What You Need to Know About the Small Business Health Insurance Credit

If you are the owner of a small childcare business and you pay the health insurance premiums on behalf of employees who are enrolled in a qualified health plan, you may be eligible to receive the Small Business Health Insurance Credit. In the following guide, we provide an overview of the Small Business Health Insurance Credit, including what it is, …

How to Deduct Your Home Office for Your In-Home Childcare Center

If you operate your childcare business out of your home, you may be qualified for the home office tax deduction. The IRS sets forth guidelines for at-home daycare centers to help childcare business owners assess whether they are eligible for the home office tax deduction. In this article, we will take a look at the home office tax deduction, including …

Choose the Right Business Structure for Your Childcare Business

One of the most important decisions you will make for your childcare business is the business structure you choose. Your business structure will have a significant impact on the way you run your childcare business, the paperwork you need to file, the taxes you pay, your personal liability, and your ability to raise funds. Your goal as a business owner …

Are You Eligible for the Qualified Business Income Deduction?

Many individuals who own sole proprietorships, partnerships, limited liability companies, S corporations, and certain trusts and estates may be eligible for the qualified business income (QBI) deduction. Is your childcare business one of them? In the following guide, learn what the qualified business income deduction is, whether your childcare company qualifies, and how you can claim your deduction. Read on …

What You Need to Know About the Employee Retention Credit

Is your childcare business eligible to receive the Employee Retention Credit, and if so, how can you claim your refund? In the following guide, we cover the essential information you need to know about the Employee Retention Credit, including what it is, what provisions have been modified and expanded in recent months, who qualifies for a refund, and how you …

What to Consider Before Buying or Leasing a Vehicle for Your Daycare Business

Thinking about buying or leasing a vehicle for your childcare business? A company vehicle may prove a valuable asset to your daycare business. You have several important options to consider when it comes to your company vehicle. In this article, we explore buying versus leasing a vehicle, standard mileage deduction versus actual costs deduction, and depreciating your vehicle. Read on …

What You Need to Know About the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a tax credit program initiated by the federal government through the Internal Revenue Service to increase employment opportunities for specific groups of people who might otherwise find barriers to employment. As a business owner, if you hire an employee from one of the target groups outlined by the WOTC program, you are eligible …

How Long to Keep Important Documents

If tax season has you swimming in paperwork, you may be wondering which documents you really need to keep and for how long. In fact, we receive this question a lot from our clients, so we decided to put together this comprehensive guide to clarify which documents you need to keep and how long you need to keep them. Keep …