Tom Copeland's Taking Care of Business Blog

  • A Guide to H&R Block 2018

    How well does H&R Block do in preparing a family child care provider’s taxes online? It only does a good job if you know exactly what you are entitled to deduct as a business expense, how much of these expenses...[…]

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  • What is the Qualified Business Income Deduction?

    Family child care providers who showed a profit for their business in 2018 are entitled to a new tax deduction called the Qualified Business Income Deduction (QBI). This tax deduction can be significant and appears on IRS Form 1040 U.S....[…]

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  • Dramatic Changes in New 2018 Form 1040

    The new IRS Form 1040 U.S. Individual Income Tax Return for 2018 looks completely different than in previous years. Drastically different! The front of the form is a half page asking for the names of your family members, your Social...[…]

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  • Are tax preparation fees deductible?

    A recent change in the IRS rules now disallow the deduction for tax preparation fees as a personal itemized deduction on Schedule A. However, you can still claim tax preparation fees associated with filling out your business tax forms. These...[…]

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  • How to Deduct a Home Improvement

    Recent tax law changes have created a lot of confusion about what is a home improvement and how a family child care provider can deduct such an expense. Before we explain how to deduct a home improvement, providers should first...[…]

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  • A Guide to TurboTax 2018 – Part II

    In my previous article on TurboTax I discussed some problems that family child care providers will encounter if they use this software to prepare their tax return. As I previously wrote, I don’t recommend using any tax software unless you...[…]

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  • Top Tax Deductions for Family Child Care Providers – Tuesday, February 5th

    Many family child care providers pay too much in taxes each year because they don’t know all the tax deductions they are entitled to claim. Sometimes tax professionals miss reporting all your allowable deductions. To make sure you claim all...[…]

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  • A Guide to TurboTax 2018 – Part I

    Should family child care providers use TurboTax? Not unless you know exactly what you are entitled to deduct as a business expense, how much of these expenses you can deduct, and where they should appear on your tax forms. The...[…]

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  • How to Respond to a CACFP Serious Deficiency Allegation

    Providers who face a serious deficiency allegation from the Child and Adult Care Food Program (CACFP) often do not know how to defend themselves. Without a good defense, providers can be termination from the Food Program for seven years. This...[…]

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  • Does My Tax Preparer Understand My Business? Part II

    Family child care providers are entitled to deduct hundreds of household items as business expenses, unlike every other home-based business. This unique ability to deduct items such as cleaning supplies, furniture, appliances, snow blowers, and beds is sometimes not recognized...[…]

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