Expense Tracking
This should be recorded when using your vehicle for business purposes
Mileage
A reduction from gross income allowed by law
deduction
Name a time tracking method
CCMS, notebook, excel sheet, pictures, log
Money received from families or other entities is called what
revenue
What does CCMS stand for?
Child Care Management System
This document showed what you purchased, when you purchased it, and how much you paid.
What is a receipt?
The IRS form used to report income or loss from a sole proprietor
What is a schedule C?
I have a room in my home that is only used for child care. What is this space called?
Exclusive space
Name a method on how you track your income
CCMS, excel, notebook, calendar
You can claim a gift for a child as an expense up to what amount
$25
You buy $100 worth of groceries, but only $40 is used for child care. What is the amount you should track as a child care expense?
What is $40?
The formula used to figure out how much of your shared expenses can be wrote off on taxes
What is time-space percentage?
I have a room in my house that is used for both child care and personal use. What is this called?
Shared space
What is net profit?
Name 2 ways you can file taxes
yourself using online forms, yourself using an online prep service, or a tax professional
Money spent on supplies, food, utilities, or other costs related to running your child care business is called this
what are business expenses
A systematic write off of the cost of a fixed asset over time
Depreciation
A provider’s home has 1,000 square feet and 500 of it is used for child care. The space percentage is what?
50%
Keeping income records organized throughout the year makes this task much easier at tax time?
Preparing a tax return
Name 2 ways of tracking food
Standard meal rate or actual Cost
Taking a photo of a receipt and saving it digitally can help with this
This document summarizes income and expenses and can help with preparing a tax return
What is a profit and loss statement?
This website that can be used to find your homes square footage
What is the county assessors website?
Name 3 forms of income
CCA, tuition, grants, donations, CACFP, registration fees, other fees
Name 2 things you learned in tax class