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Old 12-28-2011, 12:05 PM
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Question Year End Tax Statements?

I have always done weekly reciepts and advised the parents to save those. I then added them up at the end of the year and just wrote down the total they paid to each client. Last year I had a client report that they paid over $400 more than what they really paid. This will look like I am not reporting all income. Thankfully the tax preparer called me to ask for my SS# otherwise I would not have known. Is there an actual form I can print out this year instead of just writing the amount on a slip of paper? I did go and get an IN number I think it's called?
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Old 12-28-2011, 12:22 PM
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The W-10 form is the one parents are required to give to you. I NEVER give parents a year end total. If they want to claim it, it is their job to total the receipts I give with each payment up.

I also couldn't care less what amount they claim that they paid out for child care. If it is wrong or more than they paid, I have VERY accurate records so they would be in trouble, not me, for falsifying info to the IRS.
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Old 12-28-2011, 12:37 PM
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I do not give weekly receipts. I use minute menu and print out a W-10 from there each January for the previous year. If the parent questions the amount we can double check records, but this has never happened.
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Old 12-28-2011, 12:49 PM
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Originally Posted by GretasLittleFriends View Post
I do not give weekly receipts. I use minute menu and print out a W-10 from there each January for the previous year. If the parent questions the amount we can double check records, but this has never happened.
I do the same.

Most, if not all, parents do not realize that THEY are required to give their provider a W10.

I'm not leaving it to chance; the burden of proof would be on me and I don't have the time or inclination to deal with the IRS. Even though my records are beyond meticulous
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Old 12-28-2011, 02:17 PM
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Quote:
Originally Posted by Blackcat31 View Post
The W-10 form is the one parents are required to give to you. I NEVER give parents a year end total. If they want to claim it, it is their job to total the receipts I give with each payment up.

I also couldn't care less what amount they claim that they paid out for child care. If it is wrong or more than they paid, I have VERY accurate records so they would be in trouble, not me, for falsifying info to the IRS.
I have only had about a dozen clients in the 6 years running and none of them ever offered me a W-10. I don't think I have ever even heard of it. Where do they get it? Are they aware of this or is it up to me to inform them? I just get the "I need a total" usually. Even when they have 2 dozen reciepts I get "I dont have time to add it" or "I lost a few i need a total" etc. Whats worse is they usually call on the way to or right from the tax office!! "Hurry hurry I forgot...." LOL How old are u again?
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Old 12-28-2011, 03:13 PM
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I also use MMK and I use the childcarepay.com program for accepting online payments through it.

I do have to create an invoice in order for the childcarepay.com website to know how much is to be paid, but I don't send out a receipt ever. When they make a payment online, it shows up. I tell the parents that this is the best way to keep track of all of their payments made. Everything is in one spot. No need for me to do anything else.
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Old 12-28-2011, 03:50 PM
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Quote:
Originally Posted by PitterPatter View Post
I have only had about a dozen clients in the 6 years running and none of them ever offered me a W-10. I don't think I have ever even heard of it. Where do they get it? Are they aware of this or is it up to me to inform them? I just get the "I need a total" usually. Even when they have 2 dozen reciepts I get "I dont have time to add it" or "I lost a few i need a total" etc. Whats worse is they usually call on the way to or right from the tax office!! "Hurry hurry I forgot...." LOL How old are u again?
Here is a copy of the form so you can print it off and give it to the parents. Or they can get one where ever they have their taxes done or at irs.gov

http://www.irs.gov/pub/irs-pdf/fw10.pdf

Here is s SUPER good blog that Tom did in regards to end of the year stuff:
http://www.tomcopelandblog.com/2011/...-receipts.html

It should answer all your questions about whether YOU or the parent needs to supply the form, where to get one and what your legal responsibilities are for year end statements. I was surprised to learn that I am not responsible for supplying any of the info that most providers do give out.

I guess the way I see it is if they want to use their payments as a deduction and benefit from it, it should be their responsibilty to keep track of it all. You are NOT their accountant and as a business owner, if we want to use anything as a deduction (mileage for example) WE have to keep track of those expenses ouselves in order to reap the benefit. The gas station does add up all our payments and give us a nice tidy total at the end of the year because it isn't their responsibilty or of any benefit to them....kwim?
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Old 12-28-2011, 05:51 PM
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Quote:
Originally Posted by Blackcat31 View Post
Here is a copy of the form so you can print it off and give it to the parents. Or they can get one where ever they have their taxes done or at irs.gov

http://www.irs.gov/pub/irs-pdf/fw10.pdf

Here is s SUPER good blog that Tom did in regards to end of the year stuff:
http://www.tomcopelandblog.com/2011/...-receipts.html

It should answer all your questions about whether YOU or the parent needs to supply the form, where to get one and what your legal responsibilities are for year end statements. I was surprised to learn that I am not responsible for supplying any of the info that most providers do give out.

I guess the way I see it is if they want to use their payments as a deduction and benefit from it, it should be their responsibilty to keep track of it all. You are NOT their accountant and as a business owner, if we want to use anything as a deduction (mileage for example) WE have to keep track of those expenses ouselves in order to reap the benefit. The gas station does add up all our payments and give us a nice tidy total at the end of the year because it isn't their responsibilty or of any benefit to them....kwim?
Thank u Blackcat. ITA! I printed it out and will offer it as a 1 time deal and tell them from now on future years the responsibility is theirs. I have 1 client that is really nice and pays on time so I really dont mind doing it for her. It's the rude nonpaying almost demading ones that call me from the tax office that I really want to say no to. I wish I had known I had that right. I would have loved to tell a past client NO do it yourself. lol
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