Today Dede from Michigan tells us. “I am a newly licensed family home day care provider. I am overwhelmed by this tax business! Where in the world do I begin? I haven’t paid any taxes from my earnings yet, because I just don’t know how to begin or whom to contact about what forms or what to fill out. Please help!
When I was 17, I worked for one of the first companies in the country whose sole objective was to provide part-time jobs for college students. Often, the girls would come in and say, “I want to work with children.” So, I’d find them job openings. Then, they did it. And boy did they come running back quickly!
It’s hard work. And sometimes scary. So you have my utmost admiration for taking on the task of caring for people’s most precious treasures – their children.
And you’re absolutely right. You should be keeping records. After all you are receiving income…and responsible for children in your care.
Here is a resource that can help you…Especially for daycare businesses:
The Home Daycare Complete Recordkeeping System by Brigette A. Thompson – it’s really affordable – only $18.00 . You’ll find it at daycarerecordkeeping.com
Brigette provides step-by-step instructions and forms for your particular business. Her information and terminology will be a really big help to you. It will guide you through all the things you need to know to provide day care, too – not just recordkeeping.
However, for general business start-up guidance and advice – as well as current tax advice, you should also pick up a copy of either Small Business Taxes made Easy or Jan Zobel’s book Minding Her Own Business – Jan writes for women – and she’s so easy to understand. TaxMama’s readers have been loving her books for years.
Next, take a deep breath. Then, realize, you really ARE in business and I’d like to see you be successful at it. You deserve it.
Naturally, you’ll find answers to all your questions about taxes and all kinds of financial information, where? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- The Home Daycare Complete Recordkeeping System :: Very useful daycare business tool by by Brigette A. Thompson
- Minding Her Own Business :: TaxMama’s favorite book – by Jan Zobel