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

October 9 — Everyone
Federal Holiday (Columbus Day) - Details

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

October 15 — Individuals
If you have an automatic 6-month extension to file your income tax return for 2017, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due - Details

October 15 — Corporations
File a 2017 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension Details

October 15 — Partnerships
Electing large partnerships: File a 2017 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension - Details

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

October 31 — Certain small employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2017 but less than $2,500 for the third quarter.

October 31 — Federal unemployment tax
Deposit the tax owed through 09-if more than $500.

October 31 — Social security, Medicare, and withheld income tax.
File Form 941 for the third quarter of 2018. Deposit or pay any undeposited tax under the accuracy of deposit rules .If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until 11-10 to file the return.

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