As we near the end of the year, this is a good time to review your record-keeping practices and make sure you are saving all of your business receipts. The work you do now will make it easier to prepare your tax return next year.
Some providers use a kitchen drawer, basket in their entryway, or file folder on their desk.
Later you can sort out the records in more detail. If you have lost receipts for some business expenses earlier in the year, take pictures of the items you purchased and make a note of when you bought it and how much it cost. This method can also be used to track expenses at garage sales. Any money the parent doesn t spend under these plans is turned over to the employer. You can ask the parent to give any unspent money to you as a year-end bonus.