Welcome to KidKare’s collection of Tax Tips for your family home childcare business. We will update this post each week with new tax tips to help get you through tax season as easily as possible.

Note: This article is presented for information purposes only. Always consult a tax professional when filing your taxes.

Tax Tip: Every Expense Counts!

Happy Tax Tip Tuesday (January 25, 2022)! Today, we’re talking about something incredibly important to any small business: expenses.

When you run a small business, every tax deduction matters, which means every expense counts. Every. Single. One. You should be tracking expenses for items used in your business throughout the year so you can get the most out of your childcare business tax deductions.

What sorts of items could you deduct? Here’s just a few:

  • Software
  • Toys
  • Pots & Pans
  • Silverware
  • Food
  • Vehicle Mileage
  • Furniture
  • COVID-19 Supplies (Gloves, Masks, Disinfectants)

Remember! Items are only deductible if they are actually used for your business. Consult a tax professional for more information. Check out Tom Copeland’s blog End of Year Tax Savings Tips for more information on the sorts of things you can deduct on your taxes for your childcare business.

Tax Tip: Common Q&As About KidKare Accounting

This Tax Tip Tuesday (January 11, 2022), we’re answering some common questions about KidKare Accounting!

Can I use KidKare if my Food Program sponsor doesn’t use KidKare?

Yes, you can always use KidKare Accounting even if your sponsor doesn’t use it for claiming meals and snacks. You can use KidKare Accounting to track parent payments and all business expenses for your childcare business. Learn more and sign up here.

Does KidKare print out a Form W-10 for parents at the end of the year?

Yes! In fact, KidKare Accounting can populate this form with the amount each parent paid (as long as payments are recorded).

If I purchase KidKare Accounting today, can I enter business expenses from January 2021?

Yes! KidKare Accounting allows you to enter expenses incurred prior to your purchase date. You can record expenses as far back as needed.

Tax Tip: Ready or Not, Here Comes Tax Season

With a new year comes a new tax season, and you know what that means—It’s time to get your finances in order. Have you been tracking your expenses?

If the answer is a big, resounding “No,” we have a solution for you!

KidKare Accounting is an easy-to-use software that allows you to enter all your expenses and income from the beginning of the year. This means you still have time to record your 2021 business expenses, so you can print the reports you need.

These reports can make tax time a breeze:

  • Schedule C: Business expenses
  • Form 8829: House expenses
  • Actual Food Expense: Food expenses
Tax tips for use with KidKare Accounting: record expenses, calculate time-space percentage, and generate tax reports.
Tax season could be even easier. Try KidKare Accounting free for 30 days, and turn your taxes into a simple, click-and-go experience. Click here to learn more and sign up for your free trial today.

KidKare Accounting can do even more for you throughout the year. Want to learn more? Browse our digital handbook here.


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