Taxes - Every Year I Say...

[laundrymom]

Sales tax?

I got an app on my phone called Tiny Scanner and as soon as I get a receipt or a document that I need to keep, I scan it with my phone and upload it to Google Drive. It has really helped me to keep my business organized and I have all my documents right there when tax time comes around.

The one thing that I wish I have done differently, is to get on some sort of tax payment plan. I am still paying sales and use tax from 2015 and I am about to get the bill for 2016. I assume that the rest of you pay the taxes monthly? That's possible to do right?

[LysesKids]

Sales tax?

Believe it or not there are a few states you actually have to pay sales taxes on services you provide; it totally took me by surprise my first year doing childcare because WV is one of the states .

[laundrymom]

Believe it or not there are a few states you actually have to pay sales taxes on services you provide; it totally took me by surprise my first year doing childcare because WV is one of the states .

That completely ****s. Lol

[Controlled Chaos]

I enter the purchases and expenses in the Exel spreadsheet monthly so keep track of my profit and loss for the month. I set money aside monthly for my quarterly taxes. My actual paper receipts...a hot mess. I need to be more diligent about filing them away right away or scanning them...most fade anyway But the tracking of the money I am solid on. I like it, since if its a good month, I know I can transfer extra profit into my personal account! And if its not a good month...I know to adjust my expenses.

[Unregistered]

My household already uses YNAB (youneedabudget.com) to track all expenses. I just pull up the categories that I can use t/s on, and there you go.
Every year, I used to wait til December and then try to go back and tally all of my hours, as well as my meals served, and meals reimbursed for my own children.
Finally, for 2016, I set up some simple spreadsheets to track these things. I had some friends I used to help keep me accountable. They never had to remind me, cause every week, I was excited to say that I was still up to date. I was just too tired of not having it ready. So this year, I am EXCITED for taxes, because it won't be all of the tedious work of years past.

[knoxmomof2]

Hahahahaha! You are SO not alone! (I enjoyed reading the responses by the way!) I throw mine in a box, in a drawer in my closet. Then, I spend 1 or 2 of my slower days near the end of the year, tallying. Then, I stack them, roll them up together and put a rubber band around them. Makes them much more compact for storage!!

Every year, I tell myself it will be different. I was just joking with my DD about that at Walmart last night, in fact! I planned on buying at least paper products in bulk at the beginning of the year, but I just can't bring myself to spend that big chunk of money ahead of time. Agh!

I always say I'll separate out daycare purchases into a separate transaction too, but I don't want to mess with it on shopping night when I'm worrying about my totals and which methods of payment I'll use (I try to use any cash I have first, then debit, and then the credit card IF I need it). I only keep 4 children, so I don't keep separate finances, but the receipts part could be easier if I just did 2 separate transactions.

[Baby Beluga]

Just wanted to update this and say so far for 2017: I have all of my receipts properly entered and put away, mileage is entered and completed and I changed up my sign in sheets (on my end) to calculate the total tuition paid and meals served for each page, making the yearly total easier to calculate.

Here is to hoping I can continue all year long! ::