Virtual Tax Related Guidance for Child Care Providers

This event has been canceled

Content 60 minutes - Here are some of the topics included in the webinar: Child Care Income. The presentation covers the various income items that you must report. These include items such as: • Income from contracts specifying charges, terms and responsibilities. • Diaper charges. • Late pick-up or early drop-off fees. • Registration fees. Child Care Expenses. The webinar discusses allowable business expenses, including: • The business must be a for-profit activity. • The expense must be ordinary and necessary. • Only the business use portion of an expense may be deductible if the expense has elements of both personal and business use. • You must make a reasonable allocation to determine the business use. • Amounts you spend for personal or family reasons are not deductible. Special Rules. The tax law contains specific rules in areas where business expenses are difficult to separate from personal expenses. For example, the webinar covers the special method you would use to compute the business use percentage of a home available only for day care service providers. Other Expenses. Other expenses common to child care businesses are discussed, including: • Food consumed by your daycare recipients. • Supplies such as games, books, child-proofing devices and toys

Co-Sponsor(s): IRS Video

This seminar can be accessed directly by following this link http://www.irsvideos.gov/ChildDayCareProviderTaxComplianceAssistance/ or Simply register and immediately access the seminar with 30 page handout & Child Care Tax Center Resource Guide!

Fee: No Cost