Record Keeping & Taxes

Taxes must be filed annually, and there’s no way to avoid them. Calculating the business expenses is a part of tax planning, and it’s important for home daycares because it will reduce taxes. To determine the business expense, you must first figure out the time-space percentage. The time-space percentage determines what percentage of your home …

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The most important task in preparing your childcare business for tax season is documentation and a system to keep track of your business transactions. Transactions are a summary of the business income, expenses, and credits. In addition to keeping track of transactions, it’s important to keep track of supporting documents for all transactions because it …

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