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New Rules for Day Care Providers
IRS Now Allows Standard Rates for Meals

If you provide day care in your home and offer meals, the IRS has made your recordkeeping easier. Instead of keeping receipts for your food costs, you may now deduct a standard rate for the meals you provide. The election must be made for the entire year. The table below shows the standard rate for meals for 2003.

You always have the option to deduct the actual cost of the meals. However, sometimes it's difficult to separate the food you purchase for your day care business from the food you purchase for your family. Using the standard meal allowance eliminates that recordkeeping.

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