Child Care Home: Financial Records, Fees, & Taxes

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Child Care Home: Financial Records, Fees, & Taxes"

Transcription

1 Child Care Home: Financial Records, Fees, & Taxes Marilyn Burns Home-Based Business Specialist Oklahoma State University Child care providers are often more concerned with nurturing children than thinking about business policies. Being in business, however, should not only be a rewarding experience with children, but a profitable experience as well. Before you advertise your child care services, organize your financial records by carefully: - estimating your expenses, - figuring your potential income, - setting your fees, and - learning to handle taxes. Taking care of children is a business and your child care home should be run like a business. The hard facts tell us that half the people who are in the child care business today will not be in business next year. The 30 to 32 percent turnover rate of child care providers reflects the inability of many private facilities to survive economically. As in any business, the most successful people tend to be those who like what they are doing and know how to manage their business in an organized way. FINANCIAL RECORDS You must become a paper person, as well as a people person, to make your business a success. The paperwork part of a business is often a challenge, but is not overwhelming if you plan ahead. Adopt a recordkeeping system that is easy and quick right from the beginning that will provide the facts that you need. Many new business owners report that they hire professionals to initially help set up their bookkeeping, and then prepare the IRS forms when they are due. You may find this small investment saves money in the long run. Organize your records with your taxes in mind. Complete, accurate, and ongoing records are a must to a smooth business operation and peace of mind. You are required to keep your business records and receipts for three years from the date you file your tax return. As a child care provider, you may want to apply for a tax identification number to be used on all business and tax forms instead of your social security number. This number is the Employer Identification Number (EIN) issued by the IRS. As you begin, select a form and method of recordkeeping that is comfortable for you to use. One method is called Calendar-Keeper. This is a commercially developed system based on the use of a calendar and includes forms for recording expenses, attendance, payments, and mileage. The concept is to keep all related business

2 information in one place. If you are looking for a simple method for recording both income and expenses, you might consider using the "Monthly Record of Income and Expenses" (located in this unit). Columns for expenses are divided into two categories: direct and indirect. Direct expenses are those costs involved strictly for your business, and indirect expenses are shared between the business and your family. Making this designation in your recordkeeping routine will help you determine IRS tax deductions at reporting time. ESTIMATED EXPENSES: DIRECT DEDUCTIBLE You will need to estimate your expenses before you open your business. If you don't do some planning with pencil and paper before you quote a fee, you may find out too late that you are not making any money. You may also want to plan an additional amount for unexpected expenses and possible loss of clientele for a period of time. Add up all the costs. Some expenses will be one-time costs only (fire extinguisher, bulletin boards). Others are yearly expenses, like payment of your liability insurance. But most items are on-going costs (food, field trips, paper products, and other consumable items) that appear on your monthly records of expenses. These expenses will be "used up" during the year and should be deducted within that tax year. Here is a partial list of direct expenses that are possible tax deductions: Food (including infant formula); Toys, games, and arts and crafts supplies; Transportation (mileage); First aid supplies; Laundry and cleaning; Office supplies; Bank charges on business account; Legal and bookkeeping assistance; Insurance; Advertising; Personnel (owner and substitute salaries and fringe benefits); Dues, fees, subscriptions, and training materials (professional development); and Cost of training for extra child care, such as special needs children. Some direct costs, such as large toys, small appliances, bedding, office and safety equipment, may last longer than one year and may be considered as an expenditure over a number of years. ESTIMATED EXPENSES: INDIRECT DEDUCTIBLE Identify and record the expenses that are used both in your business and by your family. Examples of some of these expenses include: Mortgage or rent,

3 Utility payments, Property taxes, Phone bill, Maintenance and repairs, House insurance, Household supplies and toys, and Cable TV Only a percentage of these expenses are deductible. To figure the correct percentage, use the time-space percentage formula [below]. A. Calculate your time percentage. Keep a record of all your business related activities. In addition, count the hours you spend doing business-related activities when children are not present. This includes time spent cleaning, cooking, activity planning, recordkeeping, interviewing, and phoning. Time you cannot count includes hours spent away from home while doing business related activities (shopping for food) and hours spent doing general house repairs and maintenance. Making a note on a calendar is an easy way to keep an accurate record of how you spend your time. 1. Figure the amount of time your house or apartment is used each week for child care business. If you plan a one week vacation each year multiply a weekly total by 51. For example: child care (7 a.m.-5 p.m.) 50 hours/week clean up 5 cooking 2 planning 1 recordkeeping 2 phone 1 TOTAL 61 hours/week 2. Multiply numbers of hours per week by 51 weeks to get number of hours per year. Also add in overtime and the number of hours spent on interviews. For example: 61 hrs/week x 51 weeks = 3,111 hrs/yr Interviews/overtime, etc. = 110 hrs/yr TOTAL 3,221 hrs/yr 3. Divide the number of hours per year for child care business by the number of hours per year to get your time percentage. 3,221 child care hours/year 8,736 total hours/year B. Calculate your space percentage. According to the IRS, business space is defined as space "...that is available for day care use throughout each business day and that is regularly used in that business." Space does not have to be used every business day for it to be considered "regularly" used for business. But a room ordinarily restricted from child care use and used occasionally for the business is not considered "regularly" used for business. For example, if one bedroom is used two

4 hours each day for naps, the space may be counted as regular business use. If another bedroom is used only when a child is sick (two or three times a month), then the space is not counted as being used on a regular basis. A care provider might use between 80 to 100 percent of the home. If 25 percent of a storage area is used for the business, it may be counted. If the laundry for the business is done on a regular basis in the laundry room, that area can be added. Don't forget to include the entry way, hallways, porches and decks, and the garage, if toys and equipment are stored there. 1. Figure the total square footage of your home. For example: 2,000 square feet. 2. Add up the square footage of each room and area used regularly for your business. For example: 1,800 square feet. 3. Divide the number of square feet used in child care by the total house space. 1,800 square feet used 2,000 total square feet C. Calculate your time-space percentage. The majority of care providers claim between 25 percent and 40 percent. Be sure you have the records to back up your claim for business deductions. Use IRS form 8829: Expense for Business Use of Your Home to report your time-space percentage calculations. Multiply the percentage of child care hours by the percentage of child care use of space. 37% (.37) x 90% (.90) = 33% time-space In this example, 33 percent of household expenses can be claimed as child care business when you are computing your income tax deductions. If your electric bill is $100 for March, multiply that by 33 percent ($100 x.33 = $33). This is the amount you can deduct for that month as an indirect business expense. TIME-SPACE PERCENTAGE FORMULA TIME (Number of hours your home is used in business in a year divided by Total number of hours in a year) MULTIPLIED BY SPACE (Number of square feet of your home that is used for business divided by Total number of square feet in home) EQUALS Time-Space Percentage POTENTIAL INCOME

5 Income for your child care operation will be determined by the type of program you direct and your eligibility for support services. You will need to take into consideration several factors, such as the age and number of children, your location, and competition. Possible income sources include the following: - Fees and tuition (paid daily, weekly, or monthly); - Enrollment or application fee; - Supply fee (collected at times during the year); - Government support (Department of Human Services - children with special needs/usda Child Care Food Program); - In-kind contributions (space, equipment, supplies from a church, hospital, or community organization); and - Other (cash contributions, fund-raising activities, and grants). According to the Children's Foundation, Washington, D.C. (1991), child care costs for the average working family vary according to the age of the child and the kind of care. The cost for one child in a child care situation might range from $2,400 to $9,000 per year. The average cost nationwide is $3,040 per year. SETTING FEES Estimating your expenses and analyzing your potential income gives you the background information you need to set your fees. As a general rule, the fee in a service business is based on three things: - A salary for the worker (owner), - The cost of operation, and - A profit margin. Your goal should be to operate with a decent wage and still make a profit. The "going rate" in your area is one place to start as you determine fees. Charges will vary considerably according to the following factors: - Region of the state or area of town - In rural locations the fee may be $45 a week per child, while in affluent urban neighborhoods the rate may be $85 a week or more; - Ages of children - Charge more for infants because they take more care; - Children in the same family - Offer a lower rate for the second or third child because there is slightly less paperwork; - Hours of care - Charge more for night and weekend care, and for early arrival or late departure;

6 - Special services - Charge for extras, such as washing diapers, giving physical therapy, offering field trip experiences, consultation, or feeding extra meals; and - Special needs children - Most providers charge more for caring for children with special needs and the state program reimburses for their care. However, don't be afraid to ask above the "going rate" if you find you are not making a decent wage for yourself. Determine the hourly value of your time. This should be at least minimum wage, preferably above. Let's assume that you care for children from 7 a.m. to 5 p.m. or 10 hours a day. If you figure your time at $5 per hour, your daily salary will be $50. If you care for seven children with operating costs of $20 per day, add the two together to get your daily expenses ($70). If you charge a fee of $50 per week per child, you will cover your costs ($350). If you operate your child care home 51 weeks, your annual salary will be $17,850. Children X $/week X weeks = annual income 7 X $50 X 51 = $17,850 This tight budget covers your expenses and allows you to break even, but does not allow for profit or the possibility of less than full enrollment throughout the year. No allowance has been made in this example for including the wages of outside employees or family members or the charges of independent contractors. For additional information, read "Basic Guide to Family Child Care Record Keeping" or check with the IRS on ways to handle assistant's pay. National figures indicate that parents pay between $50 and $150 per week per child. Experiment with figures above the minimum to achieve your expectations, yet be realistic for your situation. Remember, you have a very important job and are providing a valuable service. Establish a reputation for providing high quality child care - people will be willing to pay more for your services. TAXES Tax records are serious business. Most of the income you receive from your child care business will show up on other people's tax returns. Parents use these figures to determine their allowable child care credits. This may make your income very visible to the Internal Revenue Service - more so than other types of income. Therefore, you should be very careful to report all receipts from your business. Accurate records are vitally important. You must keep records on all aspects of your business in case you ever have an IRS audit. Remember to keep information on the following: Food purchases - To justify food expenses, the IRS may look at grocery receipts, copies of menus, and children's attendance records. Automobile expense - Written evidence of business related travel should include date, destination, reason for trip, odometer readings at start and stop of each trip,

7 and miles driven (see Sample I). Check on current rate for IRS mileage deduction and multiply by number of child care business miles driven for the year for your deduction. Direct and indirect expenses - Provide receipts and copies of bills of all related costs (see Sample II). Some of the items you purchase for the operation of your business may cost more than $100 and can be depreciated on your taxes. These items may include a swing set or refrigerator which generally cost more than $100 and are not used up in the year in which they were bought. To figure depreciation, check with the IRS to see whether they consider the item a three-year, five-year, or 10-year property. The tax deductions will be calculated over a period of years for both direct and indirect expenses. For more information, contact the Internal Revenue Service or pick up the following tax forms and publications at your local library. Toll-free telephone numbers are in your telephone directory. IRS Forms: 1040 Basic Personal Tax Return Form 1040C Profit or Loss From Business 1040ES Estimated Tax 1040SE Social Security Self-Employment Tax W-10 Dependent Care Providers Identification and Certification 4562 Depreciation and Amortization 2441 Child and Dependent Care Expenses 8829 Business use of Home IRS Publications: #334 Tax Guide For Small Business #587 Business Use of Your Home #534 Depreciation #533 Self-Employment Tax #583 Taxpayers Starting a Business #917 Business Use of a Car RESOURCES "Calendar-Keeper" "Basic Guide to Family Child Care Record Keeping" "Family Child Care Tax Workbook" Redleaf Press, 450 No. Syndicate, Suite 5, St. Paul, Minnesota Phone: BASICS OF A SUCCESSFUL FINANCIAL OPERATION

8 Decide on a budget year - January to December? or October to September? Establish a bank account for the business. Transactions by check provide documentation for business records. Organize a work area where you can do your recordkeeping. Select a convenient method for storing your records, such as an attaché case, portable metal file box, or a small file cabinet. Use a notebook, ledger, or calendar system to record income and expenses. Store receipts in labeled envelopes. Set a regular time each day or week to record business information. Complete a monthly summary at the end of each month. SAMPLE 1 Business Mileage Record for Day Care Date Place Driven Purpose Beginning Mileage Ending Mileage Total Mileage SAMPLE 2 Monthly Record of Income and Expenses for Day Care Month Year Create your own Chart to record the following information. Date Repairs Description of income/expense Income Food & Supplies Direct Child Care Expenses Indirect Expenses Equipment Home Other Utilities Equipment Other Maintenance

9 Subtotal of Expenses (Food) (Repairs & Supplies) (Equipment) (Home Maintenance) (Other) (Utilities) (Equipment) (Other) Income (Total) Direct Child Care Expenses (Total) Indirect Expenses (Total) Source: Family Day Care: A Home-Based Business. University of Maine, Cooperative Extension. DOCUMENT USE/COPYRIGHT National Network for Child Care - NNCC. Part of CYFERNET, the National Extension Service Children Youth and Family Educational Research Network. Permission is granted to reproduce these materials in whole or in part for educational purposes only (not for profit beyond the cost of reproduction) provided that the author and Network receive acknowledgment and this notice is included: Reprinted with permission from the National Network for Child Care - NNCC. Wilson, E. & Burns, M. (1993). Financial Records, Fees, and Taxes (HBB7-4). In Child care home. Stillwater, OK: Oklahoma State University Cooperative Extension Service.

2000 Redleaf National Institute ISBN 1-884834-96-5

2000 Redleaf National Institute ISBN 1-884834-96-5 2000 Redleaf National Institute ISBN 1-884834-96-5 ABOUT REDLEAF NATIONAL INSTITUTE Redleaf National Institute is the national center for the business of family child care. It offers a variety of services

More information

Child-Care Business Form For Taxes

Child-Care Business Form For Taxes Child-Care Business Form For Taxes Year Social security# or Tax Identification# Name Of Child-Care Address Phone# INCOME Total collected from parents Total from Dept..Of Social Services Food Program Reimbursement

More information

Tax Preparation Checklist

Tax Preparation Checklist Tax Preparation Checklist Being prepared for tax season could expedite your return and reduce your taxes. We have prepared a list of common items that are present with most returns. Taxpayer Checklist

More information

Small Business Startup Guide

Small Business Startup Guide Small Business Startup Guide By Carol Topp, CPA CarolToppCPA@zoomtown.com 10288 Amberwood Ct Cincinnati, OH 45241 (513)777-8342 This short guide is intended to help an individual start his or her own business.

More information

Applicant Income Guide

Applicant Income Guide Applying for Affordable Housing: Applicant Income Guide ABOUT THIS GUIDE Your income is an important part of your affordable housing application. This guide shows you how your income is calculated for

More information

Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections.

Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections. Why Record Keeping Is Important Accurate, up-to-date records are vital to your Mary Kay business. They will help you keep your Mary Kay business organized and may even save you money on your income taxes.

More information

Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013. Part 1: Business Income and Expenses

Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013. Part 1: Business Income and Expenses Schedule C Worksheet for Self-Employed Filers and Contractors tax year 2013 This document will list and explain the information and documentation that we will need in order to file a tax return for a self-employed

More information

Classification: Subject to recoupment of funds by NWICA if the standard is Not Met.

Classification: Subject to recoupment of funds by NWICA if the standard is Not Met. RE: Documentation of In-Kind & Cash Match Applies to: Vendors providing Older Americans Act Services Classification: Subject to recoupment of funds by NWICA if the standard is Not Met. *SUPERSEDES THE

More information

Applying for Affordable Housing: Applicant Income Guide

Applying for Affordable Housing: Applicant Income Guide Applying for Affordable Housing: Applicant Income Guide NYC Housing Connect: Income Guide [FRONT/PAGE 1] ABOUT THIS GUIDE Your income is an important part of your affordable housing application. This guide

More information

Tax Information for the Performing Artist. Written by: Traci Danielle; Brevard Talent Group

Tax Information for the Performing Artist. Written by: Traci Danielle; Brevard Talent Group Tax Information for the Performing Artist Written by: Traci Danielle; Brevard Talent Group Actors, singers, dancers and other performers in the entertainment industry face many challenges when trying to

More information

How to Forecast Your Revenue and Sales A Step by Step Guide to Revenue and Sales Forecasting in a Small Business

How to Forecast Your Revenue and Sales A Step by Step Guide to Revenue and Sales Forecasting in a Small Business How to Forecast Your Revenue and Sales A Step by Step Guide to Revenue and Sales Forecasting in a Small Business By BizMove Management Training Institute Other free books by BizMove that may interest you:

More information

Your Mary Kay Business & The I.R.S.

Your Mary Kay Business & The I.R.S. Your Mary Kay Business & The I.R.S. Claire s Consistent Constellations Unit 8/2/12 Claire Olivier TP 1 End of the Year Tax Checklist The following is list of things to do to prior to preparing your taxes

More information

TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES

TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES TAX GUIDE FOR THE TAXI AND SHUTTLE INDUSTRIES Information to help your business IR 135 October 2010 Help is at hand This tax guide gives you, as a self-employed person, an overview of your tax entitlements

More information

Designed by: Regina Crews Secretary of Student Support Services

Designed by: Regina Crews Secretary of Student Support Services Single Parenting & the College Student Designed by: Regina Crews Secretary of Student Support Services Single parenting is a great challenge and even more so when you have to juggle time for school with

More information

Guidelines for Self-Employed Persons

Guidelines for Self-Employed Persons INLAND REVENUE DEPARTMENT Saint Lucia Guidelines for Self-Employed Persons Our Mission The Inland Revenue Department stands committed in its impartial treatment of its customers. We aim to provide efficient,

More information

Economic and Management Sciences Grade 7 Term 2. FINANCIAL LITERACY Topic 5: Accounting Concepts

Economic and Management Sciences Grade 7 Term 2. FINANCIAL LITERACY Topic 5: Accounting Concepts 1 Economic and Management Sciences Grade 7 Term 2 FINANCIAL LITERACY Topic 5: Accounting Concepts There are certain basic accounting concepts that are used throughout the business world. It is important

More information

Minnesota Department of Human Services Nursing Facility Employee Scholarship Program: Overview and Tax and Reporting Implications

Minnesota Department of Human Services Nursing Facility Employee Scholarship Program: Overview and Tax and Reporting Implications Minnesota Department of Human Services Nursing Facility Employee Scholarship Program: Overview and Tax and Reporting Implications About the Program In 2001, Minnesota passed legislation to provide funding

More information

Hiring a Nanny Your Tax Responsibilities As an Employer by Tom Copeland, J.D.

Hiring a Nanny Your Tax Responsibilities As an Employer by Tom Copeland, J.D. 333333333333333 3Hiring a Nanny Your Tax Responsibilities As an Employer by Tom Copeland, J.D. 33333333333333333 2000 Redleaf National Institute ISBN 1-884834-92-2 ABOUT REDLEAF NATIONAL INSTITUTE Redleaf

More information

An Overview of Recordkeeping for Sole Proprietors

An Overview of Recordkeeping for Sole Proprietors An Overview of Recordkeeping for Sole Proprietors (and a companion spreadsheet for tracking income & expenses) Here's a guide to help you track your business income and expenses. It is designed to help

More information

A Therapist's Guide to Business Expenses

A Therapist's Guide to Business Expenses WCA Conference November 15, 2014 Developing a Strong Root System for Your Practice: A Therapist's Guide to Business Expenses Business/Tax Structure (sole proprietor, LLC, partnership, sub-chapter S Corp)

More information

Business Plan Summary

Business Plan Summary Name of Business: Business Address: Business Telephone: ( ) Name of Business Owner: Address of Business Owner: Owner Telephone: ( ) Business Description: Nature of the Business: Briefly describe the type

More information

The goal today is to accomplish three things:

The goal today is to accomplish three things: MARK SHERMAN, CPA The goal today is to accomplish three things: 1. Educate you on The Mortgage Forgiveness Debt Relief Act of 2007. 2. Show you how to save taxes on your real estate business. 3. Help you

More information

Salaried Staff only - enter the % of time staff time assigned and documented for this specific service?

Salaried Staff only - enter the % of time staff time assigned and documented for this specific service? PERSONNEL SPREADSHEET STAFF LIST SECTION Client/Meals Transportation Cost Pool Section # of Staff Positions Base Wages Fringe Benefits Fringe Benefit Dollars Total Wages and/or Benefits Productive Hours

More information

Tips to fill out the Self-employment Tax Organizer a Cheat Sheet

Tips to fill out the Self-employment Tax Organizer a Cheat Sheet Tips to fill out the Self-employment Tax Organizer a Cheat Sheet You ve found out you re eligible* for self-employment tax services at AccountAbility Minnesota and the first thing we do (after giving you

More information

MSSP. Market Segment Specialization Program. Child Care Providers

MSSP. Market Segment Specialization Program. Child Care Providers MSSP Market Segment Specialization Program Child Care Providers The taxpayer names and addresses shown in this publication are hypothetical. They were chosen at random from a list of names of American

More information

An Informational Resource Created by Plain English Edition

An Informational Resource Created by Plain English Edition LLC Resource Guide (H An Informational Resource Created by Plain English Edition TABLE OF CONTENTS OVERVIEW... 3 Co -mingling funds... 3 Create a bank account for your LLC... 4 Personal Loans... 4 How

More information

Ontario Works Policy Directives

Ontario Works Policy Directives Ontario Works Policy Directives 5.11 Farm Income Legislative Authority Section 7(3) of the Act. Sections 39(1), 48 and 54(1)1 and 54(1)6 of Regulation 134/98. Audit Requirements Random file reviews are

More information

Dr. James Gai Professor of Music University of Central Missouri Warrensburg, MO

Dr. James Gai Professor of Music University of Central Missouri Warrensburg, MO Dr. James Gai Professor of Music University of Central Missouri Warrensburg, MO ALL TEACHERS HAVE EXPENSES INCIDENTAL TO THEIR EMPLOYMENT. Most are deductible, but only if you keep records Records may

More information

Can I Deduct That? (or how organize and manage expenses for your Direct Sales dōterra Business) by Susan McCarthy, GOLD IPC

Can I Deduct That? (or how organize and manage expenses for your Direct Sales dōterra Business) by Susan McCarthy, GOLD IPC Can I Deduct That? (or how organize and manage expenses for your Direct Sales dōterra Business) by Susan McCarthy, GOLD IPC 1 Getting Started Separate Business from Personal Set up a Filing System Set

More information

Content has not been updated for changes in the law subsequent to 2004.

Content has not been updated for changes in the law subsequent to 2004. Recordkeeping in a Nutshell This document is an extract from the 2004 University of Illinois Federal Tax Workbook. Permission is granted to reprint this document as needed. RECORDKEEPING One of the most

More information

Year-End Tax Solutions Checklist for the Small Business Owner

Year-End Tax Solutions Checklist for the Small Business Owner Year-End Tax Solutions Checklist for the Small Business Owner Prepared by John Leidy, Tax Professional 1 That dreaded time of year is fast approaching again: TAX TIME! I don t know any small business owner

More information

Formerly: The On-Line Calendar-Keeper

Formerly: The On-Line Calendar-Keeper Formerly: TM The On-Line Calendar-Keeper What is Minute Menu Kids? It s software designed for in-home family child care. It s used by about 45,000 family child care providers in the US. Also called C-K

More information

Additional hours will be considered Overtime, compensated at one and one-half times the employee s hourly rate.

Additional hours will be considered Overtime, compensated at one and one-half times the employee s hourly rate. Today's Date: Employee (Nanny) Name: Employers Names and Address: Date Employment to Commence: Employee's Social Security Number: Children Names and DOB: WORK HOURS: Monday from until. Tuesday from until.

More information

UBER PARTNER REPORTING GUIDE

UBER PARTNER REPORTING GUIDE Required to File a Return? In most cases, you will be required to file a Form 1040 and attach Schedule C and Schedule SE to report your earnings from being an Uber partner. If you have net earnings (not

More information

1 Exam Prep IRS Circular E Tax Guide Questions and Answers

1 Exam Prep IRS Circular E Tax Guide Questions and Answers 1 Exam Prep IRS Circular E Tax Guide Questions and Answers Part 1 1. You should calculate federal unemployment taxes for deposit purposes. A. Annually B. Quarterly C. Monthly D. Biannually 2. Which of

More information

Business Expense Log. Year of

Business Expense Log. Year of Business Expense Log Year of 5206 Gateway Centre Suite 100 Flint, Michigan 48507 Tel. 810.238.4617 877.244.1787 Fax 810.238.5083 www.lewis-knopf.com Business Expense Log Business Expense Log 2008 UARY

More information

Account. Account Name. Explanation. Type. QuickBooks Sample Small Farm Chart of Accounts. Main Farm Checking

Account. Account Name. Explanation. Type. QuickBooks Sample Small Farm Chart of Accounts. Main Farm Checking QuickBooks Sample Small Farm Chart of s Name Main Farm Checking Petty Cash Farm Savings s Receivable BANK BANK BANK NOT your personal checking account. Yes, you must have a separate business checking account.

More information

Teens version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394

Teens version. Instructor guide. 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 Teens version Instructor guide 2003, 2012 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. ECG-714394 Budgeting Unit Overview In these lessons, middle-school students (grades 6-8) are introduced

More information

Clergy and Non Clergy Compensation

Clergy and Non Clergy Compensation Clergy and Non Clergy Compensation Parish treasurers are responsible for monitoring the salary and housing compensation for clergy. They need to keep abreast of the median family income for their area.

More information

EDUCATORS AND DAY CARE PROVIDERS. Tax strategies for teachers, day care providers and education professionals

EDUCATORS AND DAY CARE PROVIDERS. Tax strategies for teachers, day care providers and education professionals DVANTAX EDUCATORS AND DAY CARE PROVIDERS Tax strategies for teachers, day care providers and education professionals DVANTAX E DUCATORS This provides an overview of the deductions that may be allowable

More information

Tips for filling out the Self-Employment Tax Organizer (SETO)

Tips for filling out the Self-Employment Tax Organizer (SETO) Tips for filling out the Self-Employment Tax Organizer (SETO) Who is eligible for self-employment services at Prepare and Prosper? We serve sole proprietors, independent contractors, or single member LLC

More information

Sample Profit and Loss Statement (Billy Bob s Food Business)

Sample Profit and Loss Statement (Billy Bob s Food Business) PRICING SECTION The Profit and Loss Statement Both the balance sheet and the profit and loss statement make up what is commonly called the financials. Let s move right on to that part of the financials

More information

CACFP FINANCIAL MANAGEMENT

CACFP FINANCIAL MANAGEMENT 5-1 CACFP FINANCIAL MANAGEMENT The Importance of Good Financial Management All required records must be kept at least three years after the end of the Agreement year or one year after the audit of that

More information

Fill in the Blanks Feasibility Study Worksheet

Fill in the Blanks Feasibility Study Worksheet Fill in the Blanks Feasibility Study Worksheet The Arizona SBDC Network is partially funded through a cooperative agreement with the US Small Business Administration. The SBA s funding is not an endorsement

More information

General Overview of Financial Management

General Overview of Financial Management 1 General Overview of Financial Management U.S. Department of Housing and Urban Development Office of Community Planning and Development 2 Compliance Monitoring 3 Compliance Monitoring Types of Compliance

More information

Cash Flow Analysis (Form 1084)

Cash Flow Analysis (Form 1084) Cash Flow Analysis (Form 1084) Borrower Name: Business Name (optional): This worksheet may be used to prepare a written evaluation of the analysis of income related to self-employment. The purpose of this

More information

RACS Group Helpline... EXPENSES CLAIM PROCEDURE GUIDE. Introduction

RACS Group Helpline... EXPENSES CLAIM PROCEDURE GUIDE. Introduction Introduction What are business expenses? Genuine BUSINESS EXPENSES are those that are incurred wholly, exclusively and necessarily in order to perform the duties of an assignment. The benefits of claiming

More information

RECORD KEEPING AND TAXES: A GUIDEBOOK FOR FAMILY AND GROUP FAMILY CHILD CARE PROVIDERS

RECORD KEEPING AND TAXES: A GUIDEBOOK FOR FAMILY AND GROUP FAMILY CHILD CARE PROVIDERS RECORD KEEPING AND TAXES: A GUIDEBOOK FOR FAMILY AND GROUP FAMILY CHILD CARE PROVIDERS SOUTH BROOKLYN LEGAL SERVICES CHILD CARE PROJECT January 2010 Child Care Project Hotline: (718) 237-5540 South Brooklyn

More information

Self Employed & Single Member LLC Tax Organizer

Self Employed & Single Member LLC Tax Organizer Self Employed & Single Member LLC Tax Organizer CLIENT INFORMATION Business Name (DBA): Email: Date of Formation: EIN#: Best Phone#: Business Address: Tax Period City: State: ZIP Code: What date was the

More information

Schedule C Line by Line. Self-Employment Tax Preparation Training

Schedule C Line by Line. Self-Employment Tax Preparation Training Schedule C Line by Line Self-Employment Tax Preparation Training Celebrating 39 years of providing free tax preparation and financial services to low and moderate income taxpayers in the Twin Cities and

More information

Moving To Georgia. A Tax Guide

Moving To Georgia. A Tax Guide Moving To Georgia A Tax Guide Updated July 2012 TAX GUIDE FOR MOVING TO GEORGIA PAGE I. INTRODUCTION 1 II. MAULDIN & JENKINS 2 III. ELIGIBILITY TO DEDUCT MOVING EXPENSES 3 IV. DEDUCTIBLE MOVING EXPENSES

More information

You may also find the expenses area of our support centre a good source of additional information.

You may also find the expenses area of our support centre a good source of additional information. Tempo s Guide to Business Expenses You may also find the expenses area of our support centre a good source of additional information. Why should I record / claim business expenses? Your company s tax bill

More information

Managing Money. Where does your money go? Eight Steps to Better Money Management. Setting Goals

Managing Money. Where does your money go? Eight Steps to Better Money Management. Setting Goals Option 7 Teacher Information Page 1 Where does your money go? Managing Money If you do not keep track of your expenses, you won t whether you are spending your money wisely. When you know where your money

More information

BAF3M Accounting. Chapter 5 The Expanded Ledger: Revenue, Expenses, Drawings

BAF3M Accounting. Chapter 5 The Expanded Ledger: Revenue, Expenses, Drawings BAF3M Accounting Chapter 5 The Expanded Ledger: Revenue, Expenses, Drawings 5.1 Expanding the Ledger To date, we ve only used one single account for owner s equity The expanded owner s equity section includes

More information

FINANCING THE BUSINESS

FINANCING THE BUSINESS 51 FUNDING 5 BASIC FINANCIAL PLANNING Financing The Business Financial Planning Financial Statements Calculating Cost-Values And Negotiating To Win Exercise P 159 FINANCING THE BUSINESS All businesses

More information

CHAPTER 3 ACCOUNTING AND BOOKKEEPING

CHAPTER 3 ACCOUNTING AND BOOKKEEPING CHAPTER 3 ACCOUNTING AND BOOKKEEPING Most operators of a new and growing business have a flair for the environment in which the business operates. They may be a great salesperson, an outstanding mechanic,

More information

CONSULTANT S ORGANIZING YOUR MARY KAY BUSINESS

CONSULTANT S ORGANIZING YOUR MARY KAY BUSINESS CONSULTANT S ORGANIZING YOUR MARY KAY BUSINESS ORGANIZING YOUR BUSINESS WHAT SUPPLIES DO I NEED? 1. Box/Filing Cabinet 2. Hanging Files 3. File Folders 4. Envelopes NOW WHAT? 1. Organize hanging files

More information

NRP Training Series 2001 Financial Record Keeping

NRP Training Series 2001 Financial Record Keeping NRP Training Series 2001 Financial Record Keeping Copyright 2001 Minneapolis NRP - All Rights Reserved What is the role of the Treasurer? Generally, the treasurer is responsible for compiling and keeping

More information

Monthly Income Worksheet

Monthly Income Worksheet Monthly Income Worksheet Figure Your Monthly Income Your weekly pay X 52 12 or Your twice-a-month pay X 2 Your Monthly Take-home Pay Figure Household Members Monthly Income Weekly pay X 52 12 or Twice-a-month

More information

Limited Company Guide

Limited Company Guide A complete service for the small business Nationwide UK Coverage www.the.co.uk What is a limited company? A limited company is a company in which the liability of the members or subscribers of the company

More information

BC Rural and Remote Homelessness Partnership Strategy (HPS)

BC Rural and Remote Homelessness Partnership Strategy (HPS) BC Rural and Remote Homelessness Partnership Strategy (HPS) BUDGET NEGOTIATION NOTES FORM 3C 2014-2015 BC Rural and Remote Call for Proposals Budget Negotiation Notes Form 3C 1 2014 RURAL AND REMOTE HOMELESSNESS

More information

Adding and Subtracting

Adding and Subtracting Positive and Negative Integers 1 A 7 th Grade Unit on Adding and Subtracting Positive and Negative Integers Developed by: Nicole Getman December 1, 2006 Buffalo State: I 2 T 2 Positive and Negative Integers

More information

SWEETNESS AND SPICE. Tax Issues for Foodies. Susan Anderson Lynn Stallworth

SWEETNESS AND SPICE. Tax Issues for Foodies. Susan Anderson Lynn Stallworth SWEETNESS AND SPICE Tax Issues for Foodies Susan Anderson Lynn Stallworth Sweetness and Spice Case study for first tax course which develops the following skills: Issue identification Tax research Written

More information

Learn how to generate up to. using your RV! $6,000 tax free cash. RV ownership just got better than ever! Create up to. using your RV!

Learn how to generate up to. using your RV! $6,000 tax free cash. RV ownership just got better than ever! Create up to. using your RV! RV ownership just got better than ever! Create up to $6,000 tax free cash using your RV! Which item is the largest expense for most families? A. Food & Clothing B. Housing C. Automobiles Answer inside

More information

FIRSTAX SAVES YOU TAXES

FIRSTAX SAVES YOU TAXES FIRSTAX Your Tax Advisors for Life 1221 McKinney, Suite 3275 Houston, TX 77010 TEL & FAX 713.781.9999 TEL 800.781.9996 taxsavings@firstax.com www.firstax.com FIRSTAX SAVES YOU TAXES A TAX SAVING WORKBOOK

More information

Rental Real Estate Deductions

Rental Real Estate Deductions Rental Real Estate Deductions 10 th Edition Stephen Fishman, J.D. Chapter 1 Tax Deduction Basics for Landlords... 1 Learning Objectives... 1 Introduction... 1 How Landlords Are Taxed... 1 Income Taxes

More information

Adding and Subtracting

Adding and Subtracting Positive and Negative Integers 1 A 7 th Grade Unit on Adding and Subtracting Positive and Negative Integers Developed by: Nicole Getman December 1, 2006 Buffalo State: I 2 T 2 Positive and Negative Integers

More information

What are unreimbursed business expenses? What are acceptable deductions on a PA Schedule UE?

What are unreimbursed business expenses? What are acceptable deductions on a PA Schedule UE? What are unreimbursed business expenses? Answer ID 3201 Published 10/28/2014 02:38 PM Updated 10/28/2014 03:41 PM What are unreimbursed business expenses? A taxpayer may use PA Schedule UE to report allowable

More information

What is my Tax Reporting Status as a Mary Kay Consultant?

What is my Tax Reporting Status as a Mary Kay Consultant? Our Mission Our goal as a CPA firm is to provide quality tax compliance and financial assurance services to the general public, as all CPA firms do. However, our top priority is to communicate and educate

More information

Five Steps to help manage your money

Five Steps to help manage your money Five Steps to help manage your money Here are fives steps to help you manage your money. Although there are a lot of budgeting tools out there, here is a simple breakdown of tracking where your money is

More information

Mayflower's Six-Week Checklist For A Smooth Move 6 Weeks Before "Move-Out Day"

Mayflower's Six-Week Checklist For A Smooth Move 6 Weeks Before Move-Out Day Mayflower's Six-Week Checklist For A Smooth Move 6 Weeks Before "Move-Out Day" Start getting the details of your move organized as soon as you can. Create a "move information" file. Using a brightly colored

More information

Math 21 Earning and Spending Money. Book 1: Budgeting. Teacher Version Assessments and Answers Included

Math 21 Earning and Spending Money. Book 1: Budgeting. Teacher Version Assessments and Answers Included Math 21 Earning and Spending Money Book 1: Budgeting Teacher Version Assessments and Answers Included Year Overview: Earning and Spending Money 1. Budget 2. Personal Banking 3. Interest 4. Consumer Credit

More information

lesson three budgeting your money teacher s guide

lesson three budgeting your money teacher s guide lesson three budgeting your money teacher s guide budgeting your money lesson outline lesson 3 overview I m all out of money, and I won t get paid again until the end of next week! This is a common dilemma

More information

Completing the Personal Budget: Guidelines & Explanation

Completing the Personal Budget: Guidelines & Explanation Preparing a Weekly or Monthly Budget These blank Budget forms are for your own personal use. They are designed to help you calculate the monthly expenditure costs of most items in your budget. You will

More information

CHILD CARE PROVIDER Audit Technique Guide

CHILD CARE PROVIDER Audit Technique Guide CHILD CARE PROVIDER Audit Technique Guide NOTE: This document is not an official pronouncement of the law or the position of the Service and cannot be used, cited, or relied upon as such. This guide is

More information

B u s i n e s s E x p e n s e s b y C a t e g o r y

B u s i n e s s E x p e n s e s b y C a t e g o r y Chapter 2 : All Ab out Busin ess Expen ses 1 B u s i n e s s E x p e n s e s b y C a t e g o r y design costs Awards or prizes for client or customer goodwill Billboards Business cards Flyers Home spec

More information

Small Business Tax Issues

Small Business Tax Issues Small Business Tax Issues Presenter: Julie Herman-Wiese Business Development Manager H&R Block and Fill in tax preparer Julie.Hermanwiese@hrblock.com 253.656.1379 Prior to H&R Block: Ran my own consulting

More information

Analyzing Business Tax Returns. Partnership Corporation S-Corporation LLC

Analyzing Business Tax Returns. Partnership Corporation S-Corporation LLC Analyzing Business Tax Returns Partnership Corporation S-Corporation LLC 1 Partnership Definition: A partnership is formed when two or more individuals form a business and share in the profits, losses

More information

Check one only: Staff Credential Director Credential AS Degree Must have active Staff Credential

Check one only: Staff Credential Director Credential AS Degree Must have active Staff Credential Florida T.E.A.C.H. Early Childhood Scholarship Program Scholarship Application for Family Child Care Home Providers (FCCH Employees should use Center-Based Scholarship Application) [Do not use this application

More information

To get started you will need a box of file folders or a box of 8 ½ x 11 envelopes.

To get started you will need a box of file folders or a box of 8 ½ x 11 envelopes. Proprietorships, Partnerships, and Small Corporations Getting Organized - The Basics What your Accountant (and Canada Revenue Agency) would like to see. Keeping track of your day to day business operations

More information

Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!!

Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!! Basics of accounting Documentation basics Choosing an accounting system Common tax issues Get an advisor!!! Money TRANSACTIONS CHART OF ACCTS GENERAL LEDGER BALANCE SHEET INCOME STATEMENT FINANCIAL STATEMENTS

More information

Financial Planning. Introduction. Learning Objectives

Financial Planning. Introduction. Learning Objectives Financial Planning Introduction Financial Planning Learning Objectives Lesson 1 Budgeting: How to Live on Your Own and Not Move Home in a Week Prepare a budget and determine disposable income. Identify

More information

Proper money management will help you avoid financial problems. Financial problems occur because people do not plan the use of their money wisely;

Proper money management will help you avoid financial problems. Financial problems occur because people do not plan the use of their money wisely; Welcome again to the Public Awareness column provided by the Reserve Bank of Fiji (RBF). This month s article provides you some personal budgeting guidelines and tips on how you can save money to achieve

More information

Home Based Business Tax Opportunities RICHEY, MAY & CO., LLP 9605 S. KINGSTON CT., STE. 200 ENGLEWOOD, CO 80112 WWW.RICHEYMAY.COM

Home Based Business Tax Opportunities RICHEY, MAY & CO., LLP 9605 S. KINGSTON CT., STE. 200 ENGLEWOOD, CO 80112 WWW.RICHEYMAY.COM Home Based Business Tax Opportunities RICHEY, MAY & CO., LLP 9605 S. KINGSTON CT., STE. 200 ENGLEWOOD, CO 80112 WWW.RICHEYMAY.COM 1 Disclaimer: Use of Information: The information in this summary is provided

More information

DAY CARE EXPENSE. Medical/Dental Expenses. Taxes Paid. Interest Expense Mortgage interest paid - attach Form-1098(s)

DAY CARE EXPENSE. Medical/Dental Expenses. Taxes Paid. Interest Expense Mortgage interest paid - attach Form-1098(s) DAY CARE EXPENSE Provider #1 Address City/State/Zip EIN/SS# (Mandatory) Amount Paid: Provider #2 Address City/State/Zip EIN/SS# Amount Paid: Children cared for Medical/Dental Expenses Medical insurance

More information

Employees in the United States work under

Employees in the United States work under Guide to Minimum Employment Standards, Pay Deductions and Unemployment Compensation in the United States Employees in the United States work under laws that set employment standards in the workplace. Employment

More information

Community Support Program and Recovery Pathways. Skill Building. Goals, Objectives, Interventions and Skills

Community Support Program and Recovery Pathways. Skill Building. Goals, Objectives, Interventions and Skills ADVANCED BEHAVIORAL HEALTH, INC Community Support Program and Recovery Pathways Skill Building Goals, Objectives, Interventions and Skills kscott 11/22/2010 (11/24/10 CSP/RP handout) 2 The following are

More information

Florida T.E.A.C.H. Early Childhood Scholarship Program

Florida T.E.A.C.H. Early Childhood Scholarship Program Florida T.E.A.C.H. Early Childhood Scholarship Program Scholarship Application for Bachelor Degree in Early Childhood Education As a prerequisite, applicant must already have a 2-year college degree Legal

More information

FULL COST METHODOLOGY MODEL

FULL COST METHODOLOGY MODEL FULL COST METHODOLOGY MODEL This cost methodology model was developed using concepts from two State Auditor's Office (SAO) reports, Guide To Implement the Competitive Cost Review Program, October 1992

More information

PERSONNEL (FEDERAL) Computation. Cost. Salary Basis Percentage of Time Length of Time. TBD Work Readiness Asst. II $37,936.50 Year 100.

PERSONNEL (FEDERAL) Computation. Cost. Salary Basis Percentage of Time Length of Time. TBD Work Readiness Asst. II $37,936.50 Year 100. A. Personnel List each position by title and name of employee, if available. Show the annual salary rate and the percentage of time to be devoted to the project. Compensation paid for employees engaged

More information

Employment Status What is your current job title? Teacher Family-Based Professional*

Employment Status What is your current job title? Teacher Family-Based Professional* Florida T.E.A.C.H. Early Childhood Scholarship Program Credential Renewal Scholarship Application Separate renewal classes/scholarships needed for Florida Staff Credential & Director Credential Check all

More information

Tax Return Questionnaire - 2013 Tax Year

Tax Return Questionnaire - 2013 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount

3. If you received any interest from a Seller Financed mortgage, provide: Name and Address of Payer Social Security Number Amount Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

EDf EnErGY trust. APPLiCAtion for financial ASSiStAnCE WHO CAN APPLY FOR A GRANT? HOW CAN THE TRUST HELP?

EDf EnErGY trust. APPLiCAtion for financial ASSiStAnCE WHO CAN APPLY FOR A GRANT? HOW CAN THE TRUST HELP? EDf EnErGY trust APPLiCAtion for financial ASSiStAnCE BEforE CoMPLEtinG the APPLiCAtion form, PLEASE CArEfULLY read the notes BELoW. When you have completed the application form, you should detach these

More information

Five Steps to Improving Your Profitability

Five Steps to Improving Your Profitability Five Steps to Improving Your Profitability Topic: Business Opportunities Author : Rosebrook, P. Date/Pages Sep 2003 pp. 30-33 Two of the most valuable commodities in business are time and money. They usually

More information

Money Management Tools 1 Budgeting and Savings

Money Management Tools 1 Budgeting and Savings Hands on Banking Money Management Tools 1 Budgeting and Savings The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the program anytime at www.handsonbanking.org

More information

Insurance for Your House and Personal Possessions

Insurance for Your House and Personal Possessions Make sure your insurance agent knows about any improvements or additions to your house since you last talked about your insurance policy. If you don't increase your limits to cover the cost of Insurance

More information

Form J (1 of 7) Pre-Operational. Public Charter Schools Operating Budget. Start-Up Grant Other (specify) Other (specify)

Form J (1 of 7) Pre-Operational. Public Charter Schools Operating Budget. Start-Up Grant Other (specify) Other (specify) Form J (1 of 7) Pre-Operational A charter school ios likely to incur considerable costs before it receives its first distribution. Prepare an estimated budget February 1st (Concept proposal due) and August

More information

Your personal budget plan

Your personal budget plan 1. About you Your personal budget plan Your personal budget plan You need to be clear about whose details you are going to include. For example: if you live with a partner, are you going to prepare a joint

More information