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Hi! This is my first year doing taxes for a home day care and just wanted to ask you veterans a grocery question! I have just added all my receipts up and spent $1751.36 on groceries for 3 dck from May until December. Does this seem excessive?????? Thanks everyone!
Not at all excessive. Surprising though, wasn't it! I don't provide lunches but I do provide snacks. Last year my write off was over $700. this year its $1090.00
Great, was just wondering what the government considers 'reasonable' since that is thenword they use in the tax guide!! On a similar note, I have been looking through all the old tax posts here and many people have posted the idea of writing off as much as possible to bring income down to next to nothing......how on earth can you write off $20000 worth of stuff?????
HAHAHAHAHAHA you'd be surprised what you can do. I do that too. But its not cheating at all since I only write off exactly what I use.
you can write off: You mortgage or rent, hydro bill, phone bill, internet bill, grocery bill, wipes,, diapers, your car payments and gas if you use it with the kids, food, crafts, CPR and first aid certifications, assistant's paychecks, office supplies, paper, printer ink, toilet paper, cleaning supplies, my god the list goes on and on.
Do you have the governments guide to owning your own daycare? send me your email and I'll send it to you. it's a good guide to have and you might be mad at how many receipts you didn't save this year
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That's all you spent on food from May-dec?
I save every receipt for everything and for 2011 my family of 4 plus the 4.5 daycare kids cost $11,000 (yes THOUSAND) dollars in food.
Of course the accountant will divide out weekends and my family but considering I feed the daycare kids 3 times and 5 days a week I am sure they will still be closer to 3 or 4 thousand for groceries /meals
i spent thousands on daycare equipment i.e strollers, craft supplies, playards, presents, books
I think it is possible to get my income very low for this year if not wiped out if I claim everything but I am not sure what is better.
On one hand I have all the receipts and tracking that I could claim a TON of stuff but on the other hand getting back a tax report that shows I make less money affects us if we apply for loans and also means I will miss paying into CPP etc this year. I am deciding whether to actually not claim everything I am entitled to for that reason
I spent over $8000 in food just for the daycare.
Thanks flex! I have the printed guide! My husband is actually an accountant (very handy) but I am trying to sort things out on my own too....I like to know what I'm doing, ha ha!Quote:
Originally Posted by FlexFunCare
Hi Spixie! I only have 2 full time and 1 part time dck! Also, I do separate shopping....and it now seems like my kids don't eat much, ha ha!! I also have receipts for toys, crafts etc. but certainly not thousands worth! I want to pay into CCP so that part doesnt bother me.
Very handy indeed. Does he give discounts to poor lowly daycare workers such as myself? LOL I like to organize myself too but I only trust myself so far and like others to do the actual filing.Quote:
Originally Posted by Emily3
I would love a copy of the guide if you could email it to me :)
michellesmunchkins@g mail.com
I find now that I have been in daycare for so long that I have to scramble to find enough deductions since I have all of my equipment, toys, etc. Replacing sippy cups or bibs just doesn't add up. As well since I take infants/toddlers my craft expenses are way down from when I had older kids. On the other hand even if do pay some taxes at the end of the year I still have more money in my pocket than when I was deducting everything since they were still outlays that were direct to the daycare and didnt' benefit me.
My son is graduating from university this spring with a business degree in accounting and I have been telling him he could start his own firm catering to daycare providers and I bet he could be run off his feet catering to just one clientele - us.
Quote:
Originally Posted by playfelt
Hi playfelt! I think I have similar situation in that all my kids are toddlers so craft/ teaching supplies are very minimal. I also bought many things second hand so although I do have receipts for everything, it does not add up to thousands of dollars! I do not drive with the kids so no car write off either. Oh well, I'm glad I read the suggestion on here to save all of one child's fees for tax time!
Hi Michelle, if you go onto the government website you can just click on the booklet request and they mail you one straight away!Quote:
Originally Posted by michellesmunchkins
Perfect, thanks Emily :)
Just be careful on few things. Though people write their internet/cable/phone bills off unless used exclusively for daycare you can't so if you are comfortable taking that risk go ahead, if you get audited they will disallow that. I'm pretty sure you can write your mortgage interest off the percent you use but I think if you do mortgage payment that would be capital gains if you ever sell. Also pretty sure you can only write your car interest off and not the payment unless its a lease. The gov't site has a lot of info online and you can always call too.