As grandparents we provide free day care for our two grandsons. Are there any tax breaks for us?

What you do for your family is great, but the tax law doesn’t reward you with any special tax breaks. If you care for grandchildren in your home and are paid, you must report the income (you may owe self-employment tax as well). However, you probably can take a home office deduction as well as deducting a standard meal allowance for breakfast, lunch, and snacks. If you care for your grandchildren in their home and are paid, you also must report the income but there are probably no offsetting deductions. (You may be viewed as your child’s household employee, but wages may be exempt from FICA and FUTA taxes.)