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In a way, spending money to make money can seem counterintuitive. For child care providers especially, the idea of hiring someone to help with tax preparation and financial advice may even seem like a luxury. But the reality is that hiring a tax professional for your child care business comes with game-changing business benefits, security, and personal peace of mind.
One way to assess the value of a professional tax preparer is to look at the worth of many parts and see how they add up.
What is your time worth?
Time is your ultimate asset. Instead of spending hours trying to decipher changing tax laws and financial information, you can use the time to support your school in ways that only you can. Doing your taxes can take days, but it will be at a fraction of that for a tax professional, plus you have the assurance and backing that a vetted professional can provide.
What is a trusted financial relationship worth?
A trusted, transactional relationship can occur between you and your tax advisor with the focused goal of keeping your business sound. You can even reach out to the same advisor outside of the tax season for financial questions or advice, and they can make suggestions based on what they know about your business.
What is your financial future worth?
There are times to be in the moment, but financial planning is not one of them. Child care providers should have the same access to goals as other professionals-retirement, college savings, mortgage plans, and hiring employees. Only 9.6% of child care workers are covered with a pension plan. A financial advisor can help you plan for the years ahead.
What is expert knowledge in the child care business worth?
Not all tax professionals know child care and state law as they do.
An advisor can help you manage where to place funds and discuss general cash flow if you receive expected funding, such as grant money or fundraising money.
In terms of filing taxes, family child care programs have unique tax rules for what is taxable income or deductible, such as the Food Program. Every state has specific adjustments as to what this looks like, but a tax professional knowledgeable about the business of family child care can offer customized services to your business and within your state.
How much is a great teacher worth?
A good financial professional does more than process your paperwork. They teach you what’s relevant to that year and how to think strategically and manage tax situations. A child care specialized tax professional should be a teacher’s teacher. They provide you with proper tax support and insight into this critical part of your child care business operations.
If you answered ‘alot’ or ‘priceless’ to any of these questions then working with a vetted tax professional who understands the needs of daycare, child care, and preschool directors can be an excellent choice.
Wonderschool can help you choose a vetted, child care tax professional in all 50 states.Learn More Here