2022 Tax Changes Affecting Family Child Care

• The standard mileage rate is 65.5 cents per business mile, up 3 cents from the midyear increase setting the rate for the second half of 2022.  Which means we will need your business miles from January 1st, 2022 to June 30th 2022 and from July 1st, 2022 to December 31st, 2022.
• You can also deduct parking, tolls, business portion of loan interest and property tax.
• The standard meal allowance rate for 2022 is $1.40 breakfast, $2.63 lunch/supper and $.78 snack.  Use these rates for all meals and snacks served in 2022 (including meals and snacks not reimbursed by the Food Program)  You may deduct up to one breakfast, one lunch, one supper and three snacks per day, per child.  No food receipts are necessary.  You must keep track of the meals and who you are claiming the meals for.
• You can deduct the business portion of any item in one year, regardless of the cost
• This includes fence, furniture, appliances, swing set, patio
• EXCEPTIONS: house, home improvement, and home addition.
• Depreciate these over 39 years
• You can deduct a repair in one year
• You must always depreciate your home!