Tax Tips for Child Care Providers

Do you care for children in your home?  Well…other than your own, I mean!  Are you taking advantage of the tax breaks that are available to you?  Are you keeping up with your books and recordkeeping?

There are special tax breaks for people who run a childcare business either out of their own home, or in a separate facility.  Some examples include: (more…)

Tax Court Disallows Charitable Deduction

The Tax Court recently sided with the IRS and disallowed a taxpayer’s charitable deduction to their church.  The contributions were primarily made up of checks written to their church for amounts larger than $250.  The church acknowledged its receipt of the contributions on a year-end statement to the taxpayers, but there was no language concerning whether any goods or services were provided in consideration for the contributions, as required by the IRS code.

 

Folks — make sure that if you donate $250 or more to a charity that you get a written acknowledgement of the contribution.  Here’s what it HAS to specifically include:

• The amount of the cash and a description of any property other than cash
• Whether the donee organization provided any goods or services in consideration, in whole or in part, for any property donated
• A description and good faith estimate of the value of any goods or services received, or if such goods or services consist solely of intangible religious benefits, then it must state that.

Medical and Dental Expenses

Here is a helpful video from the IRS regarding deducting your medical and dental expenses on your 1040.

If you need a little more information, you can take a look at our previous post on medical and dental expenses, or as always, give our office a call at 770-478-7424.