On February 9, providers came together in San Bernardino to learn about important changes for 2018 taxes. Our annual tax preparation workshop was hosted by Tom Copeland, the nation’s leading expert on the business of family child care, brought valuable insights for family child care providers to get the most out of their annual income taxes. Don’t forget to file your taxes before the deadline – April 15. Here are some valuable tips from our workshop:
- Track your mileage! If you’re picking up and dropping off children at school, shopping for groceries for your family child care business, or attending an SEIU Local 99 meeting you can deduct these miles as a business expense. You can also download MileIQ, https://www.mileiq.com/, a free application that helps you keep track of your trips!
- Deduct meals (breakfast, lunch, dinner, and snacks)! If you’re shopping for groceries to feed children at your facility you can deduct these as a business expense so be sure to keep records for all the meals and snack served to each child. The standard meal allowance for 2018 (and 2019) is… $1.31 Breakfast | $2.46 Lunch/Dinner | $0.73 Snack. Use these rates for all meals and snacks served in 2018, including meals/snacks not reimbursed by the Food Program. You may deduct up to one breakfast, one lunch, one dinner and three snacks per day, per child. No food receipts are necessary
Visit http://bit.ly/taxtipsfccp for a full list of tax tips for 2018.
To find more money-saving tips and tools to itemize your deductions, visit Tom Copeland’s website: http://tomcopelandblog.com/
“It was very informative. As a child care provider, I need to be aware of the changes that affect my business.”
-Judy Zamora, Provider from Victorville