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
Family child care providers are self-employed taxpayers who must report their business income and expenses to the IRS. Record keeping is essential in any business – but for child care providers, the devil is in the details. It is important to become familiar with all of the IRS requirements for filing your taxes. To help you prepare for this, here are seven record keeping and tax tips to help you as you start your new profession. By following these tips you will be better able to organize your records, claim the maximum legal deductions, and reduce your taxes.
http://www.tomcopelandblog.com/seven-record-keeping-and-tax-tips-for-the-new-provider.html
