Insurance and Food Program?

[mrsking14]

I am opening my in home center in the next few months. We cleaned out the bonus room this weekend!

In the beginning I won't be licensed but will only keep the allowed 4 children and my 2, to not be licensed and still be legal. However, I want to be licensed and was telling DH in order to do so and be able to watch a few more kids, I have to have insurance, and some other things. Whats the average cost on that for say 4-6 kids? We use State Farm for absolutely everything and have for many years.... anyone else use them or have a suggestion of who I could get a quote from?

Also... I am very familiar with the CACFP because we used it in every center I've worked in. I know on their website it says it is available for in home centers that are registered, licensed, or recognized. I don't believe the state of TN has any sort of registration except the licensing by DHS. Any info of that? Is it worth it? I heard it can be a pain and tons of paperwork, but I'm okay with that if it will help me out with food and menus for the kids and reimbursement.

Sorry ladies, I will probably have tons of questions as the months go on!

Oh and one more thing.... how do you all "document" your income? My ex husband is constantly taking me to court over child support because he is always changing jobs and I have to be able to prove my income.... plus I wanna get a new car before long and will need it for that too. What do you use as proof? And do you set aside tax money and send it in quarterly or next year at tax time? I know nothing about taxes what so ever. I am going to get one of Tom Copelands books though.

[Cat Herder]

I recommend doing the 30 day trial of Minute Menu Kids.

It keeps all the paperwork and tax stuff for you. You just enter your info and it does the rest; even online billing for your clients so you get to skip the bounced check drama the rest of us dealt with over the years...

It has most everything you are asking about. Food program documentation, attendance, immunizations, emergency contacts....the works.

I don't work for them, just use it everyday and love it. It has been amazing, wish I found it years ago.

[mrsking14]

I heard about that online and read that it was pretty good. How much does it cost? I ordered Calendar Keeper by RedLeaf because I am a very hands on person and think I may prefer writing everything down but if that will be easier I may give it a whirl.

It keeps track of your personal income as well?

[Cat Herder]

I heard about that online and read that it was pretty good. How much does it cost? I ordered Calendar Keeper by RedLeaf because I am a very hands on person and think I may prefer writing everything down but if that will be easier I may give it a whirl.

It keeps track of your personal income as well?

Yes, you log in everything you purchase, keep the receipt and it even does the depreciation over time.

You record all payments, invoice your parents, print receipts/invoices.

It also has you log your utilities and adjusts it with time-space calculations for tax deductions.

I think I paid $60 for the year subscription. Also tax deductible. (I just pulled up my receipt, It was $69.95. Eh, I was close. :

It also does daily sheets, menus, curriculum planning, calendars..there is a newsletter daily about daycare issues and free online training/webcasts.

I am not sure I have even found EVERYTHING it does yet. There are many here that use it. Hopefully they will pipe in here as we approach free play/morning naptime. I am an hour or so ahead of most active members. ::

https://www.minutemenu.com

The 30 day free trial lets you check it out before you buy it.

[MyAngels]

I'm not as organized as Catherder, I just keep track of all receipts, expenses, etc. on spreadsheets that I've created in Excel. I do use the free version of Minute Menu for claiming and documenting for the CACFP, though.

Tom Copeland has a good blog: http://tomcopelandblog.typepad.com/t...ds-taking-car/

As far as documenting income, if the bank ever asks for proof, I just use my tax return, but normally they don't ask for much in the way of proof. I have not applied for any new loans for a couple of years, though, and I think they may be getting more strict nowadays .

I calculate and send in my tax payments quarterly, so as to avoid any penalties for underpayment with the IRS.

[mrsking14]

That sounds really awesome. Once I open up, I'm definitely going to use that!

I will have to check out Tom's blog! Very cool!

How do you calculate what you owe quarterly, where to send it, and what dates to send it? I'm so tax illiterate. I'm sure there is a section of the IRS site for that huh?

[WDW]

That sounds really awesome. Once I open up, I'm definitely going to use that!

I will have to check out Tom's blog! Very cool!

How do you calculate what you owe quarterly, where to send it, and what dates to send it? I'm so tax illiterate. I'm sure there is a section of the IRS site for that huh?

Do you have a CPA or someone who does your taxes? My CPA figured my quarter payments for me, and even gave me pre-addressed envelopes.

[SimpleMom]

I keep my own records of EVERYTHING. I take it all to my tax lady at the end of the year and through the years, I have gathered the info I need. I only pay taxes once a year. Keep careful records so that you can write off as much as possible. It really helps.
Have fun with your new in-home Childcare!! It can be sooo much fun to watch the kiddos grow

[MarinaVanessa]

We use State Farm for absolutely everything and have for many years.... anyone else use them or have a suggestion of who I could get a quote from?

Just call your agent and get a quote, it'll probably be cheaper since you have everything else with them anyway but deffinetely still shop around.

I also have State Farm (CA) and I also have everything through them. Our home, cars, motorcycle, ATV's, Life yada, yada, yada. I got a liability insurance rider through them and I only pay like $60 a year or something like that. I can't remember how much it is exactly because of how little I actually pay for it and it just gets bundled together.

[mrsking14]

Just call your agent and get a quote, it'll probably be cheaper since you have everything else with them anyway but deffinetely still shop around.

I also have State Farm (CA) and I also have everything through them. Our home, cars, motorcycle, ATV's, Life yada, yada, yada. I got a liability insurance rider through them and I only pay like $60 a year or something like that. I can't remember how much it is exactly because of how little I actually pay for it and it just gets bundled together.

Oh wow! Way lower than expected!

No I dont have a CPA. Do you all suggest I have one? I dont wanna pay someone if I can learn to di it myself

[Cat Herder]

I use a CPA, there is no way I'd try to do it myself. I think it was $150 this year. Not bad.

Not because of the daycare though. My other job, DH's full-time and part-time job make it way too complicated to do ourselves.

Check out the entire section here on just daycare and taxes. There are many here who have done their own for years.

Tom will answer questions over there as he gets time. He is pretty awesome about it actually...