I don't keep it separate, but use the standard deduction for federal at the end if the year. So, each meal and snack is only worth x amount, regardless of what I have paid for- no receipts necessary. You can also deduct mileage for going to the store to get the food- I haven't done this, but it is an option and can save you $.
I do the same.
I don't store it separately. Sometimes I go to get what I've planned for a meal and there isn't enough because my family has eaten it, but I just go with the flow and alter the meal for that day
I used to keep it all separate. Including separate receipts as much as possible, but after the first year, I found out that the standard deduction was more profitable for me than tracking all my actual expenses.
I do have a separate daycare kitchen so the food is separate.
I have Tom's books. But this is my first year, and everything is a bit of a blur. I'm still not clear on everything, even after reading his books.
I was planning on claiming the extra snack, so I already was planning on that. This thread is making it sound like their is a deduction for groceries. But if there is a standard deduction, then I am fine because I have an accountant who is knowledgable in child care - I just haven't say down with him yet.
"Everything is a bit of a blur..." Yikes! I don't mean to confuse you further! Report money you receive from the Food Program as income and report all meals and snacks you serve as an expense. Using the standard meal allowance is the easiest way to claim food expenses. Don't count as income any reimbursements you receive from the Food Program for your own children and don't count any food expenses for meals/snacks served to your own children.
I'm thinking because I use MM, it is automatically recorded?
Yes, once you enter a meal/snack served to a child, it's automatically added to your meal/snack totals and multiplied by the standard meal allowance rate, to give you your food deduction.
I keep nothing separate and just mark every meal that I provide for day care kids claiming on my taxes using the standard deduction. I have in the past kept track of every bite but came out better using the standard deduction rather than keeping track.
"Everything is a bit of a blur..." Yikes! I don't mean to confuse you further! Report money you receive from the Food Program as income and report all meals and snacks you serve as an expense. Using the standard meal allowance is the easiest way to claim food expenses. Don't count as income any reimbursements you receive from the Food Program for your own children and don't count any food expenses for meals/snacks served to your own children.
Sorry it's not your fault Tom! There is just so much info in your book that I can't retain it all I'm going to reword that post so it sounds better.
I don't keep it separate, but use the standard deduction for federal at the end if the year. So, each meal and snack is only worth x amount, regardless of what I have paid for- no receipts necessary. You can also deduct mileage for going to the store to get the food- I haven't done this, but it is an option and can save you $.
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