Help - Worksheet for expenses and Ottawa accountant ???

[DisneyPrincess]

I literally have a year of expenses receipts to put together in a Excel to then do my own Taxes. Its my first year having my ''own business'' I dont really know how to calculate everything. I keep playing around a Excel sheet to then enter all my receipts but... I'm lost. What to declare, how to declare, where to declare

Anyone has a worksheet they can share with me ????

Anyone know a good accountant in Ottawa that is used to do daycare taxes ??

Thank you so much for your help, I'll owe you !

[Inspired by Reggio]

Can you call the wonderful people here for the accountant referrals ~ they support childcare providers in Ottawa so would surly know a great accountant or two?

http://www.ccprn.com/en/information-for-caregivers/

I use Excel and I have a 'sheet' in my workbook that has columns for the 'date / receipt reason (aka if it was a replacement verses new toy or what the maintaince was for) / total' for tallying each of the following categories:

Food & Kitchen Supplies
Toys & Equipment
Craft Supplies
Field Trips & Outings
Gifts & Seasonal Celebrations
Office Expenses
Advertising & Website
Daycare Maintenance & Repairs
Professional Development
Interest on Line of Credit for Business
Interest on Credit card for business
Banking Fees
Vehicle Expenses
Business Liability Insurance
% Home Owners Insurance
% of annual Mortgage Interest
% of annual Property Tax
% of annual Gas bill total
% of annual Reliance Water heater Bill
% of annual Hydro bill total
Phone - additional services above basic landline to support business

The total column on each 'auto sums for me' and than those tallies than get moved over into Turbo tax when it is time to do the expense portion ~ they have some 'template' lines for all business and than they have lines that say 'other' which I just add the things that are not yet covered?

[playfelt]

If you look on the actual tax package there is a worksheet in there that you have to fill out. So basically you need to put your receipts into the same catagories and add them up to get a total. Do not be concerned if the amount you put under supplies is virtually almost everything as it includes food, toys, household supplies, craft stuff, etc.

[DisneyPrincess]

Ok.. I thought that the at had to seperate all the food, household supplies etc... on the walmart receipts :S if I dont have to do that then great cause that was gonna take forever

Awesome ladies thank you so much !

[Inspired by Reggio]

Ok.. I thought that the at had to seperate all the food, household supplies etc... on the walmart receipts :S if I dont have to do that then great cause that was gonna take forever

Awesome ladies thank you so much !

Just to clarify YES you need a way to tally what is 'daycare' verses 'personal' from any shared receipts as you cannot include 'personal use' expenses on any receipts as daycare expenses ... so if you go to Walmart and buy somethings that are daycare and some that are personal you would highlight or something on the receipt what was for 'daycare' and only record the 'daycare' totals into your Excel file ... if a receipt is ALL daycare than you can just tally as is.


I am anal and like to know what I spend on both personal and business over the year so I tally my personal stuff as well in a column but that is just me and also acts as a back up to show in an audit ~ see I spent $20,000 total in grocery / cleaning supplies and $12,000 of that was personal use and $8000 was business use.

Also as Playfelt stated the actual paper style tax form only has like 5 preset categories if I remember correctly ~ so if you want to decided was 'supplies' means to you and put everything under the one category you can ~ I have more in my list because my accountants program when I started and the Turbo Tax allows extra lines cause they are computer generated and can 'create' them for you plus I am anal and like to budget out my toys and equipment from my creative art supplies and so forth for my own personal reference ~ but can easy total those back together again into one 'supplies' category for taxes.

Taxes suck for sure so figure out as system that is easiest and works for you

[DisneyPrincess]

Yeah I figured I couldnt deduct my hair dye loll

But any of you buy all the food at once ? I tried at the beginning buying the food separately but it just made no sense as the bag of patatoes for example would rot before I could finish it. So I just buy all my food at once (personnal and daycare) I know there is a ''way'' to figure in percentage how much would per per children ??? or is it the accountant who will know ?

And for gas : do you expense the km you use to go places for daycare (like grocery store, toy store etc) ?? do you calculate by the km (distance from your house to walmart for example) or do you just expense the ultramar receipts for example ??

Thanx again !

[treeholm]

I save all my grocery receipts, and then "charge" $10 per day per child to the business. I believe it was someone on here who gave me that advice. I can't buy groceries just for the daycare, because who needs to have two sets of condiments, spices, potatoes etc. Plus, I eat lunch and snacks with the children too.

[bright sparks]

My accountant tells me it isn't necessairy to have seperate reciepts for daycare food and personal food. It can make it easier to know exactly which is which, but I still get a maximum allowance of $10 per day per child for food that I can claim/right off. I don't have time to shop seperatly and all it would result in would be me claiming more km for seperate grocery store trips, or paying myself for the extra time it takes to do this. Also as someone said for certain items, especially produce, it's just not economical as there will be so much waste.

[BlueRose]

I buy family food and daycare food.

My husband and I each take a cart. His is for the family, mine is for the daycare then we go shopping, each with our own lists. there are times when I go to pick up a few ideas on my own and they all end up on the same receipt, so when I get home I put an "f" beside the family item and "dc" beside the daycare item.

[playfelt]

I do a lot of my stuff on the percentage basis such as cleaning supplies - kids are in house a certain number of hours per week. I do hours because i also have to do an entirely separate tax package for my felt busines and then add the two totals together to get the number to put on page one of the personal tax package and then go from there. It is the prework that always takes way too much time and although I vow to be more organized the next year it is usually only marginally so.

We used to have to separate everything and make up our own summary sheet to submit with our taxes. This was many moons ago... Now there is a standard form in the business tax package to fill out. Go onine and print it out and once you start filling it in taxes aren't as bad as it sounds - if you can add up the 12 gas bills and put the total on the line for gas that is all you have to do. There is a formula to find out the percent of those totals you can claim.