The income and expenses would be entered as self-employment and will be reported on a Schedule C.
You may be be able to deducted some home expenses if your state does not require you to have a license to what you are doing. You would need to check with your state's regulations as the requirements for licensing vary and can be based on minding related children. If you do not need a license in your state, you could deduct a portion of your home expenses such as rent/mortgage interest, utilities, property taxes, etc.
You will be able to deduct ordinary expenses such as snacks, toys, books, cleaning supplies and more.
See this article for more information: Child Care Provider. See the Expenses section for what is considered a valid expense by the IRS.
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