Civitas Strategies' Understanding the Time-Space Calculation: For in-home childcare businesses, the time-space calculation is a vital component of tax preparation, allowing providers to properly allocate business and personal use of their home. This calculation enables providers to claim tax deductions for a portion of utilities, mortgage interest, repairs, and more. Today, we will focus on helping in-home childcare providers better understand the Time-Space Calculations for tax purposes. We will cover how Time-Space can be calculated in six easy steps, guiding providers to accurately document the percentage of their home used for business purposes. Childcare professionals can leverage substantial tax savings and ensure they are making the most of available deductions by mastering this calculation, and our goal is to empower them with the knowledge needed to navigate this important aspect of tax preparation, ultimately supporting the financial health of their businesses.
Get to know Marleen:
My name is Marleen Tobi, and I am thrilled to be here with you today. For over 30 wonderful years, I have been on an incredible journey in the field of Early Care and Education. My academic background includes a Bachelor's in Management and Organizational Development and a Master's in Early Childhood Education, specializing in birth through 3rd grade. My passion for this work has led me through various roles, from directing Head Start programs to owning and overseeing different types of childcare settings. These days, I am fortunate to be able to put all my experience to work as a Senior Associate at Civitas Strategies. My role is primarily focused on content creation and supporting childcare providers through direct coaching, training, and facilitating webinars that tackle the real-world challenges providers face every day. I work with both family child care providers and centers, helping them strengthen and grow their businesses. I am looking forward to our conversation today and sharing a few insights from my experiences.
Civitas Strategies:
We are a mission-driven organization that has been supporting often overlooked businesses for over 15 years, with a primary focus on child care. Through our extensive work across the United States, we have gained a deep understanding of the unique needs of child care businesses. We collaborate with nonprofit and state organizations to promote the sustainability and growth of child care businesses. Our support is delivered through various channels, including written guides, instructional videos, innovative applications, one-on-one and group coaching sessions, training programs, and live presentations. This comprehensive approach allows us to address the diverse needs of child care business owners, helping them navigate challenges and capitalize on opportunities for growth and sustainability. While we are often engaged by nonprofit and state organizations to work directly with the businesses they serve, Civitas Strategies also has no-cost tools, resources, and apps available that child care providers can directly access themselves. This ensures that our support reaches a wide range of providers, regardless of their affiliations. Notably, we have an established relationship with Early Learning Ventures. Our collaborative work has involved providing affiliated providers with one-on-one coaching, presentations, and guides on crucial topics.
Time-Space Calculation NEW.xlsx (live.com):https://view.officeapps.live.com/op/v...
https://homegrownchildcare.org/_resou...
IRS Instructions for Form 8829, Expenses for Business Use of Your Home:https://www.irs.gov/pub/irs-pdf/i8829...
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