Home Daycare Recordkeeping
Tina L. Miller
This e-book outlines many 100% deductible items used in a home daycare business and the multitude of other items that may be partially deductible if they are used for both personal use and the business. The author examines the categories and specifics of deductible items according to current federal tax laws and shows the reader how to maximize deductions to decrease the net tax owed. One can find most of the same information in IRS tax publications, but this author skillfully explains these deductions in easy-to-understand terms instead of technical jargon.
Besides providing a home daycare tax primer, this e-book takes it a step further by providing an entire system for recording all of the potentially deductible or partially deductible expenses: business and personal use of shared space and specific items such as computers, groceries, automobiles, televisions, and VCRs. The author also includes forms to document business use of space within the home, total time spent on daycare-related activities, logs to record the purchase of specific items, and income records as well. The author provides blank copies of an entire series of forms designed to make recordkeeping easy and also provides completed samples to follow.
The book is thorough, simple to read, and provides invaluable resources for the home daycare provider. Anyone considering going into the home daycare business will find this book a very wise investment—and incidentally, the cost of the book itself is tax deductible! Anyone already in this business will find the author’s system to be straightforward and easy to incorporate into their current plan.
Readers also will find ways to deduct additional expenses not previously considered or documented, thereby reducing their net income tax obligation.