Take advantage of the office in home expense. Congress has given you some unique deductions.
2)
Remember that items purchased for the children are deductible, but they also decrease your earnings from your childcare business. This could effect your future social security benefits, among other things.
3)
Do your own older children help you out? They may be able to receive a salary and reduce your income taxes.
4)
Use the IRS standard meal costs to make recordkeeping of your food expenses simple.
Just for fun...
Q. Why did the accountant cross the road?
A. Because she checked the file and that's what she did last year.
Q. What is the definition of a good tax accountant?
