Income After Deductions

[Unregistered]

I have been doing child care in my home for several years. Every year, my husband seems to think I am not deducting everything I can. I am just curious, what do most others take in and what is your bottom line at the end of the year.
I am logged out for privacy since I am entering my income.
Last year mine was $58,000 (watching 7 kids) and ended up at $30,000 after all deductions.

[Unregistered]

$70,000 with 8 kids ft.
After $32,000
Interesting, I agree, but agree not to use personal info.

[nanglgrl]

Mine is right about the same and I usually get it down to about $20,000 but I spend a lot on my daycare.

[Country Kids]

Wow! You guys make a ton of money.

Even with 6 full-timers my max might be between $30-$35 thousand a year.

[Unregistered]

I'm an active poster here.

I make about $75,000ish before deductions.
I think that I will only be deducting about 10-20,000 but I really don't know because I have put it all into MMK yet (so I have no "general idea"). I'm sure that I don't deduct everything that I could. I really need to sit down and input it all.

[dave4him]

I dont think i am making anything But it beats the alternative

[suehelen]

Gross is about $70K. I can usually get my net down to about $20K.

[TomCopeland]

Deductions

I have been doing child care in my home for several years. Every year, my husband seems to think I am not deducting everything I can. I am just curious, what do most others take in and what is your bottom line at the end of the year.
I am logged out for privacy since I am entering my income.
Last year mine was $58,000 (watching 7 kids) and ended up at $30,000 after all deductions.

I list over 1,000 allowable deductions in my book Family Child Care Record Keeping Guide: http://www.tomcopelandblog.com/famil...h-edition.html It's now available as an e-book on Kindle, Nook and iPad.

[Unregistered]

Wow! How do you do that???? What areas are your biggest deductions??

[MarinaVanessa]

Wow! How do you do that???? What areas are your biggest deductions??

My biggest deductions are my time/space % from household items.

But I'm really good at saving and entering receipts. Stuff like cleaning supplies, dishes, pots and pans, cooking utensils, toilet paper, tissues, napkins, etc etc. It all ads up.

My net is about the same as most of the examples above but my gross is less since 2 of my spots are taken up by my 2 kids.

[suehelen]

My biggest deductions are my time/space % from household items.

But I'm really good at saving and entering receipts. Stuff like cleaning supplies, dishes, pots and pans, cooking utensils, toilet paper, tissues, napkins, etc etc. It all ads up.

Same here. I count everything I can.

[itlw8]

I find that I do not deduct as much as some people. But if you do not spend it that is better than spending and deducting. I am frugal and shop sales. I participate in classes that give you freebies, if there is a grant I apply and put in the work.

Plus we bought out house years ago for not much more than you buy a car for now. LOL

As long as you take everything you are entitled to take you are good. Plus I review the list every year to make sure I do not miss anything.

[LaLa1923]

My biggest deductions are my time/space % from household items.

But I'm really good at saving and entering receipts. Stuff like cleaning supplies, dishes, pots and pans, cooking utensils, toilet paper, tissues, napkins, etc etc. It all ads up.

My net is about the same as most of the examples above but my gross is less since 2 of my spots are taken up by my 2 kids.

How can you count tp and paper towels if your family uses them too? I'm new to this

[Unregistered]

EVERYTHING you use for daycare can be deducted, whether it is with you T/S % ( for things your family uses too) or 100% daycare use. EVERYTHING! So toilet paper and paper towels would be T/S %

Last year I only made 29,000 and after deductions just a little under $6000.

[kitykids3]

I count everything too!, but still could not go from 70 down to 20. How in the world? Gross this year will be about 45, down to about 23. Last year it was 38 down to 18. And of course the taxes are still crazy at only 18K a year.