To quit or not to quit, that is the question....

Tweet

So, I have been pondering this for quite some time and need some guidance from those who have quit their jobs to do this and possibly some advice. I have a son who is 5 and my daughter will be 2 in January. I have been wanting to stay at home for a long time now and I am thinking I am ready to make that jump. I was thinking of watching 3-4 other children in my home to make up some income so we can still live comfortably. I have a nanny now and she will be leaving in the Spring to further her education. I will save a lot of money since I won't be paying for childcare, I won't have the gas expense of driving 45 minutes each way to work and I will be home with my children instead of away for 10+ hours per day. Has anyone done this? If so, what should I do to set up my in home daycare? I already know I will need a contract because I will have certain time restrictions and the children will need to be picked up by a certain time. Will I get a tax break and if so what can I deduct from my taxes? Thank you for all of your help in this.