IRS celebrates Small Business Week May 4 – 8, 2015, by highlighting some of its most popular educational products, videos and webinars to help your small business thrive. A good example is the webinar: "Tax Related Guidance for Child Care Providers." The online resource can help you as a business owner or operator learn how to correctly report common tax items associated with this type of business. Here are some of the topics included in the webinar:

Child Care Income. The presentation covers the various income items that you must report. These include items such as:

  • Income from contracts specifying charges, terms and responsibilities.
  • Diaper charges.
  • Late pick up or early drop off fees.
  • Registration fees.

Child Care Expenses. The webinar discusses allowable business expenses, including:

  • The business must be a for-profit activity.
  • The expense must be ordinary and necessary.
  • Only the business use portion of an expense may be deductible if the expense has elements of both personal and business use.
  • You must make a reasonable allocation to determine the business use.
  • Amounts you spend for personal or family reasons are not deductible.

Special Rules. The tax law contains specific rules in areas where business expenses are difficult to separate from personal expenses. For example, the webinar covers the special method you would use to compute the business use percentage of a home available only for day care service providers.

Other Expenses. Other expenses common to child care businesses are discussed, including:

  • Food consumed by your daycare recipients.
  • Supplies such as games, books, child proofing devices and toys.

Other topics include the USDA Food Reimbursement Program, depreciation rules and much more. Check out this and other IRS webinars and videos to celebrate Small business Week 2015 at www.irsvideos.gov.

Follow the IRS on Twitter! The IRS has three key accounts: @IRSnews, @IRStaxpros and @IRSenEspanol. For all the IRS Small Business Week information, keep an eye on these IRS Twitter accounts and the key hashtags: #IRSsbw15 and #DreamSmallBiz.

Additional IRS References:

IRS YouTube Videos:

IRS Podcasts:

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Upcoming Tax Dates

September 5 — Everyone
Federal Holiday (Labor Day) Details

September 10 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of August.

September 11 — Employees who work for tips
If you received $20 or more in tips during August, report them to your employer Details

September 14 — Regular method taxes
Deposit the tax included in amounts billed or tickets sold during the last 16 days of August.

September 15 — Individuals
Make a payment of your 2017 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment Details

September 15 — S Corporations
File a 2016 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension Details

September 15 — Partnerships
File a 2016 calendar year return (Form 1065). This due date applies only if you were given an additional 5-month extension Details

September 15 — Corporations
Deposit the third installment of estimated income tax for 2016 Details

September 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in August.

September 15 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in August.

September 27 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 16 days of August.

September 29 — Regular method taxes
Deposit the tax for the first 15 days of September.

September 29 — Regular method taxes (special September deposit rule)
Deposit the tax for the period beginning September 16 and ending September 26.

September 29 — Communications and air transportation taxes under the alternative method (special September deposit rule).
Deposit the tax included in amounts billed or tickets sold during the period beginning September 1 and ending September 11.

September 30 — Wagering tax
File Form 730 and pay the tax on wagers accepted during August.

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