summer time is a great season for the business of Child Care. In fact, school-age children are out of school and parents need a fun and enriching place for their children to be.

Today I want to share with you 5 easy ways to market your summer camp:

1. Create a festive Flyer about your camp on your computer and share it as a reel on socialmedia. Be sure to include the dates of the camp, events along with field trip information. Include a registration form with the flyer.

2. Start Marketing your Summer Camp now On Your Social Media Pages; using summer related images that include a link to your website or your phone number.

3. If you own a center, display Summer Camp banners on your playground fence or in your windows. (If allowed in your municipality)

4. Send flyers and information to families that attended your camp in previous years.

5. Plan lots of fun theme based activities along with field trips and be sure to market all that you have planned for your camp! 

6. Market your camp on your website and provide downloadable camp forms! 

Much Success to you!

Shiketa

For more Summer Camp Planning be sure to download a copy of my Summer Camp Planning eguide. 

Have you ordered a copy of my new book, The Business of childcare? If not, click here and be inspired to build a successful child care business. 

With Your Child Care business in mind!

Shiketa Morgan

Category:

Marketing, Program Planning, Quality Care

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