Tom Copeland's Taking Care of Business Blog

  • Savers Credit

    Saver’s Credit – 2018   In addition to the tax deductions for retirement contributions, certain individuals may receive an extra tax credit. The tax credit for contributing to an IRA (traditional, ROTH, SEP and SIMPLE) and employer-sponsored retirement plan (401k...[…]

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  • Ten Record Keeping and Tax Tips for the New Provider

    Family child care providers are self-employed taxpayers who must report their business income and expenses to the IRS. It is important to become familiar with all of the IRS requirements for filing your taxes. To help you prepare for this,...[…]

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  • Should You Pay Yourself a Salary?

    A family child care provider tells me she paid herself $20 a week to clean her home. She then deducted this as a business expense. Another provider asks if she can pay herself a salary. Neither is allowed. If you...[…]

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  • Tom Copeland to Speak at Annual NAFCC Institute in Chicago June 28th-30th

      I will be delivering several workshops for family child care providers and trainers as part of the National Association for Family Child Care conference in Chicago, Illinois, June 28-30th. This annual conference offers dozens of workshops on all aspects...[…]

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  • Taxes Done? Now Take These Nine Steps

    If you have completed your 2017 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...[…]

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  • Can You Hire a Child Under Age 18?

    Are you considering hiring someone to help you care for the children in your care? It could be you want to hire someone full time, part-time on a regular basis, or to help out for a few weeks or days...[…]

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  • The Basics of KidKare Accounting Webinar: April 17th

    I will be delivering this month’s webinar on “The Basics of KidKare Accounting”. The webinar starts at 8:30pm Eastern time on Tuesday, April 17th. The new KidKare software can save you a lot of time and money on your taxes....[…]

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  • Common Mistakes Providers Make on Their Taxes

    What are the most common mistakes that family child care providers make on their taxes? Lately I’ve been reviewing many family child care provider tax returns as part of my Child Care Business Partnership. Providers who use the accounting section...[…]

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  • Are Moving Expenses Deductible?

    If you move from one home to another, are any moving expenses deductible? If you moved in 2017 the answer is maybe. If you moved in 2018 the answer is no. 2017 You may be able to deduct some of...[…]

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  • Questions and Answers About Legal & Insurance Issues

    Q: Is it legal to prohibit my assistant from using her cell phone in my home? Q: If my car is registered under my husband’s name, should I add my name? Q: How do I deal with a parent that...[…]

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