We’ve written about keeping track of your hours (https://childcaretaxspecialists.com/track-your-hours-even-when-children-arent-present/) but what about the hours you spend on business activities away from your home such as shopping for toys, picking up and dropping off children (if you offer that) or even attending seminars and workshops? Continue reading
In Tom Copeland’s recent blog – he talks about what a family child care provider faces in the decision to sell their home by way of taxes. One tax you can probably avoid and another you cannot. This will give you the high points, but it is always best to speak with your tax preparer to get the latest on potential tax impacts.
Why? Because providers “may be tempted to gain a tax benefit without following the proper rules”.¹ Rules? What Rules? Continue reading
Important dates to mark on your calendar, starting in September.
In Tom Copeland’s “Taking Care of Business”, he touches on what qualifies as outdoor deductions for child care provider businesses. Bottom line? Deduct all the expenses that are designated as “ordinary and necessary” to your business, especially if it is used 100% for your business. But what about those expenses that are used for business and personal purposes? They may be deductible, in part, so download our Time-Space Percentage Crib Sheet so you can keep track of those receipts! Download Crib Sheet here.
Click to access Time-Space-Percentage-crib-sheet.pdf
Many of you maintain good records tracking your hours when children are present, but how good are you tracking your hours – when children aren’t present? Continue reading
IRS Tax Tip 2013-34, March 15, 2013
The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your child, a dependent or a spouse. Here are 10 facts the IRS wants you to know about the tax credit for child and dependent care expenses. Continue reading
Do you pay someone to help you care for children in your family child care business? Are you treating them as an employee or independent contractor? Unfortunately, if you have not treated your workers as employees you run the risk of facing stiff penalties and interest if audited by the IRS – and the IRS can go back three years. This means you should have been withholding Social Security/Medicare taxes, paying federal and state unemployment taxes, and purchasing workers’ compensation insurance. Continue reading
