Are you ready for
tax season?
Here are some of the many things KidKare Accounting
can do for you with tax season.
Ready or not, tax season is here. Don't panic! It's not too late to prepare. 😮💨
KidKare Accounting
makes it easy!
You will be able to:
1. Record expenses for the entire year
(yes, all the way back to January 2021).
2. Calculate your time/space % instantly.
3. Generate tax reports and provide them to your tax professional.
Plus,
KidKare Accounting
comes with tax reports all accountants love! 💁🏽♀️
Our reports:
Actual Food Expense
This report lists all food expenses. It is used to calculate your actual business food costs instead of using the standard meal allowance rate.
Depreciation Worksheet
This report will tell you what items you purchased in 2021 that should be depreciated, using IRS Form 4562 Depreciation and Amortization.
Form 8829
This report will list your house expenses in the order they appear on Form 8829 Expenses for Business Use of Your Home tax form.
Schedule C
This report will list your business expenses in the order they appear on the Schedule C Profit or Loss Business tax form.
Standard Meal Allowance
This report totals all of the meals you recorded in the program and multiplies it by the IRS meal rate.
Vehicle Deduction
This report is for
vehicle-related expenses. It uses data from the different parts of KidKare Accounting to determine vehicle expenses.
Time/Space Calculation
This report provides your time/space percentage as calculated by KidKare. If your accountant wants to calculate your time/space percentage instead, you can print the Time-Space - Hours Children Present report and the Time-Space - Other Activities report.
Data you can record in our software for tax season: 👇🏾
Enter Time/Space Calculations
Make calculations with a couple of clicks.
Add Participant Hours to Time/Space Calculations
Track child attendance.
Set Hours of Operation for Time/Space Calculations
When calculating Time/Space %, set your hours of operation to use for those calculations.
Record Meals & Snacks
Record all of the meals and snacks you served, particularly those that were not reimbursed by the Food Program.
Record Business Expenses
Record business expenses in KidKare to help you with your tax deductions each year. Some examples of expenses you could enter include, but are not limited to:
Activity Expenses
Advertising
Appliances
Furniture
Maintenance
Equipment
Record Work Hours When Children Are Not Present
These hours will then be added to the hours you care for children to calculate your Time/Space %. Activities such as:
Cleaning
Meal preparation
Activity preparation
Record keeping
Parent interviews
Parent phone calls
Time spent on the Internet
Business Miles
Record mileage for trips made for business purposes.
Tax Reports
Enter Time/Space Calculations
Add Participant Hours to Time/Space Calculations
Record Business Expenses & Miles
