record keepingrecord keeping - business …...record keeping is not fun! business income oallowe...
TRANSCRIPT
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Record KeepingRecord Keeping
Original author: Tom Copeland
Information adapted from the National Association for Family Child Care websiteAssociation for Family Child Care website
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Record Keeping is NOT fun!
Business IncomeO ALLOwe taxes on ALL income
Get receipts for everything
●Money from parent fees
●Government subsidies for low income parentsp
● Food program reimbursements
●Grants to purchase equipmentp q p
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Business Expenses
G iDeduct all expenses that are ‘ordinary and
● House expenses
Get rent receipt
from landlord!
Deduct all expenses that are ordinary and
necessary’ for my business!
p
Property tax
Mortgage interest
Utilities
Cable TV
H iHouse insurance
House repairs
House depreciationp
Fence landscaping
Well
Garage
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More business expensesMore business expenses…
It f th hild t i
Food
Items for the children ~ not mine
Art and craft supplies
Toys
Outdoor play equipment
Children’s books
Video rentals
CDs
Diapers – yep, I provide these
Field trip expenses
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Some more business expenses…
H h ld iHousehold items
Light bulbs
iltoilet paper
paper towels
cleaning supplies
Furniture and Appliances
sofa
chairscleaning supplies
carpet cleaning
lawn maintenance
chairs
TV
washer/dryerlawn maintenance
kitchen supplies
fire extinguisher
table
rugs
microwaveg
household tools
yard supplies
microwave
refrigerator
freezer
laundry detergentstroller
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5 Important things to do
* SAVE ALL RECEIPTS
* TRACK ALL MEALS
* TRACK ALL HOURS
* TRACK MILEAGE
* ENTER RECORDS MONTHLY
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STAY CAUGHT UP!