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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 12-21-2017, 04:26 PM
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Default New Tax Law & Family Child Care

I've written an article explaining how the new tax law affects family child care providers:http://tomcopelandblog.com/new-tax-l...ily-child-care
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Old 12-21-2017, 04:48 PM
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Thank you for sharing that information! It's very helpful.
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Old 12-21-2017, 08:00 PM
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Thank you.
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Old 12-22-2017, 06:36 PM
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Thank you so much Tom!
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Old 12-23-2017, 07:57 AM
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Thank you. I have been waiting for this post!

Since our social security is not taxable, we make only a hair over the $24000 standard deduction. Does this mean that in 2018, I no longer have to save and log every receipt that comes in the house, or will that start in the 2019 tax year? Or should I save a couple of months of receipts in case I do go over or something changes.

Also, I have one child whose doctor has her on Carnation Breakfast Essentials/Ovaltine in an effort to get more calories. It is not something I would buy or give the other kids. Is it deductible outside of the meal allowance? I am not on the food program.

We have also started doing more cooking projects, (baking bread and cookies) I have never done much of that before, but I have an older group this year, so we didn't something at least once a week.

Thank you for all you do.
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Old 12-23-2017, 02:01 PM
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Default taxes 2018

Quote:
Originally Posted by Sunchimes View Post
Thank you. I have been waiting for this post!

Since our social security is not taxable, we make only a hair over the $24000 standard deduction. Does this mean that in 2018, I no longer have to save and log every receipt that comes in the house, or will that start in the 2019 tax year? Or should I save a couple of months of receipts in case I do go over or something changes.

Also, I have one child whose doctor has her on Carnation Breakfast Essentials/Ovaltine in an effort to get more calories. It is not something I would buy or give the other kids. Is it deductible outside of the meal allowance? I am not on the food program.

We have also started doing more cooking projects, (baking bread and cookies) I have never done much of that before, but I have an older group this year, so we didn't something at least once a week.

Thank you for all you do.
The higher standard deduction only affects your personal income taxes, it does not affect your business profit and the Social Security/Medicare taxes you must pay on your business profit. Therefore, continue to save all business receipts and other records. If you are paying for the Olavatine then you can deduct it even if you are not on the Food Program. You can also deduct the baking costs as snacks or as an activity expense.
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Old 12-28-2017, 02:08 PM
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Thank you. I was afraid it was too get d to be true.
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