How Does Wonderschool Help Me with Taxes?

Taxes can be a real headache! But Wonderschool can help relieve some of the stress. 

Tracking Revenue and Expenses: In the Payments section of the dashboard, providers can track their payments that are coming through the Wonderschool platform. They can also log any offline revenue they are receiving (cash, check, Venmo, etc.) to keep an accurate picture of their income. Providers can also track their expenses by logging the information in the platform. The Wonderschool platform will add up all the expenses month to month, with a report being available to download.

Check out these articles on how to do the above!

• How to use expense tracking
• How to log offline revenue
• How to read your payments

Income and Expense Reports for the Year: At the end of every fiscal year, the Wonderschool team will gather all your revenue and expense data that has been logged in the platform and will create a full revenue and expense report. Providers will receive these reports via email and can reach out to our support team with any questions or concerns. 

For parents, they are able to access all their invoices paid to you through the platform in their Wonderschool parent account. By going to www.wonderschool.com/invoices, they can see all their statements, full with details of duration of care, program name, and amount paid. 

Tax Specialist Support: Wonderschool is very fortunate to be a partner with Tom Copeland, the nation's leading expert on the business of family child care and a renowned tax and child care business specialist. During tax season, we host sessions with Tom to offer support and guidance for providers through the process of filing all their taxes. We also have a support channel in Directors Slack that Tom is directly connected to so he can answer questions from providers as they come up. 

• Join Directors Slack and the "ask_tom_copeland" channel today! Link is here.
• Watch a previous recorded training on tax prep with Tom here. 

Wonderschool and Womply: Wonderschool and Womply have connected to bring you FREE assistance in completing applications for PPP and EIDL funding. We’ve partnered with Womply to help you get access to your PPP Second Draw funds! Here is the link to our landing page, where you can sign up. The government passed an extension of the Paycheck Protection Program called the PPP Second Draw. Like the last time, we expect this program will again be inundated by extremely high demand, resulting in challenges for many businesses to get access to additional PPP funds before the additional allocation runs out. 

• What it means for you: Even if you received a PPP loan earlier this year you are eligible to apply for additional stimulus funds at this time. 
• What you can do: Start your PPP loan application process now. Womply can fast-track your application to a number of SBA-certified lenders, giving you the highest probability of getting approved.