Useful Links:
IRS.gov Home
1040 Central
Help For Hurricane Victims
News Essentials
What's Hot
News Releases
IRS - The Basics
IRS Guidance
Media Contacts
Facts & Figures
Around The Nation
e-News Subscriptions
The Newsroom Topics
Multimedia Center
Noticias en Español
Radio PSAs
Tax Scams
The Tax Gap
Fact Sheets
IRS Tax Tips
Armed Forces
Latest News Home
IRS Resources
Compliance & Enforcement News
Contact My Local Office
Filing Options
Forms & Pubs
Frequently Asked Questions
News
Taxpayer Advocate
Where to File
IRS Social Media
|
Issue Number: IRS Special Edition Tax Tip 2015-04
Inside This Issue
IRS Webinar Helps Child Care Providers Learn Basic Tax Rules
IRS celebrates Small Business Week May 4 – 8, 2015, by highlighting some of its most popular educational products, videos and webinars to help your small business thrive. A good example is the webinar: “Tax Related Guidance for Child Care Providers.” The online resource can help you as a business owner or operator learn how to correctly report common tax items associated with this type of business. 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.
Other topics include the USDA Food Reimbursement Program, depreciation rules and much more. Check out this and other IRS webinars and videos to celebrate Small business Week 2015 at www.irsvideos.gov.
Follow the IRS on Twitter! The IRS has three key accounts: @IRSnews, @IRStaxpros and @IRSenEspanol. For all the IRS Small Business Week information, keep an eye on these IRS Twitter accounts and the key hashtags: #IRSsbw15 and #DreamSmallBiz.
Additional IRS References:
IRS YouTube Videos:
IRS Podcasts:
Back to Top
Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.
This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.
|
