Are you really worried about "challenging" a five year old? Over half of Kindergarten is socialization. If your dd has a leg up on the K CCSS curriculum then let her be. If she wants to do more, than work with her at home on first grade materials. The kids that are ahead in reading and math very early on tend to level out with the rest of the class by third grade.
I've seen so many micromanaging helicopter parents try to push their very young K and 1st grade kids forward into "challenging" curriculum. Most of the time, the child just wants to be a kid and do the things their peers are doing, and actively resists all attempts to make them do work that separates them from peers.

I had to chuckle at the comment:
".....but I don't want her abilities to go to waste either."
She is FIVE/SIX. What abilities are you worried about wasting away? This sounds like a classic helicopter parent post, made worse by the fact that the helicopter parent is a teacher. You are a parent here, not dd's teacher.