You will want to keep meticulous records of everything on the financial side of your Lewis Center daycare franchise in order to keep the IRS happy when they come looking for information. Accurate reports and details about your financial expenditures and income will be critical to the ongoing success of your daycare franchise. With the right appropriate paperwork filled out regularly, tax season will be no big deal.
In order to accurately report your Lewis Center daycare franchise expenditures to the IRS, you will need to create an Employee Identification Number (EIN). With your EIN you can claim your income to the government and your clientele can also claim the expenses they paid to you for their childcare.
The government will tax your income like other small businesses. What helps many businesses through taxes is to pay extra at the year’s end or paying quarterly installments so their total taxes at the end of the year are not as high. You will want to keep track of all your receipts, business expenses, and license expenditures to claim of your taxes as write offs.
Knowing what you can and can’t write off will be a fine detail needed in order to keep you and your Lewis Center daycare franchise out of trouble while also maintaining your finances. Be as accurate as you can when you’re looking at receipts and expenses paid year round. Remember you can write off the utilities for your business as business expenses which means water, cable, internet, phone, electricity, and anything else you used at your Lewis Center daycare franchiseis tax deductible.
All toys, food, crafts, and outdoor equipment can also be written off on your taxes so long as they were meant for the use at your Lewis Center daycare franchise and not for your home use. Keep even small purchase receipts to write off because every little bit will affect the taxes you either pay at the end of the year or receive back.
You can’t be too careful when it comes to following the laws, especially with Lewis Center daycare franchises. The law is there to protect and serve the population for the better and if you want a happy and successful, they are a must. You can always talk to your franchise representative about any state or federal laws that you should have marked down for your staff to see or things that are often missed by other franchisees. Always take it upon yourself to do further research when it comes to running your business on a legal level and beyond.
Also, keep in mind when you’re looking at state and federal laws, there may be county lines in certain states that should be remembered for your All About Kids location. Once you’ve located your store location, make sure to look into county laws that we might not know about because they are that specific.
Other franchisees can also help you to understand local laws, especially if you’re new to the area. The more you’re educated, the better chance you stand against danger and adversity. All About Kids is All About bringing safety to child care centers in Ohio and Kentucky through knowledge and application.