Insurance > Deductions

When Do You Report Income?

It’s the last day of the year and a parent hands you a check for $150. You deposit the check on January 2nd. What tax year do you report this income? You must report income in the year you receive… Read More ›

Are You Deducting Your Outdoor Expenses?

With summer here, many family child care providers are working outside in their gardens, making home repairs, or doing general outdoor clean-up work. Are any of the expenses associated with these activities deductible? You are entitled to deduct all expenses… Read More ›

Are My Pets Deductible?

Family child care providers can deduct all “ordinary and necessary” expenses for their business. Ordinary and necessary means typical, helpful, appropriate or useful. Unfortunately, this does not include the costs associated with a dog or cat. In over 35 years… Read More ›

Is Your Telephone Bill Tax Deductible?

The answer should be simple for family child care providers. You need a telephone to operate your business and therefore it should be deductible as an “ordinary and necessary” business expense. Not so fast. IRS rules clearly state: “The cost… Read More ›