It’s tax season once again, and there are only a few days left before the April 18 deadline. Tax season can be stressful and confusing for home child care providers. AVANCE has teamed up with the Texas Workforce Commission and Civitas Strategies Early Start to release an informational tax filing video. The video will help providers prepare for tax filing.
When child care businesses understand and correctly prepare their taxes, it can boost income and retain profit. The video gives providers an overview of tax basics. Some topics covered in the video include the parts and purpose of a Schedule C, red flags that may increase the risk of an audit, and confusing areas in the forms when calculating revenue and expenses.
The video “Tax Education for Texas Family Child Care Providers” is available on the AVANCE YouTube Channel and is also available in Spanish, “Educación Fiscal para Proveedores de Cuidado Infantil Familiar de Texas.”
“We know many home-based child care providers find the process of preparing taxes complicated or confusing,” says Jocelynn Bryant-Riojas, AVANCE Director of Provider Services. “But it’s a great opportunity for providers to assess the health of their businesses and plan for the future. We created this resource to help them know how to prepare their taxes so that they can take advantage of that opportunity to set themselves up for success.”
In partnership with the Texas Workforce Commission, AVANCE also offers free business coaching to home child care providers. Business coaches know the impact taxes can have on small businesses. In the video, AVANCE business coach Feda Zidan recalls, “One of my providers realized she was losing money when she filed her very first taxes and had to pay so much money to the IRS. Then she registered for one-on-one business coaching and learned more about monthly budget, cashflow and learned how to document all money coming in or going out. This prepared her for the next tax season; with the tax education referral she received during coaching as well, she was able to turn around the loss from the previous year to profit this year.”
AVANCE encourages all home child care providers to watch the video. Even if they have already filed their taxes for this year, they may find some new information that could be helpful in the future.
About AVANCE Business Coaching
AVANCE offers free, self-paced, goal-based business coaching to help home child care providers navigate the financial and operational impacts of any hardship their business may face. AVANCE business coaching is available in the provider’s preferred language, including English, Spanish, and Vietnamese, and helps providers learn strategies that can strengthen revenues, decrease expenses, and address potential business risks. The AVANCE Business Coaching program is funded through a grant from the Texas Workforce Commission. To learn more, visit AVANCE Business Coaching.