Do you have business liability insurance? Do you know why you need business liability insurance? Because if a child gets hurt, while in your care, you may get sued by the parents if they have an issue with the actions you took. I read an article this morning about child care providers and the type of risks your business has. This article was about liability insurance and what can happen when a child is injured. Continue reading
Now is a good time for you to do a mid-year health check on your record keeping and tax status.Give us a call at 619-589-8680 and let’s set up a time for you to come in.
Deadline for financial institutions to send out Form 5498 to report balances in an individual retirement account for the year 2013.
2nd quarter estimated tax payments due for the 2014 tax year. (The normal deadline is June 15th, which falls on a Sunday, so the deadline is pushed to the next business day.)
Deadline for US citizens living abroad to file individual tax returns and to pay any tax due. You can request an additional 4-month extension (Form 4868). (You can request an automatic extension by April 15th instead if you want to.) Two tax breaks important for Americans working abroad are the Foreign Earned Income Exclusion and the Foreign Tax Credit, .
Deadline to file Foreign Bank Account Report for the year 2013. This report is required if you have over $10,000 (in aggregate) held in foreign bank accounts. Foreign Bank Account Reports have a new form number (FinCEN Form 114) and must be filed electronically. Extensions of time to file are not available.
3rd quarter estimated tax payments due for the 2014 tax year.
Final deadline to file corporate tax returns for the year 2013 if an extension was requested. (Forms 1120, 1120A, 1120S).
Final deadline to file trust income tax returns (Form 1041) for the year 2013 if an extension was requested.
Final deadline to file partnership tax returns (Form 1065) for the year 2013 if an extension was requested.
Final deadline for self-employed persons or small employers to establish a SIMPLE-IRA for the year 2014.
Final deadline to file individual tax returns (with extension). (Forms 1040, 1040A, 1040EZ.)
Last day the IRS will accept an electronically filed tax return for the year 2013. If filing after October 15th, you’ll need to mail in your tax return for processing.
Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2013 if you requested an automatic extension of time to file.
Start planning any year-end tax moves.
If you are covered by an HSA-compatible health insurance policy as of December 1st, you’ll be eligible to contribute the full amount to a Health Savings Account for the year.
Last day to make any tax moves for the year 2014. Last day to set up a solo 401(k) for self-employed persons.
Marital status on this date determines your marital status for the whole year.
Source: Income Tax Deadlines; Critical IRS Deadlines in the Year 2014
Now that April 15 has come and gone – you may look at this time as an opportunity to clean up, clean out and get organized. We will be writing about tips to freshen or set up your in-home office to help you in your recordkeeping, but before we go there… let’s talk about your tax files first and what you need to keep.
Begin by gathering all of the documents and files that you pulled together to prepare your taxes. Continue reading
We always meet with our new child care provider clients to check their past deductions because many times they have not properly depreciated the day-to-day materials, furniture, and household items they use in the daily operation of their business.
We want to know about these items – even if they were purchased before the business was started. These can result in considerable tax savings for you.
It’s true! You are entitled to claim depreciation on household items that you purchased BEFORE your business was even started. In fact, you should depreciate all the items based on the lower end of the purchase price (your tax preparer will guide you) or the of the item(s) when they were first used in your business.
The list can include: beds, linens, towels, tables, chairs, desks, refrigerator, freezer, washer/dryer … are you getting the picture. Any of the items that you are using in support of your child care business is a legitimate deduction. This includes little stuff too, like pictures on the wall, garden hose, tools (for use outside).
The IRS Child Care Provider Audit Technique Guide states, “For many providers, when they start their business many items that were personal use only are used in the business. They are entitled to depreciate the business use portion of those assets.”
You’re not alone. Many child care providers feel awkward talking about rates and fee increases with their clients. However, just as many of your clients get annual reviews and increases in their job-related compensation, it isn’t unreasonable for you to need to adjust your rates if only to meet inflation.
If you prefer not to increase your rates across the board, maybe just one of your specialty services might be appropriate, such as infant care. Those clients who rely on you to care for their infant, understand the demands are greater with infants, and are more likely to understand paying more for it.
I always stress in my Taxes & Recordkeeping Seminars for the San Diego Chapter of the YMCA Child Resource Services, that child care providers cannot discuss their rates with other child care providers. It’s against the law. If you need guidance in determining what is a fair rate based on your regional market, consult with Child Resource Services in your area. In San Diego, you would contact Child Resource Services, YMCA of San Diego County.
You will want to consider how often you should raise your rates. Best practices says to not raise them more than once a year, but refrain from locking yourself into that by not putting any rate limiting information in a contract. Things change, and you want to stay as flexible as possible.
Publication 587 – Business Use of Your Home (See Day Care Facility)
The purpose of this publication is to provide information on figuring and claiming the deduction for business use of your home. It contains special rules for day care providers including standard meal and snack rates. Continue reading
GETTING NERVOUS? CALL ME! 619-589-8680
The IRS has recently announced that they will not start processing 2013 tax returns until January 31, 2014. This means there is no reason to efile or mail in your tax forms before then.
Before sending in your tax forms, here’s a review of the key business tax forms you must file and the order you should be filling them out. Continue reading
Your job starts well before children are present and goes on well after the last child has left your care.
Unfortunately, it is exactly for that reason that so much of your time never gets counted, as it should.
Most child care providers give an approximate idea of how long they spent doing “chores”.
Unfortunately, many “lo-ball” on the actual amount of time they spend doing chores before and after children are present. We believe this checklist will help you.
First, don’t think of it as an administrative chore. That makes it “work”. Instead think of it as truly getting to see how well you manage your time – in real numbers. You will either discover that you know your day down to the minute, or you will discover you don’t and have shortchanged yourself.
Click HERE to download a word version of this checklist, that you can customize to your specifications. Click HERE for a pdf version.
The scientific discipline address 192.168.1.254 is that the default personal scientific discipline address for a few home broadband routers and broadband modems.
Common routers or modems that use this scientific discipline embody 2Wire, Aztech, Billion, Motorola, Netopia, SparkLAN, Thomson, and Westell modems for CenturyLink.
192.168.1.254 may be a personal scientific discipline address, one in all a block of addresses reserved for personal networks. this suggests that a tool among this personal network can’t be accessed directly from the web mistreatment this personal scientific discipline, however that any device on a neighborhood network will connect with the other device conjointly on it network.
While the router itself has the personal scientific discipline of 192.168.1.254 router ip, it assigns any devices in its network a special, personal scientific discipline address. All scientific discipline addresses on a network ought to have a singular address among that network to avoid scientific discipline address conflicts. different common personal scientific discipline addresses utilized by modems and routers ar 192.168.1.100 and 192.168.1.101.
The manufacturer sets a router’s scientific discipline address at the plant, however you’ll be able to modification it at any time mistreatment its body interface. coming into http://192.168.1.254 (not WWW.192.168.1.254) into an online browser address bar provides access to your router’s console, wherever you’ll be able to modification the router’s scientific discipline address moreover as set up many different choices.
If you do not understand your router’s scientific discipline address, you’ll be able to find it employing a command prompt:
All routers ar shipped with default usernames and passwords. The user/pass combos ar fairly normal for every manufacturer. These ar nearly always known by a sticker on the hardware itself. the foremost common are:
After you’ve got access to your router’s body console, you’ll be able to set up the router in many ways that. make certain to line a secure username/password combination. while not that, anyone will access your router’s panel and alter its settings while not your information.
Routers sometimes enable users to alter different settings, together with the scientific discipline addresses they assign to devices on the network.
