First time tax filing

[unregistered]

This is the first year I will be filing for my in home daycare. I have only been open since July 28th, but I am totally lost on what I need to have ready. My kids are young enough food receipts aren't an issue but most, if not all of my daycare supplies (swing, bouncer, toys) were bought used and I have no receipts. What should I do???

[TomCopeland]

This is the first year I will be filing for my in home daycare. I have only been open since July 28th, but I am totally lost on what I need to have ready. My kids are young enough food receipts aren't an issue but most, if not all of my daycare supplies (swing, bouncer, toys) were bought used and I have no receipts. What should I do???

Take pictures of items you purchased that you have no receipts. Estimate their cost. Save any cancelled checks, monthly debit and credit card statements. Here's two articles:

http://www.tomcopelandblog.com/2014/02/top-three-record-keeping-tips-for-2014.html

http://www.tomcopelandblog.com/2014/09/no-receipt-how-to-reconstruct-your-records-.html

[Unregistered]

Should I be keeping a percentage of my wages out each week? I am so afraid I am going to owe IRS. I only have 2 kids and been open for 4 months so I am glad I am realizing all this sooner rather than later.

[TomCopeland]

Estimated taxes

Should I be keeping a percentage of my wages out each week? I am so afraid I am going to owe IRS. I only have 2 kids and been open for 4 months so I am glad I am realizing all this sooner rather than later.

Save 20% of your gross income (parent fees, subsidy payments and CACFP income) and that should take care of all federal taxes. Save about 5% for your state income taxes.

See my article:http://www.tomcopelandblog.com/2014/...-business.html