Tom Copeland's Taking Care of Business Blog

  • What COVID-19 Expenses Can You Deduct?

    Are you spending money to keep the children in your program safe during the COVID-19 pandemic? The answer is probably “yes” for most family child care providers. Here are some examples of COVID-19 spending: COVID-19 supplies Gloves Masks Disinfectants Sanitizers...[…]

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  • What’s Deductible During Fall Cleanup?

    Time for fall cleanup, inside and out. What’s deductible as you prepare for the winter? Family child care providers can deduct all “ordinary and necessary” expenses for their business. Because you are in the business of providing a home learning...[…]

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  • “How Do I Pay Myself?”

    This is a common question I hear from both new and experienced family child care providers. The answer depends. If you are set up as self-employed (sole proprietor) or a partnership In these situations, since you are not an employee,...[…]

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  • How to Survive a Natural Disaster

    As we watch the news of fires in California, a derecho in Iowa, and hurricanes in the Gulf Coast, we are again reminded of the terrible damage that can be caused by a natural disaster. Natural and man-made disasters can...[…]

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  • The Tax Consequences of COVID-19 Webinar, September 14th

    I’ll be offering a webinar on “The Tax Consequences of COVID-19” on Monday, September 14th from 6:30-8:30pm Central Time. The webinar will help you understand: What is taxable income (unemployment benefits, grants, SBA loans) How to calculate an accurate Time-Space...[…]

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  • October 1st is the Deadline to Set Up a SIMPLE IRA

    When setting aside money for your retirement, family child care providers have a variety of Individual Retirement Accounts (IRAs) to choose from. The Traditional IRA, Roth IRA and SIMPLE IRA are the most common ones. There is no income eligibility...[…]

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  • Reaching Your Retirement Goals Quiz

    Family child care providers, like most people, generally haven’t done a good job at saving money for their retirement. In a survey done for my book Family Child Care Money Management & Retirement Guide, 55% of child care providers had...[…]

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  • Contracts & Policies in the COVID Era – Webinar September 15th

    My latest webinar is “Contracts & Policies in the COVID Era” to be held on Tuesday, September 15th from 8:30-9:30pm Eastern Time. Whether you were closed or not so far this year, COVID-19 has disrupted the lives of family child...[…]

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  • Estimated Taxes Due September 15th

    September 15th is the deadline for family child care providers to file your federal estimated tax payment for the third quarter of 2020. The third quarter includes the months of June, July and August. The fourth quarter includes the months...[…]

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  • What is a “COVID-19 Surcharge”?

    Because of the COVID-19 crisis, many family child care providers are spending more money to help keep the children and their families safe. These additional expenses can include: Bleach Cleaning supplies Computers for distance learning Curriculum expenses Deep cleaning or...[…]

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