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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 01-25-2010, 02:11 PM
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Default Parent Tax Statements

Does anyone have a professional looking paper that you use to give parents their end of the year statement for their taxes ???

Last edited by Michael; 01-25-2010 at 03:05 PM.
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Old 01-25-2010, 02:34 PM
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You should use the w-10 provided by the IRS....here's a link:

http://www.irs.gov/pub/irs-pdf/fw10.pdf
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Old 01-25-2010, 02:55 PM
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I think you mean something like this. I place my name, SS#, and address on it, then below that I have I have done daycare for ____________ in the amt. of __________________ in the yr. of 2009
THis is all I place on it, and I hand it to them yr. after yr.
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Old 01-25-2010, 03:22 PM
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I give them a w-10 which I can print from my minute menu software. Then I print off a statement of payments which lists the date and amount for each of the year. If I did not have this program I would just type out a simple statement listing the total amount for the year...maybe on letter head if you have it or make your own on your computer.

You might want to get an EIN (Employer Identification Number) so you dont have to give your social security number to your clients. It is simple and free. Go the the irs website for more info.
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Old 01-25-2010, 04:57 PM
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This last year is the first year I did daycare. I too use minute menu so I just print the W-10 from their website. As I gave each of my parents their W-10 I was slightly uncomfortable writing in my SSN.

When I lived in another state and worked away from home, tax time my dclady would just hand me a slip of paper with my total which I double checked against my records. Then her SSN on the paper. I knew her name and address already. Honestly half the time this was handed to me on a piece of yellow steno paper.
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Old 01-25-2010, 05:18 PM
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Quote:
Originally Posted by GretasLittleFriends View Post
This last year is the first year I did daycare. I too use minute menu so I just print the W-10 from their website. As I gave each of my parents their W-10 I was slightly uncomfortable writing in my SSN.

When I lived in another state and worked away from home, tax time my dclady would just hand me a slip of paper with my total which I double checked against my records. Then her SSN on the paper. I knew her name and address already. Honestly half the time this was handed to me on a piece of yellow steno paper.
I registered online for a tax id number (TIN). It can be used to replace your social security number for parents, taxes, bank accounts etc. Parents can't steal your credit info that way either.
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Old 01-25-2010, 06:04 PM
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I use Minute Menu as well and print off a W-10...looks professional and it's so easy.

I also got a Tax ID number...it was free and no handing out my social number to all these parents. There are many sites that will try to charge for a TIN, I forget the exact web address...it might have been the IRS website, but don't pay for one, you can get it for free.
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Old 01-25-2010, 06:27 PM
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the link I posted is for the W10...it's an IRS document, and is also available on MinuteMenu. Definitley get an EID #.....much safer.
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Old 01-26-2010, 06:18 AM
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My daycare software provides a year end statement printable, either with the data you have entered through the invoicing system, or you can enter the total. Before I used that I used the W-10. Tom Copeland of Redleaf Press recommends an annual receipt with the relevant info that your client signs to keep a copy of for your own records. This covers your business if a client claims a higher amount of daycare expense for a larger daycare credit than you claimed as income, thus heading a potential audit off right at the beginning.
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Old 12-26-2010, 07:56 PM
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Quote:
Originally Posted by Crystal View Post
You should use the w-10 provided by the IRS....here's a link:

http://www.irs.gov/pub/irs-pdf/fw10.pdf
Am I missing something, or is there nowhere to put the amount paid for the year? I thought that was part of the purpose of the W-10?
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Old 12-28-2010, 12:27 PM
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The w10 is the proper way to provide your families with your SS or EIN, Name and Address. They will then use that info for their taxes. What I do is attach a cover letter as well as a statement to each family with the total they paid in childcare for the year. It seems to work well for my group.
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Old 12-30-2010, 08:15 AM
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Default W-10

There is no official place to put how much parents paid you for the year on the W-10. You can write in the amount across the top of the form.

Remember, although it's a good idea to give parents the W-10 for their tax records, it's equally important to keep a signed copy for your records. It's the parent's responsibility to give you the W-10, but parents aren't doing this. Giving the parents the W-10 helps them out. If a parent left you on bad terms and is now demanding that you give them the W-10 or give them you tax id#, you are not required to give it to them.
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Old 12-30-2010, 08:25 AM
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Quote:
Originally Posted by TomCopeland View Post
There is no official place to put how much parents paid you for the year on the W-10. You can write in the amount across the top of the form.

Remember, although it's a good idea to give parents the W-10 for their tax records, it's equally important to keep a signed copy for your records. It's the parent's responsibility to give you the W-10, but parents aren't doing this. Giving the parents the W-10 helps them out. If a parent left you on bad terms and is now demanding that you give them the W-10 or give them you tax id#, you are not required to give it to them.
Thank you!!!!!!
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