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You can deduct as a business expense 100% of the actual cost of food consumed by your daycare recipients (see Standard meal and snack rates, later, for an optional method for eligible children) and generally only 50% of the cost of food consumed by your employees.
If you spend the grant money in your daycare business, you can deduct those expenditures. Most tax professionals recommend that you include re-imbursements in your business gross income. You can then claim a deduction for the expenses included in the reimbursement.
9 sie 2023 · The 2023-2024 Child and Adult Food Program reimbursement rates for family child care providers have been released. These rates will be in effect from July 1, 2023 to June 30, 2024.
Internal Revenue Service will permit family day care providers to use the standard meal and snack rates provided in this revenue procedure to compute the deductible cost of food in lieu of using actual costs.
5 lut 2024 · The IRS Standard Meal Allowance method lets you deduct breakfast, lunch, dinner, and snacks for each child in your care based on a set amount. You must keep a record that includes each child’s name, the meal or snack you served, and the time/date you served it.
7 lip 2023 · Here are the annual adjustments to: National average payment rates for meals and snacks served in child care centers, outside-school-hours care centers, at-risk afterschool care centers, and adult day care centers. Food service payment rates for meals and snacks served in day care homes.
Reimbursement Rates. July 1, 2023 - June 30, 2024. Day Care HOMES. * The Keep Kids Fed Act (KKFA) expired on June 30, 2023. Compared to the original rates for July 2022 - 2023: Breakfast increased by 9 cents (Tier 1) and 3 cents (Tier 2). Lunch/Dinner increased by 18 cents (Tier 1) and 10 cents (Tier 2).
