Quickly record business expenses in KidKare so that you can get tax deductions that will maximize your tax return each year! To record a business expense:
- Go to Accounting > Expenses
- The screen will default to the Expenses tab
- Hit the New Entry button
- Select the corresponding category of the expense
- Select the date of the purchase/expense
- Enter the dollar amount
- In the "Paid To" field enter the name of the business or company that you paid for the product or service
- You may choose to enter an item description (not required)
- For the "Business use" field, select one of these options:
- 100% Business Use - if the expense will be used ONLY for business purposes
- Actual Business Use - if the expense is used for both business and personal, you can indicate the exact percentage that it is used for business (a percentage field will appear if this option is selected)
- Time/Space % - if the expense is used for both business and personal, you can use the time/space percentage that's already been entered to calculate the amount used for business
- If you'd like to track mileage used for this expense you can select the "Add mileage for this expense?" field to be taken directly to the Mileage page once this expense is saved.
Here are a few examples of expenses that you can record in KidKare to claim on your taxes: activity expenses (admission fees to parks or museums, etc.), advertising (business cards, flyers, ads, etc.), apartment/home rent, appliances (washer, dryer, table, rugs, etc.), cleaning supplies (detergent, paper towels, soap, toilet paper, etc.), software used for business (including KidKare!), office equipment (computer, printer, desk, fax, etc.), food, furniture, home repairs and maintenance, homeowners/renters insurance, household items, art supplies, cooking supplies, toys, vehicle expenses, utilities, legal and professional services, bookkeeping services, and many more expenses not listed here!
Did you know.. that you can claim expenses purchased second hand from garage sales and resale websites. Bring a receipt book when you pick up the item or just document the purchase on a piece of paper (including: item purchased, date of purchase, purchase price, address/location of purchase, a photo of the item purchased if possible, and any other relevant or identifying information).
Want more information? Check out Tom Copeland's blog to learn more about reporting expenses.