New Doing Childcare, Need Help with Taxes

[misol]

Thanks MarinaVanessa that was great info.

[Chickenhauler]

Just a reminder......you have to pick either/or when it come to car expenses.....either mileage OR maintenance and insurance, it can't be both, at least that is what I was told.

Meaning you can't claim $2000 on maintenance and insurance AND clam you drove 1800 miles.

And if you take the maint + insurance along with depreciation of vehicle value, you have to PROVE it was a business vehicle, meaning it can't be your only ride.

Then, if you ever go to sell it, you then have to claim the sale price as income and pay capital gains on the sale price.

[gbcc]

I have Minute Menu through my food program so it's free. If you are a licensed home are you on the food program? Most of them use Minute Menu or CK-Kids. They are the same thing really. It's a very wonderful program. Definitely worth testing with the trial period.

I am on the food program but had to pay. My state still offers the paper filing though so that is probably why.

[Elena's Family Childcare]

Thank you everyone for your responses. Yes, i'm feeling really overwhelmed now.
Yesterday, I signed up for the free 30 day trail with Minute Menu. I haven't really figured it out yet.
So basically I have to go through my receipts and add cleaning supplies, food, etc apart. Not like how it is on the receipt.
Ok, i had no idea that i can claim my electric, water/sewage, gas, electric, trash pickup, phone, etc, and any other monthly utilities you pay. And mileage when i go to the store. Wow!!
Thank you all again . It means a lot.

Elena

[Chickenhauler]

Thank you everyone for your responses. Yes, i'm feeling really overwhelmed now.
Yesterday, I signed up for the free 30 day trail with Minute Menu. I haven't really figured it out yet.
So basically I have to go through my receipts and add cleaning supplies, food, etc apart. Not like how it is on the receipt.
Ok, i had no idea that i can claim my electric, water/sewage, gas, electric, trash pickup, phone, etc, and any other monthly utilities you pay. And mileage when i go to the store. Wow!!
Thank you all again . It means a lot.

Elena

That's an understatement.....it really means alot when you start adding all those things up!

[gbcc]

Thank you everyone for your responses. Yes, i'm feeling really overwhelmed now.
Yesterday, I signed up for the free 30 day trail with Minute Menu. I haven't really figured it out yet.
So basically I have to go through my receipts and add cleaning supplies, food, etc apart. Not like how it is on the receipt.
Ok, i had no idea that i can claim my electric, water/sewage, gas, electric, trash pickup, phone, etc, and any other monthly utilities you pay. And mileage when i go to the store. Wow!!
Thank you all again . It means a lot.

Elena

To make things easier you can take the standard deduction on meals instead of actual cost. For me this comes out better since I shop dicount at Aldi's for the daycare.

[Former Teacher]

Just a reminder......you have to pick either/or when it come to car expenses.....either mileage OR maintenance and insurance, it can't be both, at least that is what I was told.

Meaning you can't claim $2000 on maintenance and insurance AND clam you drove 1800 miles.

You are right Mac

[Michael]

Congratulations to Mac60 for hitting the 500 posts mark!

[momma2girls]

A question for you all- If you do not put your SS# on their tax statement at the end of the yr. What do you use, if anything? DOes it cost extra for this? Thanks!!

[gbcc]

A question for you all- If you do not put your SS# on their tax statement at the end of the yr. What do you use, if anything? DOes it cost extra for this? Thanks!!

You would use a TIN/EIN which you get from the IRS website. It's free. This is a good way to go because parents need the ssn or ein to get the daycare credit. There are many shady parents that I wouldn't want to have access to my ssn and credit info. You can also use this number to open up a business checking account and establish credit for your business.