First Year of Taxes

[hinote]

Hello!
This will be my first year filing taxes as a in home daycare provider. I was part time for several years and didn't make enough income to have to file taxes. However at the start of 2016 i transitioned to full time.

I am looking for any information or helpful tools on what I need to be doing to prepare for tax time!

Thanks in advance.

[TomCopeland]

taxes

Hello!
This will be my first year filing taxes as a in home daycare provider. I was part time for several years and didn't make enough income to have to file taxes. However at the start of 2016 i transitioned to full time.

I am looking for any information or helpful tools on what I need to be doing to prepare for tax time!

Thanks in advance.

There is a lot to know. You want to save every receipt related to your home or business. You want to keep track of all the meals and snacks you served. You want to keep track of all the hours you worked in your home, including hours spent on business activities after children were gone. I will be posting a number of articles on tax issues on my blog over the next several weeks:http://tomcopelandblog.com/