Child Care Owners – Here are Key Tips for a Stress-Free Tax Season
Managing finances effectively is critical to ensuring the sustainability and growth of your child care business. Navigating the complex landscape of business expenses can be daunting, but with the right guidance and resources, you can optimize your financial strategies and maximize your tax benefits.
Tax season can be particularly stressful for child care owners, often leading to confusion about deductible expenses, potential audit triggers, and the advisability of taking deductions at all. Early Childhood Business Solutions (ECBS) recognizes these concerns and is committed to providing assistance.
We’ve partnered with Nayo Carter-Gray, CEO of 1st Step Accounting, to clarify what expenses are deductible. Here are some key points she shared from a recent Business Speaker Series on the IRS rules for deductions:
- Ordinary and Necessary: The expenses must be essential to run your business.
- Directly Related to the Business: Only business-related expenses qualify.
- Properly Documented: Keep accurate records of all expenses.
For more detailed insights, watch this informative clip featuring Nayo Carter-Gray from our February Business Speaker Series.
If you’re eager to learn more, reach out to our ECBS Support Line. Connect with a Business Management Specialist who can provide additional tax strategies and support your business goals. Remember, all Early Childhood Business Solutions services are free for early childhood leaders.
Contact Us Today:
- Business Solutions Support Line: (602) 265-4768
- Email: [email protected]
- https://earlychildhoodbusinesssolutions.com/