New Daycare In 2014, Help With Taxes!

[MrsSims]

I am opening up a daycare in january 2014 and im doing everything i can to learn how i am supposed to do the whole tax thing. What should i keep receipts for? what should i itemize?
I just dont want to owe a lot

PLEASE help me!!!

THanks!!
Oh if it matters i live in north dakota

[Michael]

Welcome to the forum.

Suggest you search and review many of the threads that Tom Copeland advised us on. He has a blog also that may help. http://www.tomcopelandblog.com/

[TomCopeland]

starting out

I am opening up a daycare in january 2014 and im doing everything i can to learn how i am supposed to do the whole tax thing. What should i keep receipts for? what should i itemize?
I just dont want to owe a lot

PLEASE help me!!!

THanks!!
Oh if it matters i live in north dakota

Here are the three most important things to do regarding taxes:
1) Save receipts for everything associated with your home (utilities, cleaning supplies, furniture, etc.)
2) Keep track of the number of meals and snacks you serve everyday to children
3) Keep track (for at least 2 months) the number of hours you work in your home caring for children

For details, see my book Family Child Care Record Keeping Guide which lists over 1,000 deductions: http://www.tomcopelandblog.com/famil...h-edition.html