Payback......
 

I am looking for a job with health insurance. We are losing our insurance ($1100/month with $10,000 deductible) in December. My teacher parents have paid 1/2 price all last summer to reserve a spot for this school year which has just begun. I am planning to refund the days they did not actually use. It's almost $800......ugh. Is there a way I can claim this? Or can I put down $800 less income? How can this work?

Originally Posted by MissAnn:
I am looking for a job with health insurance. We are losing our insurance ($1100/month with $10,000 deductible) in December. My teacher parents have paid 1/2 price all last summer to reserve a spot for this school year which has just begun. I am planning to refund the days they did not actually use. It's almost $800......ugh. Is there a way I can claim this? Or can I put down $800 less income? How can this work?

Are you closing daycare then? If so, when?

Depending on that info, I would not refund....

Originally Posted by Blackcat31:
Are you closing daycare then? If so, when?

Depending on that info, I would not refund....

I will close if I get a job. I have a very good lead right now so it could be in afew weeks....I will give 2 weeks notice. I feel horrible about this.

I would not refund, either. You have a business. They paid and that was that. I don't think you are obligated to pay that money back. :)

Originally Posted by MissAnn:
I will close if I get a job. I have a very good lead right now so it could be in afew weeks....I will give 2 weeks notice. I feel horrible about this.

I understand feeling bad but you DID hold the space already.

You may or may not have to close in 2 weeks, 3 weeks and/or 4 or more weeks.... but until you DO have to give notice, you held the space. You didn't hold it with the assumption that it would be available forever... you simply held it until summer was over and they return to care....which they ARE doing.

You just happen to have additional info about what WILL happen(closing) but not necessarily WHEN it will happen so I would continue on my merry way until I have to give notice...kwim?

I just feel like I wouldn't act on emotions (although I DO understand feeling bad about this...) but put the shoe on the other foot. If any of your families were not planning to stay until they age out, they more than likely wouldn't tell you until they HAD to. i.e. Do what's best for YOU.

Hoping that makes sense... :)

It's 4 families. The rest came on their days or were full time. O just don't feel right about it UNLESS it gets to be November or December. One of the families was so very good to us while my husband had cancer surgeries. She took off work and had a garage sale for us. Yes, lots of emotions. I feel like a heel.

If you do return funds, there is a spot in TurboTax for returning funds. I had a state pay family last year that paid me while they waited for approval. I entered the amount I returned in that box on turbo tax.

Thank you. I do use Turbo Tax!

refund?
 

Originally Posted by MissAnn:
I am looking for a job with health insurance. We are losing our insurance ($1100/month with $10,000 deductible) in December. My teacher parents have paid 1/2 price all last summer to reserve a spot for this school year which has just begun. I am planning to refund the days they did not actually use. It's almost $800......ugh. Is there a way I can claim this? Or can I put down $800 less income? How can this work?

I assume you reported as income the money parents paid you initially. If so, then deduct the $800 as a business expense and call it "Parent Refund" under Other Expenses on Schedule C.

Originally Posted by TomCopeland:
I assume you reported as income the money parents paid you initially. If so, then deduct the $800 as a business expense and call it "Parent Refund" under Other Expenses on Schedule C.

Thank you!