How myMAX Can Pay for Itself
by Tom Copeland
myMax is a unique tool that that can save you a lot of time by reducing your record keeping burden. But, how can it save you money?
myMax costs $19.95 per month ($14.95 for some). That’s equal to $239 or $179 a year. Since this is a 100% tax deduction for your business, you will save approximately 30% of this cost on your taxes (based on paying 15% Social Security/Medicare tax, plus federal and state income taxes). That means your actual cost is about $167 or $125 per year.
Many providers pay too much in taxes because they fail to record all the meals and snacks they serve the children in their care. In particular, providers often do not record on a daily basis the snacks they serve that are not reimbursed by the Food Program. myMax makes it easy to record these extra snacks with a simple voice command.
So, by recording one extra snack per day for one child for a year, this would generate an additional business deduction of $190 ($.73 per snack x 5 days a week x 52 weeks a year). For three children, the total would be $570, and for four children $760. Assuming a 30% tax bracket, that represents a tax savings of $171 and $228.
“Since this is a 100% tax deduction for your business”
In other words, you can recover the cost of myMax by capturing one extra snack for three or four children each day! This tax savings will occur each year you use myMax.