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TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS You could spend this in one week or all at once. But, since the amount you would have gotten from the PPP is $10,416 ($50,000 divided by 12 x 2.5 = $10,416), you would need to spend the other $2,416 on non payroll expenses. You can only spend all AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business HOW TO APPLY FOR FORGIVENESS FROM THE PAYCHECK PROTECTION Home › Money Management & Retirement › Money Management › How to Apply for Forgiveness from the Paycheck Protection Program (PPP). How to Apply for Forgiveness from the Paycheck Protection Program (PPP) July 10, 2020 “How do I get my PPP loan forgiven?” is a commonly asked question by family child care providers who have received this forgivable loan (a loan you don’t WHAT COVID-19 EXPENSES CAN YOU DEDUCT? If you only use an item for your business, you can deduct 100% of the cost. If you also use an item for personal use, deduct the business portion, which is probably your Time-Space Percentage. Keep receipts for all of these expenses. In fact, it’s a good business practice to keep receipts of all expenses, whether you think it’s deductible HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. WHAT ARE THE TAX CONSEQUENCES OF A STATE GRANT? If you got $2,000 in grants and spent $2,000 on supplies or toys used by your business and your own children, you could not deduct the full $2,000. Instead, you could deduct the business portion of the $2,000, which would be your Time-Space Percentage. If this percentage was 30%, you could deduct $600 as a business expense ($2,000 x 30% = $600). 5 WAYS TO READ A FADED RECEIPT Or, you can try one of these five methods to try to read a faded receipt: Take a digital photo of the receipt and upload it to your computer. Use photo manipulation software to adjust the image’s darkness so you can read the receipt. Hold your receipt about an arm’s length away from a blow dryer. Start on the lowest heatsetting, just in
AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how HAVE YOU BOUGHT SOMETHING FOR LESS THAN $2,500 THIS YEAR There is no limit as to how many items you can deduct under this rule as long as they individually cost less than $2.500. The $2,500 limit refers to individually invoiced items and includes any sales tax. For example, if you buy furniture and the receipt said, “Furniture – table and chairs – $3,000” you would have to depreciate this WHAT TO DO WHEN PARENTS ARE LATE TO PICK UP THEIR CHILD Parents will pay a late fee if they are late more often than this. * Parents are given a fifteen minute grace period and then are charged $.50/$1.00 per minute. (You could charge $.50 or $1 a minute for early drop offs.) * Parents are charged $1 a minute late fee if they pick up after the scheduled pick up A FAMILY CHILD CARE PROVIDER ASKS: IS IT INCOME IF I DON'T Categories: Record Keeping, Record Keeping & Taxes, Tax Return Tags: business of family child care, family child care provider, IRS, taxes, unreported income Related Articles. June 15th is Deadline for Estimated Taxes for the Second Quarter How to Deduct a Fence What the New Food Program Changes Mean to You: Free Webinar June 8th HOW TO CLAIM PREVIOUSLY UNCLAIMED DEPRECIATION When you fill out this form you will calculate how much depreciation you were entitled to claim in previous tax years, but didn’t. Then you can claim all of this depreciation at once on your current tax return. Normally, you can amend your tax return back three years. But using this form allows you to go back ten, fifteen, twenty years ormore.
USING A "DEMAND LETTER" TO COLLECT FROM A PARENT A “demand letter” is a formal request for the money owed you. It shows the parent that you are serious about enforcing your contract. I have talked with child care providers who have received payment after sending such a letter. Below is a sample “demand letter.”. Your letter should contain these five elements: * The dates you cared for SHOULD YOU PAY YOUR OWN CHILD $12,000 A YEAR? November 15, 2018. The new tax law for 2018 (and beyond) allows family child care providers to pay their own child for helping with their business. If your child is under age 18, you can pay him/her up to $12,000 a year tax free. This money is not subject to federal income taxes and it’s 100% deductible as a business expense! HOW TO DETERMINE THE VALUE OF YOUR DONATED ITEMS TO Home › Record Keeping & Taxes › Deductions › How to Determine the Value of Your Donated Items to Salvation Army, Goodwill, etc.. How to Determine the Value of Your Donated Items to Salvation Army, Goodwill, etc. January 22, 2014. You’ve donated a used child’s bicycle to a charity. TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS You could spend this in one week or all at once. But, since the amount you would have gotten from the PPP is $10,416 ($50,000 divided by 12 x 2.5 = $10,416), you would need to spend the other $2,416 on non payroll expenses. You can only spend all PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business WHAT COVID-19 EXPENSES CAN YOU DEDUCT? If you only use an item for your business, you can deduct 100% of the cost. If you also use an item for personal use, deduct the business portion, which is probably your Time-Space Percentage. Keep receipts for all of these expenses. In fact, it’s a good business practice to keep receipts of all expenses, whether you think it’s deductible 2020 TAX CHANGES AFFECTING FAMILY CHILD CARE PROVIDERS February 17, 2021. Family child care providers faced many severe challenges in 2020. Here are the major tax changes affecting providers in 2020. The standard meal allowance rate is $1.33 for breakfast; $2.49 for lunch and suppers; and $.74 for snacks. You can deduct up to one breakfast, one lunch, one supper and three snacks per day, perchild.
HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. 5 WAYS TO READ A FADED RECEIPT Or, you can try one of these five methods to try to read a faded receipt: Take a digital photo of the receipt and upload it to your computer. Use photo manipulation software to adjust the image’s darkness so you can read the receipt. Hold your receipt about an arm’s length away from a blow dryer. Start on the lowest heatsetting, just in
WHAT ARE THE TAX CONSEQUENCES OF A STATE GRANT? If you got $2,000 in grants and spent $2,000 on supplies or toys used by your business and your own children, you could not deduct the full $2,000. Instead, you could deduct the business portion of the $2,000, which would be your Time-Space Percentage. If this percentage was 30%, you could deduct $600 as a business expense ($2,000 x 30% = $600). TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS You could spend this in one week or all at once. But, since the amount you would have gotten from the PPP is $10,416 ($50,000 divided by 12 x 2.5 = $10,416), you would need to spend the other $2,416 on non payroll expenses. You can only spend all PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business WHAT COVID-19 EXPENSES CAN YOU DEDUCT? If you only use an item for your business, you can deduct 100% of the cost. If you also use an item for personal use, deduct the business portion, which is probably your Time-Space Percentage. Keep receipts for all of these expenses. In fact, it’s a good business practice to keep receipts of all expenses, whether you think it’s deductible 2020 TAX CHANGES AFFECTING FAMILY CHILD CARE PROVIDERS February 17, 2021. Family child care providers faced many severe challenges in 2020. Here are the major tax changes affecting providers in 2020. The standard meal allowance rate is $1.33 for breakfast; $2.49 for lunch and suppers; and $.74 for snacks. You can deduct up to one breakfast, one lunch, one supper and three snacks per day, perchild.
HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. 5 WAYS TO READ A FADED RECEIPT Or, you can try one of these five methods to try to read a faded receipt: Take a digital photo of the receipt and upload it to your computer. Use photo manipulation software to adjust the image’s darkness so you can read the receipt. Hold your receipt about an arm’s length away from a blow dryer. Start on the lowest heatsetting, just in
WHAT ARE THE TAX CONSEQUENCES OF A STATE GRANT? If you got $2,000 in grants and spent $2,000 on supplies or toys used by your business and your own children, you could not deduct the full $2,000. Instead, you could deduct the business portion of the $2,000, which would be your Time-Space Percentage. If this percentage was 30%, you could deduct $600 as a business expense ($2,000 x 30% = $600). HOW TO FILL OUT THE PPP FIRST DRAW APPLICATION FORM Here are instructions on how to fill out the PPP First Draw application Form, called “Borrower Application Form Revised January 8, 2021” at the top; SBA Form 2483 at the bottom left. Check One: Check “Self-Employed Individual” if you are not incorporated. If you are established as a different entity, check the appropriate box. PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT GRANTS AND LOANS ARE AVAILABLE TO FAMILY CHILD CARE Home › Money Management & Retirement › Money Management › What Grants and Loans Are Available to Family Child Care Providers?. What Grants and Loans Are Available to Family Child Care Providers? April 6, 2020. Update: April 23, 2020: Congress has just passed a HAVE YOU BOUGHT SOMETHING FOR LESS THAN $2,500 THIS YEAR There is no limit as to how many items you can deduct under this rule as long as they individually cost less than $2.500. The $2,500 limit refers to individually invoiced items and includes any sales tax. For example, if you buy furniture and the receipt said, “Furniture – table and chairs – $3,000” you would have to depreciate this HOW TO END A PARENT CONTRACT Step Two: Give the Parent a Written Warning. If the problem continues, give the parent a written warning that the contract will be terminated if it happens again. Sign it and date it and indicate this is the parent’s final warning. Your statement might say, “Today your tuition was paid two days late. HOW TO CLAIM PREVIOUSLY UNCLAIMED DEPRECIATION When you fill out this form you will calculate how much depreciation you were entitled to claim in previous tax years, but didn’t. Then you can claim all of this depreciation at once on your current tax return. Normally, you can amend your tax return back three years. But using this form allows you to go back ten, fifteen, twenty years ormore.
USING A "DEMAND LETTER" TO COLLECT FROM A PARENT A “demand letter” is a formal request for the money owed you. It shows the parent that you are serious about enforcing your contract. I have talked with child care providers who have received payment after sending such a letter. Below is a sample “demand letter.”. Your letter should contain these five elements: * The dates you cared for SHOULD YOU PAY YOUR OWN CHILD $12,000 A YEAR? November 15, 2018. The new tax law for 2018 (and beyond) allows family child care providers to pay their own child for helping with their business. If your child is under age 18, you can pay him/her up to $12,000 a year tax free. This money is not subject to federal income taxes and it’s 100% deductible as a business expense! HOW TO DETERMINE THE VALUE OF YOUR DONATED ITEMS TO Home › Record Keeping & Taxes › Deductions › How to Determine the Value of Your Donated Items to Salvation Army, Goodwill, etc.. How to Determine the Value of Your Donated Items to Salvation Army, Goodwill, etc. January 22, 2014. You’ve donated a used child’s bicycle to a charity. TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS You could spend this in one week or all at once. But, since the amount you would have gotten from the PPP is $10,416 ($50,000 divided by 12 x 2.5 = $10,416), you would need to spend the other $2,416 on non payroll expenses. You can only spend all PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business WHAT COVID-19 EXPENSES CAN YOU DEDUCT? If you only use an item for your business, you can deduct 100% of the cost. If you also use an item for personal use, deduct the business portion, which is probably your Time-Space Percentage. Keep receipts for all of these expenses. In fact, it’s a good business practice to keep receipts of all expenses, whether you think it’s deductible 2020 TAX CHANGES AFFECTING FAMILY CHILD CARE PROVIDERS February 17, 2021. Family child care providers faced many severe challenges in 2020. Here are the major tax changes affecting providers in 2020. The standard meal allowance rate is $1.33 for breakfast; $2.49 for lunch and suppers; and $.74 for snacks. You can deduct up to one breakfast, one lunch, one supper and three snacks per day, perchild.
HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. 5 WAYS TO READ A FADED RECEIPT Or, you can try one of these five methods to try to read a faded receipt: Take a digital photo of the receipt and upload it to your computer. Use photo manipulation software to adjust the image’s darkness so you can read the receipt. Hold your receipt about an arm’s length away from a blow dryer. Start on the lowest heatsetting, just in
WHAT ARE THE TAX CONSEQUENCES OF A STATE GRANT? If you got $2,000 in grants and spent $2,000 on supplies or toys used by your business and your own children, you could not deduct the full $2,000. Instead, you could deduct the business portion of the $2,000, which would be your Time-Space Percentage. If this percentage was 30%, you could deduct $600 as a business expense ($2,000 x 30% = $600). TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS You could spend this in one week or all at once. But, since the amount you would have gotten from the PPP is $10,416 ($50,000 divided by 12 x 2.5 = $10,416), you would need to spend the other $2,416 on non payroll expenses. You can only spend all PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business WHAT COVID-19 EXPENSES CAN YOU DEDUCT? If you only use an item for your business, you can deduct 100% of the cost. If you also use an item for personal use, deduct the business portion, which is probably your Time-Space Percentage. Keep receipts for all of these expenses. In fact, it’s a good business practice to keep receipts of all expenses, whether you think it’s deductible 2020 TAX CHANGES AFFECTING FAMILY CHILD CARE PROVIDERS February 17, 2021. Family child care providers faced many severe challenges in 2020. Here are the major tax changes affecting providers in 2020. The standard meal allowance rate is $1.33 for breakfast; $2.49 for lunch and suppers; and $.74 for snacks. You can deduct up to one breakfast, one lunch, one supper and three snacks per day, perchild.
HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. 5 WAYS TO READ A FADED RECEIPT Or, you can try one of these five methods to try to read a faded receipt: Take a digital photo of the receipt and upload it to your computer. Use photo manipulation software to adjust the image’s darkness so you can read the receipt. Hold your receipt about an arm’s length away from a blow dryer. Start on the lowest heatsetting, just in
WHAT ARE THE TAX CONSEQUENCES OF A STATE GRANT? If you got $2,000 in grants and spent $2,000 on supplies or toys used by your business and your own children, you could not deduct the full $2,000. Instead, you could deduct the business portion of the $2,000, which would be your Time-Space Percentage. If this percentage was 30%, you could deduct $600 as a business expense ($2,000 x 30% = $600). HOW TO FILL OUT THE PPP FIRST DRAW APPLICATION FORM Here are instructions on how to fill out the PPP First Draw application Form, called “Borrower Application Form Revised January 8, 2021” at the top; SBA Form 2483 at the bottom left. Check One: Check “Self-Employed Individual” if you are not incorporated. If you are established as a different entity, check the appropriate box. PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands of family child care providers and other businesses. The PPP is a program of the Small Business HOW TO FILL OUT THE PPP SECOND DRAW APPLICATION FORMWEB VIEW Paycheck Protection Program. There are one of two forgivable loans you may be eligible for under the PPP. The First Draw. The Second Draw. This video will discuss how WHAT GRANTS AND LOANS ARE AVAILABLE TO FAMILY CHILD CARE Home › Money Management & Retirement › Money Management › What Grants and Loans Are Available to Family Child Care Providers?. What Grants and Loans Are Available to Family Child Care Providers? April 6, 2020. Update: April 23, 2020: Congress has just passed a HAVE YOU BOUGHT SOMETHING FOR LESS THAN $2,500 THIS YEAR There is no limit as to how many items you can deduct under this rule as long as they individually cost less than $2.500. The $2,500 limit refers to individually invoiced items and includes any sales tax. For example, if you buy furniture and the receipt said, “Furniture – table and chairs – $3,000” you would have to depreciate this HOW TO END A PARENT CONTRACT Step Two: Give the Parent a Written Warning. If the problem continues, give the parent a written warning that the contract will be terminated if it happens again. Sign it and date it and indicate this is the parent’s final warning. Your statement might say, “Today your tuition was paid two days late. HOW TO CLAIM PREVIOUSLY UNCLAIMED DEPRECIATION When you fill out this form you will calculate how much depreciation you were entitled to claim in previous tax years, but didn’t. Then you can claim all of this depreciation at once on your current tax return. Normally, you can amend your tax return back three years. But using this form allows you to go back ten, fifteen, twenty years ormore.
USING A "DEMAND LETTER" TO COLLECT FROM A PARENT A “demand letter” is a formal request for the money owed you. It shows the parent that you are serious about enforcing your contract. I have talked with child care providers who have received payment after sending such a letter. Below is a sample “demand letter.”. Your letter should contain these five elements: * The dates you cared for SHOULD YOU PAY YOUR OWN CHILD $12,000 A YEAR? November 15, 2018. The new tax law for 2018 (and beyond) allows family child care providers to pay their own child for helping with their business. If your child is under age 18, you can pay him/her up to $12,000 a year tax free. This money is not subject to federal income taxes and it’s 100% deductible as a business expense! HOW TO DETERMINE THE VALUE OF YOUR DONATED ITEMS TO Home › Record Keeping & Taxes › Deductions › How to Determine the Value of Your Donated Items to Salvation Army, Goodwill, etc.. How to Determine the Value of Your Donated Items to Salvation Army, Goodwill, etc. January 22, 2014. You’ve donated a used child’s bicycle to a charity. TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS Hi, I applied for PPP second round. I have a teacher. It means there were 2 employees at time of loan application. If the teacher leaves after 4 month, I need to put 1 employee at time of forgivenessapplication.
WHAT COVID-19 EXPENSES CAN YOU DEDUCT? Home › Record Keeping & Taxes › Deductions › What COVID-19 Expenses Can You Deduct?. What COVID-19 Expenses Can You Deduct? September 24, 2020. Are you spending money to keep the children in your program safe during the COVID-19 pandemic? 2020 TAX CHANGES AFFECTING FAMILY CHILD CARE PROVIDERS Home › Record Keeping & Taxes › Deductions › 2020 Tax Changes Affecting Family Child Care Providers. 2020 Tax Changes Affecting Family Child Care Providers February 17, 2021. Family child care providers faced many severe challenges in 2020. 2020-2021 FOOD PROGRAM REIMBURSEMENT RATES ANNOUNCED Home › Record Keeping & Taxes › Food Program and Food Expenses › 2020-2021 Food Program Reimbursement Rates Announced. 2020-2021 Food Program Reimbursement Rates Announced July 22, 2020. The 2020-2021 Child and Adult Food Program reimbursement rates for family child care providers have just been released. WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. ARE YOU DEDUCTING YOUR OUTDOOR EXPENSES? For family child care providers, summertime means being frequently outside with children. Here are some possible outdoor business deductions: Children’s toys: baseball, basketball, soccer ball, Frisbee, skateboard, tricycles, bicycles, wagon, bike helmet, jump rope, riding toys, roller skates, scooters Children’s activities: admission charges for museum/zoo/recreation center/swimming pool THE IMPORTANCE OF BUSINESS LIABILITY INSURANCE Home › Legal & Insurance › Insurance › The Importance of Business Liability Insurance. The Importance of Business Liability Insurance April 4, 2019. Do you know what to look for when buying a family child care business liability insurance policy? SHOULD FAMILY CHILD CARE PROVIDERS USE TAX PREPARATION Categories: Record Keeping & Taxes, Tax Return Tags: child care, child care provider, depreciaiton, family child care provider, H&R Block, tax preparation software, TaxAct, Time-Space Percentage, Tom Copeland, Turbotax Related Articles. How to Deduct a Fence What the New Food Program Changes Mean to You: Free Webinar June 8th Keeping ProperRecords When Hiring
DO YOU CHARGE A FEE FOR DAYS WHEN CHILDREN DON'T SHOW UPDAYCARE FOR SICK KIDSDAYCARE FOR ONE DAYHAPPY DAYS DAYCAREONE DAY A WEEK DAYCARE My policy is: The first three months of care fees are due wether child attends daycare or not. After extablishing payments and confidence that this is the childcare they are happy with a TOM COPELAND'S TAKING CARE OF BUSINESS The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. HOW TO SPEND PPP MONEY AND ASK FOR FORGIVENESS Hi, I applied for PPP second round. I have a teacher. It means there were 2 employees at time of loan application. If the teacher leaves after 4 month, I need to put 1 employee at time of forgivenessapplication.
WHAT COVID-19 EXPENSES CAN YOU DEDUCT? Home › Record Keeping & Taxes › Deductions › What COVID-19 Expenses Can You Deduct?. What COVID-19 Expenses Can You Deduct? September 24, 2020. Are you spending money to keep the children in your program safe during the COVID-19 pandemic? 2020 TAX CHANGES AFFECTING FAMILY CHILD CARE PROVIDERS Home › Record Keeping & Taxes › Deductions › 2020 Tax Changes Affecting Family Child Care Providers. 2020 Tax Changes Affecting Family Child Care Providers February 17, 2021. Family child care providers faced many severe challenges in 2020. 2020-2021 FOOD PROGRAM REIMBURSEMENT RATES ANNOUNCED Home › Record Keeping & Taxes › Food Program and Food Expenses › 2020-2021 Food Program Reimbursement Rates Announced. 2020-2021 Food Program Reimbursement Rates Announced July 22, 2020. The 2020-2021 Child and Adult Food Program reimbursement rates for family child care providers have just been released. WHAT IF YOU DON'T HAVE A BUSINESS CHECKING ACCOUNT WHEN Home › Money Management & Retirement › Money Management › What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan?. What if You Don’t Have a Business Checking Account When You Apply for the PPP Loan? April 10, 2020. Many family child care providers are having trouble applying for the Paycheck Protection Program (PPP) forgivable loan program. ARE YOU DEDUCTING YOUR OUTDOOR EXPENSES? For family child care providers, summertime means being frequently outside with children. Here are some possible outdoor business deductions: Children’s toys: baseball, basketball, soccer ball, Frisbee, skateboard, tricycles, bicycles, wagon, bike helmet, jump rope, riding toys, roller skates, scooters Children’s activities: admission charges for museum/zoo/recreation center/swimming pool THE IMPORTANCE OF BUSINESS LIABILITY INSURANCE Home › Legal & Insurance › Insurance › The Importance of Business Liability Insurance. The Importance of Business Liability Insurance April 4, 2019. Do you know what to look for when buying a family child care business liability insurance policy? SHOULD FAMILY CHILD CARE PROVIDERS USE TAX PREPARATION Categories: Record Keeping & Taxes, Tax Return Tags: child care, child care provider, depreciaiton, family child care provider, H&R Block, tax preparation software, TaxAct, Time-Space Percentage, Tom Copeland, Turbotax Related Articles. How to Deduct a Fence What the New Food Program Changes Mean to You: Free Webinar June 8th Keeping ProperRecords When Hiring
DO YOU CHARGE A FEE FOR DAYS WHEN CHILDREN DON'T SHOW UPDAYCARE FOR SICK KIDSDAYCARE FOR ONE DAYHAPPY DAYS DAYCAREONE DAY A WEEK DAYCARE My policy is: The first three months of care fees are due wether child attends daycare or not. After extablishing payments and confidence that this is the childcare they are happy with a AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW Home › Advocacy › An Update on PPP Spending, Applying for the Second Draw and Forgiveness. An Update on PPP Spending, Applying for the Second Draw and Forgiveness April 15, 2021. The rules regarding the Paycheck Protection Program (PPP) are hard to understand. HOW TO CLAIM FOOD EXPENSES Categories: Food Program and Food Expenses, Record Keeping & Taxes Tags: actual food cost method, business of family child care, child care, family child care provider, food, Food Program, standard meal allowance rule, Tom Copeland Related Articles. June 15th is Deadline for Estimated Taxes for the Second Quarter How to Deduct a Fence CALCULATE YOUR OWN TIME-SPACE PERCENTAGE Home › Record Keeping & Taxes › Calculate Your Own Time-Space Percentage. Calculate Your Own Time-Space Percentage February 24, 2020. Calculating your Time-Space Percentage correctly will have the biggest impact on reducing your taxes.. Many family child care providers, and some tax preparers, fail to take advantage of this unique IRS rule and, as a result, pay too much in taxes. HOW TO END A PARENT CONTRACT Categories: Contracts & Policies Tags: childcare, contract, daycare, family child care, parent, policies, termination, Tom Copeland Related Articles. How to Enforce Your Contracts & Policies Webinar October 21st Contracts & Policies in the COVID Era – Webinar September 15th HOW TO ADDRESS LANDLORD OPPOSITION TO FAMILY CHILD CARE Home › Legal & Insurance › Legal › How to Address Landlord Opposition to Family Child Care Tenants. How to Address Landlord Opposition to Family Child Care Tenants May 30, 2013. Family child care providers who rent their home or apartment may 5 WAYS TO READ A FADED RECEIPT Home › Record Keeping & Taxes › Record Keeping › 5 Ways to Read a Faded Receipt. 5 Ways to Read a Faded Receipt February 3, 2016. Family child care providers need to save their business receipts for at least three years after filing their taxes. SHOULD YOU PAY YOUR OWN CHILD $12,000 A YEAR? Home › Record Keeping & Taxes › Employees › Should You Pay Your Own Child $12,000 a Year?. Should You Pay Your Own Child $12,000 a Year? November 15, 2018. The new tax law for 2018 (and beyond) allows family child care providers to pay their own child for helping withtheir business.
WHAT TO DO WHEN A PARENT SHOWS UP DRUNK Home › Contracts & Policies › What to Do When a Parent Shows Up Drunk. What to Do When a Parent Shows Up Drunk July 11, 2011. One day a parent is picking up her child from your family child care home when you notice one of the following: WHERE DO I REPORT EXPENSES BELOW $2,500 ON MY TAX RETURN Home › Record Keeping & Taxes › Deductions › Where Do I Report Expenses Below $2,500 on My Tax Return?. Where Do I Report Expenses Below $2,500 on My Tax Return? February 19, 2018. Recent changes in the tax laws allow providers to deduct any individual item they purchase for less than $2,500 in one year. HOW DO YOU CLAIM EXPENSES FOR ITEMS YOU BOUGHT BEFORE YOUR Home › Record Keeping & Taxes › Record Keeping › How Do You Claim Expenses for Items You Bought Before Your Business Began?. How Do You Claim Expenses for Items You Bought Before Your Business Began? February 20, 2014. There are two different tax rules to apply to items you bought before your family child care business began. TOM COPELAND'S TAKING CARE OF BUSINESS THE NATION’S LEADING EXPERT ON THE BUSINESS OF FAMILY CHILD CARE* Home
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WHAT THE NEW FOOD PROGRAM CHANGES MEAN TO YOU: FREE WEBINAR JUNE 8THMay 24, 2021
Update: Unfortunately my webinar is full. However, you can still register to receive a recording of the webinar at the link below. I will also post the link to the recording after the June 8th webinar. The Child and Adult… Read More ›SHARE THIS:
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PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEYMay 5, 2021
The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands… Read More ›SHARE THIS:
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AN UPDATE ON PPP SPENDING, APPLYING FOR THE SECOND DRAW ANDFORGIVENESS
April 15, 2021
The rules regarding the Paycheck Protection Program (PPP) are hard to understand. I hear daily from family child care providers who are confused about the rules, and I don’t blame them. Here’s an update to help you get a clearer… Read More ›SHARE THIS:
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SENATE EXTENDS PPP DEADLINE!March 28, 2021
Update: President Biden has signed the PPP extension into law today (March 30th)! Last week the US Senate voted to extend the deadline for applying for the Paycheck Protection Program (PPP) from March 31st to May 31st. The House had… Read More ›SHARE THIS:
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JUNE 15TH IS DEADLINE FOR ESTIMATED TAXES FOR THE SECOND QUARTERJune 2, 2021
JUNE 15TH IS DEADLINE FOR ESTIMATED TAXES FOR THE SECOND QUARTER June 15th is the deadline for family child care providers to file your federal estimated tax payment for the second quarter of 2021. The second quarter includes the months of April and May. (Yes, the tax quarters for estimated taxes… Read More ›SHARE THIS:
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HOW TO APPLY FOR FORGIVENESS FROM THE PAYCHECK PROTECTION PROGRAM(PPP)
June 1, 2021
HOW TO APPLY FOR FORGIVENESS FROM THE PAYCHECK PROTECTION PROGRAM(PPP)
If you received money from the Paycheck Protection Program (PPP), you must apply for forgiveness so you don’t have to pay it back! The PPP is a non-taxable, forgivable loan program sponsored by the Small Business Administration (SBA). When can… Read More ›SHARE THIS:
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HOW TO DEDUCT A FENCEMay 26, 2021
HOW TO DEDUCT A FENCE Here’s how you can deduct a fence. First: You can deduct a fence because it’s an “ordinary and necessary” business expense. You need to keep children safe or you want more privacy or you want to keep dogs and others… Read More ›SHARE THIS:
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WHAT THE NEW FOOD PROGRAM CHANGES MEAN TO YOU: FREE WEBINAR JUNE 8THMay 24, 2021
WHAT THE NEW FOOD PROGRAM CHANGES MEAN TO YOU: FREE WEBINAR JUNE 8TH Update: Unfortunately my webinar is full. However, you can still register to receive a recording of the webinar at the link below. I will also post the link to the recording after the June 8th webinar. The Child and Adult… Read More ›SHARE THIS:
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IS IT TIME TO RAISE YOUR RATES?May 20, 2021
IS IT TIME TO RAISE YOUR RATES? Starting July 15th, parents in your program will receive $250 or $300 per month per child from the IRS. Because parents will have this extra income, it may be time to consider raising your rates. What is happening? Under the… Read More ›SHARE THIS:
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KEEPING PROPER RECORDS WHEN HIRING INDEPENDENT CONTRACTORSMay 11, 2021
KEEPING PROPER RECORDS WHEN HIRING INDEPENDENT CONTRACTORS Let’s say a family child care provider hires someone to clean her home, mow her lawn, do gardening, plow their driveway, or do handyman repairs jobs. Or maybe you pay someone to enhance your program by offering music, dance or… Read More ›SHARE THIS:
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HAPPY PROVIDER APPRECIATION DAY 2021!May 7, 2021
HAPPY PROVIDER APPRECIATION DAY 2021! Thank you so much for the work that you do! This has been an extremely stressful year for family child care providers. The emotional stress of trying to keep your family safe as well as the families of the children… Read More ›SHARE THIS:
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PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEYMay 5, 2021
PAYCHECK PROTECTION PROGRAM RUNS OUT OF MONEY The Paycheck Protection Program (PPP) has run out of money. The PPP is a forgivable loan program available to family child care provides who suffered financially from the COVID crisis. It was a source of tax-free money that helped thousands… Read More ›SHARE THIS:
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2020 TAXES DONE? NOW TAKE THESE STEPSApril 27, 2021
2020 TAXES DONE? NOW TAKE THESE STEPS If you have completed your 2020 taxes, congratulations! Here’s a checklist of final steps you should take as a family child care provider before you can forget about last year’s taxes: 1) Gather all your business records that you used for… Read More ›SHARE THIS:
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WHAT IS YOUR COVID VACCINATION POLICY?April 23, 2021
WHAT IS YOUR COVID VACCINATION POLICY? Can you require that parents must be vaccinated before they can bring their child to your program? Can you require that parents must quarantine for two weeks if a member of their family has COVID? The COVID pandemic has created… Read More ›SHARE THIS:
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