7th vs 8th Edition of Tom Copeland's FCC Rec. Keep Quide

[actaktmdt]

I just opend my daycare this spring and bought the 7th edition to know what I should keep track of. Are there any major changes in his 8th edition that came out this spring . Just debating about purchasing the current edition or not.

[TomCopeland]

Family Child Care Record Keeping Guide

Well, of course you should buy anything I write! (it's tax deductible!)

But the answer to your question is this. The 7th edition came out in 2005. Since then there have been changes in depreciation rules, Time-Space Percentage calculation guidelines, food and mileage rates, and so on.

But primarily the 8th edition was written to take into account the many clarifications found in the 2009 IRS Child Care Audit Guide. This guide was written to train IRS auditors in how to audit family child care providers. I was asked by the IRS to offer feedback on an earlier edition of this Guide and I provided a lot of advice to how they could improve the 2009 edition. They accepted many of my recommendations so the guide is very helpful to providers.

So the 8th edition of my Family Child Care Record Keeping Guide incorporates the new clarifications from the Audit Guide.

[MarinaVanessa]

Well, of course you should buy anything I write! (it's tax deductible!)

:::::: Gotta love Tom!! But yes, I would say the same thing. Having the updated version would be the best thing, you'd have the latest information.