Record Keeping Tools for Family Child Care

 

The record keeping tools below can help you keep track of important information that you can use when you file your tax return each year. Perhaps the most important number to calculate correctly is your Time-Space Percentage. Use the series of worksheets and log shown below under the Time-Space Percentage Tool. The Depreciation Methods Worksheet should be used to track items costing more than $100 that are used in your business. The Finding and Choosing a Tax Professional Checklist gives you information about finding the right tax professional.

Depreciation Methods Worksheet

This chart and worksheet identify the categories of items you can depreciate and the rules to follow when calculating the depreciation deduction.

Download Depreciation Methods Worksheet

Finding and Choosing a Tax Professional Checklist

This checklist identifies where to look for a tax professional, key questions to ask before hiring one, and test questions to see if the person understands your business.

Download Finding and Choosing a Tax Professional Checklist Document

Time-Space Percentage Tool

This is a series of worksheets you can use to accurately calculate your Time-Space Percentage. Fill them out in the following order:

  • Time-Space Percentage Tool – This offers the general instructions on how to calculate your Time-Space Percentage.
  • Area of Your Home Used For Your Business Worksheet – Use this worksheet to track each room in your home as being used 100% for your business, regularly used for your business, or not used regularly for your business.
  • Tracking Hours Worked in Your Home – Monthly Log – This log can be used to track all the hours you and others spend on business activities in your home over several months. These hours can then be added to the hours you and others care for children in your home to determine the total number of hours you work in your home, also known as your Time Percent.
  • Time-Space Percentage Calculation Worksheet – Use this Worksheet to enter your numbers from the above worksheets and log to come up with your final Time-Space Percentage calculation.

Download the complete set of Time-Space Percentage documents

Weekly Meal and Snack Log

Claiming food expenses is one of the most important tasks to do correctly. This log allows you to track all meals and snacks served on a daily basis.

Download Weekly Meal and Snack Log Document

 

Disclaimer: Materials and links provided by First Children’s Finance on this website do not constitute legal, accounting, tax or finance advice or professional services. Readers seeking professional advice about specific aspects of their business should consult a member of our staff or other qualified professional.