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

May 2 — Social security, Medicare, and withheld income tax
File Form 941 for the first quarter of 2017. 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 May 10 to file the return.

May 2 — Federal unemployment tax.
Deposit the tax owed through March if more than $500.

May 2 — Form 720 taxes
File Form 720 for the first quarter of 2017.

May 2 — Wagering tax
File Form 730 and pay the tax on wagers accepted during March.

May 10 — Employees who work for tips
If you received $20 or more in tips during April, report them to your employer Details

May 10 — Social security, Medicare, and withheld income tax
File Form 941 for the first quarter of 2017. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

May 11 — 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 April.

May 13 — Regular method taxes
Deposit the tax for the last 15 days of April.

May 16 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in April.

May 16 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in April.

May 25 — Communications and air transportation taxes under the alternative method
Deposit the tax included in amounts billed or tickets sold during the last 15 days of April.

May 27 — Regular method taxes
Deposit the tax for the first 15 days of May.

May 31 — Wagering tax
File Form 730 and pay the tax on wagers accepted during April.

View More Tax Dates