Tom Copeland and myMAX are today announcing an exciting new partnership that will deliver two significant new benefits to myMAX users.
- Tom will now be able to review the current and past years tax returns of myMAX users and answer questions on all aspects of the business side of family child care.
- myMAX users can now track the hours they work in their home when children are not present.
These two new benefits will save you time and money on your taxes!
Sign up for myMAX here. It costs $19.95 per month.
The most important thing you can do to reduce your taxes is to keep track of all the hours you work in your home on business activities when children are not present.
Unfortunately, most providers do a poor job of tracking these hours. They hate record keeping, and tracking hours is one more burden they would rather avoid.
myMAX is a voice activated, hands-free technology that allows you record attendance records, meals served, health reports, and child milestones. No paper record keeping! Just speak into the Amazon Echo or Dot and it will record your activities and send daily reports to parents.
Now myMAX can be used to track those hours you conduct business activities when children are not present. These include: cleaning, record keeping, meal preparation, activity preparation, Internet time, parent communication, Food Program, office work, policies and agreements, and more.
Here’s how it works. A provider would say out loud, “Alexa, tell myMAX to start provider time.” Alexa would respond, “Provider time started at 6:10 pm.” Once the provider completed her activity, she would say, “Alexa, tell myMAX to end provider time.” Alexa would respond, “What was the category for this provider time?” The provider would pick one of the above time categories, and then say, for example “Cleaning.” Alexa would respond, “Provider time ended at 6:22 pm.” This provider now has recorded 12 minutes of business activities.
It’s that simple! No paperwork, no looking at a clock.
A daily report would show all the hours the provider worked on such activities. These hours get added together with a provider’s attendance records to determine the total number of hours she worked in her home. These hours are used to calculate a provider’s Time-Space Percentage on IRS Form 8829 Expenses for Business Use of Your Home. They are applied to thousands of dollars of house expenses such as property tax, mortgage interest, utilities, house insurance, house repairs and house depreciation.
See a copy of what your report would like like to track these hours: Copy of Provider Hours Report
Other facts about this new feature:
- If you forget to tell Alexa you cleaned in the morning before the children arrived, you can manually record these hours at the end of the day, week or month.
- myMAX won’t allow you to enter these provider hours if children are present.
- If you forget to tell Alexa to end provider time, myMAX will shut off the time at midnight and you can manually correct this later.
- If you cleaned for a half hour and then did record keeping for a half hour, you can either call the hour cleaning or recording keeping or enter two half hour activities separately.
- For every one and a half hours a week that you record in myMAX, this will increase the business use of your home by one percent. One percent higher deduction for thousands of dollars of house expenses add up!
Free review of your tax return!
myMAX users will now be able to contact Tom Copeland to have him review their tax return for free. I will examine your business tax forms and identify any mistakes you or your tax preparer might have made. We will discuss:
* Did you properly include all the hours your worked in your home?
* Did you have an exclusive use room?
* Did you count all the miles you drove?
* Did you properly depreciate your home?
* Did you deduct all your allowable expenses?
* And more
You can also contact Tom by phone or email and get answers to your questions about the business side of family child care.
These two new features of myMAX make this new product a must for providers who want to reduce their record keeping and save time and money!
If you have questions contact email@example.com; 877-846-2227.
Try myMAX to see what it can do for you. You can cancel at any time.
Tom Copeland – www.tomcopelandblog.com
Image credit: myMAX