Family Child Care Record-Keeping Guide: 7th Edition

Family Child Care Record-Keeping Guide: 7th Edition

by Tom Copeland




The bestselling Family Child Care Record-Keeping Guide, 7th Edition is a must-have for family child care providers. With over 1,000 allowable updated tax deductions indexed alphabetically, this helpful resource has even more valuable information for keeping your business records and saving money on taxes. New sections address the sale of a home and the new IRS ruling that allows family child care providers to use a standard meal allowance rate to claim food expenses.

Product Details

ISBN-13: 9781929610495
Publisher: Redleaf Press
Publication date: 05/15/2004
Series: Redleaf Business Series
Edition description: Subsequent
Pages: 196
Product dimensions: 7.00(w) x 9.00(h) x 0.40(d)

About the Author

Tom Copeland, JD, has written several books on business issues for the family child care field. He trains thousands of providers each year on record keeping, marketing, contracts, and other business topics.

Table of Contents

Introduction: The Business of Child Care
Part IKeeping Records
Chapter 1The Basics of Record Keeping3
Record-Keeping Systems3
Tracking Income5
Tracking Expenses16
How Long Should You Save Your Records?23
Chapter 2Claiming Your Food Expenses and Reimbursements25
Common Objections to the Food Program25
Understanding the Two-Tiered System28
Reporting Your Food Program Reimbursements32
Reporting Your Food Expenses33
Calculating Your Food Expenses36
Frequently Asked Questions50
Chapter 3Figuring Your Time-Space Percentage53
Step 1Calculate Your Time Percent54
Step 2Calculate Your Space Percent68
Step 3Calculate Your Time-Space Percentage73
Frequently Asked Questions77
Part IIDeducting Expenses
Chapter 4Understanding Your Business Expenses81
Step 1Is the Expense Deductible?81
Step 2How Much of the Expense Is Deductible?83
Step 3When Is the Expense Deductible?85
Claiming Deductions If You Aren't Regulated87
Using the Start-Up Rule89
Saving Your Money90
Nondeductible Expenses91
Chapter 5Deducting Your Business Expenses93
Bad Debts95
Car and Truck Expenses96
Employee Benefit Programs103
Legal and Professional Services105
Office Expenses105
Rent of Business Property108
Repairs and Maintenance of Personal Property109
Taxes and Licenses112
Travel, Meals, and Entertainment112
Other Expenses114
Chapter 6Deducting Your Home Expenses119
Casualty Losses120
Mortgage Interest and Real Estate Taxes121
Homeowner's Insurance121
Home Repairs and Maintenance121
Moving Expenses123
Chapter 7Claiming Your Depreciation Expenses125
Understanding Depreciation126
Depreciating Your Car128
Depreciating Your Personal Property128
Depreciating Land Improvements135
Depreciating Home Improvements136
Depreciating Your Home140
Keeping a Depreciation Log142
Part IIIOther Tax Issues
Chapter 8Special Tax Topics145
The Child Care Tax Credit145
Dependent Care Plans147
Hiring Employees and Independent Contractors150
Selling Your Home159
Paying Estimated Taxes162
Understanding Self-Employment Taxes and Business Profits164
Setting Up Medical and Retirement Plans165
Chapter 9Working with a Tax Preparer167
When to Get Help from a Tax Preparer167
Hiring a Tax Preparer168
Working with a Tax Preparer169
Dealing with Tax Preparer Errors170
Finding a Tax Preparer170
Chapter 10Dealing with the IRS171
Handling an IRS Audit172
Handling Disputes with the IRS174
Getting Help with an IRS Audit176
Amending Your Tax Return176
A Final Note177
List of IRS Forms and Publications179
Getting Tax Help on the Internet181
Index of Deductible Expenses183
Topic Index191

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews